Japan's Mitsubishi UFJ Financial Group or MUFG is preparing to put its own cryptocurrency, called MUFG Coin, into practical use by the end of this year.
According to MUFG president Kanetsugu Mike, the wider adoption of the coin would result in connected economic blocs.
MUFG Coin is designed to offer currency functionality, especially for retail purchases. With the practical implementation of the earlier announced coin, users will be able to use the currency to make payments at places like restaurants, convenience stores and other shops. They can also transfer the currency to other participants' accounts.
In May last year, reports said that the world's fifth largest bank by assets was planning to launch MUFG Coin by 2019, with a large-scale trial that would involve nearly 100,000 account holders who apply to take part.
Since 2017, around 1,500 company employees have participated in trialing MUFG Coin, which is worth 1 Japanese yen. The bank's initial plan to launch a crypto coin dates back to 2016.
In last year, another Japanese banking major Mizuho Financial Group had announced plans to launch a bespoke digital currency, named J-Coin, for payments and remittance services.
For comments and feedback contact: editorial@rttnews.com
Business News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.