Japan’s MUFG Bank Says It Currently Has No Plans Of Creating a New Digital Currency

One of Japan’s largest banks, Mitsubishi UFJ Financial Group Bank (MUFG), has outrightly denied the reports by local media outlets that it will launch a digital currency in 2020.

On Dec. 4, the company released an official statement which clearly stated that despite its partnership with Recruit Holdings, a Japanese human resources company, it has not made any decision with regards to creating a digital currency yet. 

Many local news outlets had earlier reported that the company intends to launch its new project by next year. Japan Times, the largest and oldest English-language news outlet in Japan, reported that MUFG plans to launch a payment service where clients can make transactions using their smartphones. 

This service utilizes QR codes that complete transactions by linking the digital currency account to the bank accounts of users. The report by the Japan Times also mentioned that according to “informed sources,” MUFG intends to launch this project during the first half of next year.

However, the statement made by the MUFG today clearly indicates that the financial institution has no such intentions for the time being.

“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,” the bank revealed in its official statement. 

This is not the first time MUFG has been linked to digital currencies. The bank disclosed last year that it was experimenting the launch its own digital currency project dubbed “MUFG Coin.”

With blockchain and cryptocurrencies slowing heading towards the mainstream, many banks across the world are also seeking to initiate their own digital currency payment system. 

In January, Coinfomania reported that Mizuho Bank, a Japanese banking giant, launched a smartphone payment platform called J-coin Pay. 

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