MUFG deny reports they are developing a digital currency

Japan’s largest bank and the 5^th in the world, Mitsubishi UFJ Financial Group Bank (MUFG) have released a statement saying that while it has agreed to work with Recruit, the details of the joint project have not yet been made public.

These reports are not based on any announcement made by MUFG Bank. It is true that we have concluded the joint venture agreement for an establishment of a new company. No other decision has been made in this regard at this time.

Reports around the world stated that the Bank were looking at making a payment system that would let people send and receive money with their QR codes. 

The Japan Times even cited sources and stated that MUFG would hold a minority stake when compared with the 51% owned by its partner Recruit, the provider of HR services. If they did manage to do it, they would not be the first Japanse bank to try it after J-Coin Pay from Mizuho Bank gains traction. This would not be the first time MUFG tried a project in the digital currency space. In 2018, the bank launched the MUFG Coin project, which is an in-house digital currency. But the service struggled to increase the number of participating stores, as PayPay and Line Pay proved to be more popular.