Japan’s biggest bank MUFG cryptocurrency set for a delay
- Mitsubishi UFJ Financial Group has been preparing the launch of its own cryptocurrency.
- Reports suggest the release will now be in the first half of next year.
Japan’s largest bank Mitsubishi UFJ Financial Group is getting set to release a cryptocurrency, however the project has now been postponed to a later date.
The firm is set to leverage the digital currency in a mobile payments business. According to local reports, the mobile payment service will start utilising the new digital coin as a unit of transactions that will be shown off hand in hand in partnership with the HR company, Recruit Holdings.
Users will be able to start converting their money they have pocketed away in their bank accounts into the MUFG coin, as part of this new service.
It is reported that the mobile payment service is expected to be launched in next year’s first half. Currently, the two firms are awaiting regulatory approval. They are seeking a fund transfer service provider license.”
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
