Mitsubishi UFJ Financial Group, or MUFG, the fifth largest bank in the world, plans to issue its own digital currency in the second half of 2020.

Launched in 2015, the digital currency project was originally designed to run on a blockchain network and facilitate instantaneous transactions between peers. After multiple delays, the initiative will now be implemented no later than 2020, Cointelegraph Japan reported on July 13.

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“We believe that everyone will be able to use it openly”
Hironori Kamezawa, president and CEO of MUFG, announced the new plans on Monday to the local news agency, Mainichi Shimbun. As part of the upcoming launch, it is reported that MUFG plans to launch mobile retail payments powered by digital currency in collaboration with its partner, Recruit Group.

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According to the report, Kamezawa said nearly 1 million Recruit member stores have already signed up for the partnership. “We believe everyone will be able to use it openly,” the CEO said, adding that the MUFG token will also be available to non-Recruit stores in the future.

The MUFG token is linked 1:1 to the Japanese yen

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As previously reported, the MUFG token is designed as a stable currency based on blockchain linked 1:1 to the Japanese yen. Since the project was first initiated about five years ago, the release of the MUFG token has been delayed several times. The bank would have tried to launch the token during 2018 and 2019.

MUFG is Japan’s largest financial company. It was scheduled to become the first Japanese bank to issue a digital currency. In September 2019, MUFG participated in a $14 million investment round for the token issuance protocol backed by Coinbase, Securitize, along with Banco Santander and Nomura Holdings.