Mitsubishi UFJ Financial Group Launches Its In-House Digital Currency

It has not been for the first time when Japanese banks announce to launch their own cryptocurrency to boost the work inside the company, though some of this news become fake, yet some of them are real.

One of the largest Japanese banks, Mitsubishi UFJ Financial Group Inc., has announced that it plans to launch Coin – an in-house digital currency, according to the report written by Japan Times. The report also reveals that the coin will rollout by the end of 2019.

MUFJ announced creating its digital currency back in 2018, the main aim of this coin is to solve a number of operational issues inside the company. Since storing and transporting cash bring a lot of trouble and inconvenience in Japan.

The Group President, Mike Kanetsugu, expressed his full confidence in the Coin’s ability to meet customer needs and wants. Another reason to adopt the currency is the Tokyo 2020 Olympics, as it may short down the costs spent on physical currencies, and find a big welcome among foreigners.

The Coin will be integrated with MUFJ’s new mobile application so that the customers can manage all their credit cards and accounts. The smartphone app is expected to be released by the end of the year, it permits users to gather reward points of the services and perform a variety of other managerial functions.

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