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One of the leading financial groups of Japan (and probably in the world), Mitsubishi UFJ Financial Group Inc., is planning to roll out their own digital currency and put it into work in daily uses by the end of the year 2019, as announced by the company’s president, Kanetsugu Mike. The Group’s designated native cryptocurrency is called ‘coin’ that according to Mike will help the company to compete in the new era of cashless payment and develop a business-friendly payment infrastructure.
Recently, JP Morgan Chase, one of the world’s largest investment banks has also announced the launch of its own digital currency followed by six international banks that partnered with IBM to launch their own digital currencies as well. The purpose of issuing a digital currency is to promote a cashless payment system, make cross-border transactions cost-effective and create transparent and secure payment infrastructure.
Now, Japan’s largest banking group is also getting ready to issue its own stablecoin. With its in-house cryptocurrency ‘Coin’, Mitsubishi UFJ Financial Group isn’t only approaching the above milestones but also trying to connect economic blocs which are spread across different domains of businesses.
With ‘Coin’, the banking giant of Japan is planning to align large enterprises of various industries by issuing them the digital currency which can later be used as their own currencies. In a recent interview, Mike said that when different firms will decide to employ the new virtual currency then Mitsubishi UFJ “will be able to connect economic blocs,” which incorporates the connection of their client base.
Making his company stand out from the crowd of peers of the same domain, Mike said that his company is creating a payment infrastructure that will not only help the group to stand still in the era of cashless payment as competition is intensifying, but also encourage companies to become part of this payment infrastructure. In addition to its unique functionality as a bank-backed digital currency, Mitsubishi UFJ is planning to launch the mobile application that will enable users to manage their card details, loyalty rewards and perform a variety of other managerial functions in a centralized manner. The smartphone app is expected to be launched by the end of June 2019.
Focusing on Mitsubishi UFJ’s changing corporate culture, Mike said:
“We aim to build an organization that is relied on and trusted globally, and represents innovation.”