Mitsubishi UFG financial group has announced the release date of its cryptocurrency

The cost of the new MUFG Coin token will be equal to one yen, it will beused to pay for goods andmoney transfers.

Mitsumishi UFG financial group will releaseown cryptocurrency in the second half of 2020, the company’s president, Hironori Kamezawa, said. Initially, it was supposed to appear for the Summer Olympic Games in Tokyo, but in the second half of 2019 due to restrictions on banking legislation, the release date was delayed, writes the Japanese publication Mainichi.

Users will be able to pay for purchases usingMUFG Coin and transfer money. The token rate will be equal to one yen. Payments will be made in stores through a special application for smartphones. The company tested stablecoin last year.

October 2019 MUFG has led a consortium to research and develop share token management standards. The organization creates tokenized fixed income assets, including bonds.

The consortium is exploring ways to develop,offers and the provision of services for financial transactions on the blockchain. Particular attention is paid to the automatic settlement of transactions for securities. The group will create a special blockchain Progmat.

Also in January 2018, representatives of the bank announced plans to launch a cryptocurrency exchange. However, since then, information about the development of the project has not appeared.

</p></p>