Japanese giant MUFG has denied plans to launch digital currency

Japan’s MUFG Bank has denied the information about the launch of its own digital currency next year.

Earlier, Japanese media reported that MUFG Bank and employment Agency Recruit Holdings will launch a digital currency in the framework of the joint initiative.

The company supposedly will create a system of cashless payments on the basis of smartphones. In this account into the digital currency will be tied to the Bank. The service startup is scheduled for early 2020.

According to media reports, the Bank will receive in the joint venture minority stake 49% and Recruit Holdings — a 51% stake.

The Bank statement confirmed the signing of an agreement to establish a joint venture with Recruit Holdings. But said that no other solutions, including the production of digital currency, partners are not currently accepted.

This spring, the Bank’s parent company — Mitsubishi UFJ Financial Group (MUFG) — has announced the launch of stablon tied to the Japanese yen. Pilot testing of the coins became known in 2017.

Earlier it was reported about the plans of another Japanese financial Corporation, the Mizuho Financial Group, to run tied to the yen cryptocurrency.

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