One of the world’s largest financial groups, Mitsubishi UFJ Financial Group Inc., (MUFG) is working on its own digital currency in Japan, using blockchain technology. An MUFG spokesperson confirmed to BraveNewCoin that the program exists but the details have yet to be finalized.
The news first surfaced last week when one of Japan’s leading newspaper, the Asahi Shimbun, reported detailed information about how “The “MUFG coin” is expected to be available in autumn 2017 as part of the megabank’s ‘FinTech’ financial services that use information technology.”
According to Asahi Shimbun, the MUFG coin system will function like prepaid electronic money cards, much like ‘ Suica ,’ a rechargeable, contactless smart card used as a fare card on train lines in Japan. Launched in November 2001 as a way to pay for travel, Suica can be used at approximately 4,400 railway stations and 24,000 bus services nationwide, according to East Japan Railway Company (JR East) which issues Suica. JR East then launched the electronic money card upgrade in March 2004 allowing for payments to merchants across the country. As of March 2015, 50.7 million Suica cards have been issued. – East Japan Railway Company
BraveNewCoin reached out to MUFG for confirmation of the cryptocurrency program, however, the bank has been tight-lipped on the subject. A spokesperson said that “Regarding the speculation in media reports, these reports are not based on any announcement by MUFG, and details have not been decided.” Nonetheless, the bank confirmed the existence of the project.
– MUFG Spokesperson
Meanwhile, the Asahi Shimbun’s reporting carries weight. The publication claims to be Japan’s leading newspaper since its foundation in 1879 with 18.2 million readers daily in Japan. The company reported having a total circulation of 7,612,337 copies, 99.4% of which are household subscriptions.
In February, the publication reported that the MUFG coin project commenced […]
