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After months of speculation on the expected release date, Japan's largest bank, Mitsubishi UFJ Financial Group Inc., has finally announced its intention to launch its highly anticipated internal digital currency.
MUFJ President Mike Kanetsugu revealed that the company was planning to deliver the piece by the end of 2019.
According to Kanetsugu, MUFJ will rely on businesses, including retail outlets and restaurants, to adopt Coin, with the intention of achieving wider adoption, creating "connected economic blocs". information about their customers to better serve them.
Kanetsugu said:
"If companies from different sectors use the currency, Mitsubishi UFJ will be able to connect economic blocks, including customers of these companies."
As competition for cashless payments intensified, as evidenced by attempts to issue new digital currencies, Kanetsugu expressed confidence in differentiating his company from others by providing a payment infrastructure that will allow many companies to participate.
He also revealed that Mitsubishi UFJ planned to introduce a smartphone app by the end of June that will allow centralized management of credit cards, reward point services and other functions. .
In a tough commercial environment surrounding the banking sector, mainly because of prolonged low interest rates, Mike said Mitsubishi UFJ would treat people the same way when they took up a challenge in a new field.
He said he would continue to change Mitsubishi UFJ's corporate culture by revising its personnel management system, including by promoting staff exchanges between the banking, depository bank and securities sectors. and appointing younger employees.
The point of the currency MUFG
The development of MUFG coin involves the purchase, storage and transportation of cash and bank notes as this type of activity becomes less and less durable in Japan, the country being renowned for its monetary economy.
MUFG will be fundamentally different from JPM because it will focus on how Japanese consumers interact with money. Kanetsugu has expressed confidence in the ability of this digital currency for years to come.
We have already described how this digital coin is designed to work as a currency, in order to take advantage of MUFG Coin, users must download an application designed to automatically convert user bank deposits into the cashier.
According to the data provided, nearly 1,500 bank employees have participated in the MUFG Coin trials since its launch. Last year, it was announced that in 2019, MUFG was planning to hire 100,000 account holders in testing its digital badet.
Although the duration of the trial period and the exact timing of its implementation are still uncertain, it was reported that the bank would not only allow its users to use the currency to make payments in restaurants, convenience stores, etc. and other stores, but also to perform point-to-point transfers.
Tied 1: 1 with the Japanese yen, MUFG Coin is a blockchain-based stablecoin that has been designed with a special focus on currency exchange features.
In February 2019, MUFG, in collaboration with Akamai Technologies, announced the creation of a joint venture, Global Open Network, Inc., which will aim to provide an open channel-based payment network in Japan. from here the first half of 2020.
Last year, the companies announced a new blockchain service, with the goal of creating "the world's most scalable and fastest payment processing platform, capable of handling one million transactions per second and finalize transactions in less than 2 seconds.
Another Japanese banking giant, Mizuho, is also planning to launch its digital currency platform, called "J-Coin", in cooperation with nearly 60 other financial institutions.
Line, a subsidiary in Tokyo of South Korea's Internet search giant, Naver Corporation, launched last year its first digital token, LINK, and its first blockchain network, LINK Chain.
Although the J coin was launched in March of this year, it has not done so yet. S & # 39; he does not launch it in the next two quarters, MUFG will become the first.
In Japan, innovative payment processors use or plan to use cryptocurrency and blockchain. Rakuten also announced the launch of its own cryptographic exchange. Line, a famous cat application, already has its own cryptocurrency.
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