Japan's Bank of Tokyo-Mitsubishi UFJ responds to rumors of issuing digital currency in a low-key manner

Rage Comment : Although Japan's Mitsubishi UFJ Bank has joined the R3CEV blockchain alliance and cooperated with blockchain startup Chain to develop a proof-of-concept mechanism for promissory note delivery, all technical development is centered around the underlying blockchain technology, and it still stays away from digital currencies. Japan has always been cautious about digital currencies. Therefore, in response to the Asahi Shimbun and other news about the planned issuance of MUFG digital currencies, the bank's attitude is also vague and wavering.

Translation: Annie_Xu

Are Japan's major financial institutions issuing digital currencies?

In February, Asahi Shimbun first asserted that Bank of Tokyo-Mitsubishi UFJ (MUFG), Japan's largest bank by total assets, would issue its own digital currency "MUFG Coin", and multiple reports have made the same prediction since then.

Asahi Shimbun pointed out that MUFG coins will be available for circulation by the end of 2017, and users will be able to transfer digital currencies from ATMs to mobile devices.

"Under the planned system, users will be able to withdraw money from their bank accounts and transfer it to a mobile app. The currency will be converted into MUFG coins, which are pegged one-to-one with the Japanese yen."

However, a MUFG representative told the media that the bank has always rejected the idea of ​​issuing digital currency.

In February, a MUFG representative said that the MUFG coin project mentioned by Asahi Shimbun did not exist at all.

However, the latest news from MUFG clearly stated that it is still weighing whether to continue blockchain research.

“It has not yet been decided what form the MUFG coin will take or whether it will be issued.”

However, the digital currency rumors come as MUFG is investigating the role of blockchain technology in its business; in April, MUFG also revealed that it was developing a proof-of-concept mechanism for promissory note delivery.

In September 2015, MUFG joined the R3 blockchain alliance and later announced a partnership with blockchain startup Chain.