MUFG Bank To Introduce MUFG Coin This Year In Effort To Build Smartphone Digital Payment Apps

MUFG Bank To Introduce MUFG Coin This Year

Mitsubishi Financial Group Inc., a large-scale banking entity, announced that it will be releasing a MUFG coin at the end of the year. The bank may be releasing the coin to compete with an increase in IT firms creating smartphone applications for the purpose of digital payments.

The MUFG coin has been in development since 2017 and it uses blockchain technology to mitigate the need for large computers for record data maintenance, thus decreasing operational costs. The coin also enables the company to provide users with lower commission charges when it comes to various financial transactions.

The bank’s CEO, Kanetsugu Mike, reportedly shared with Ashai Shimbun, “I would like to offer unprecedented new value.” Using a smartphone application, users can withdraw bank account funds. The funds are then converted into MUFG coins, in which one coin is equivalent to 1 yen. The rate is fixed to reduce fluctuations.

MUFG indicates that the intent of the stablecoin is to allow users to “use the currency to make payments at places like restaurants, convenience stores, and other shops,” as well as to “transfer the currency to other participants’ accounts.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Canada Regulates Crypto Exchanges & Companies as Money Service Providers

Canada is now legally recognizing cryptocurrency exchanges and payment processors as Money Service Businesses (MSB). The new regulation, which is the amendments to Proceeds of...

Ripple Execs, Led By CEO Brad Garlinghouse, Meet With Central Bank Of Brazil Officials in ‘Closed to the Press' Meeting

Ripple Inc.’s, Brad Garlinghouse held a ‘closed to the press’ meeting with Brazil’s Central Bank officials on May 30th to discuss “institutional matters” in...

Tezos (XTZ) Class-Action Securities Lawsuit for the $232M ICO Sees $25M Settlement Pending

A class-action lawsuit against Tezos during its 2017 ICO may end in a $25 million settlement. The lawsuit was filed against Tezos for the...

Two Top Cryptocurrencies with the Worst Serial Market Performance

After the crypto winter of 2018, digital assets started recovering last year and continued the behavior into 2020. Although still far from their all-time highs,...

Chainlink, IBM, ING, Microsoft, NASDAQ, and R3 Among First to Join InterWork Alliance to Set Tokenization Standards

Top financial and blockchain industry companies have formed the InterWork Alliance (IWA) in a bid to standardize the business and enterprise tokenization market. The alliance...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today