Bank of Tokyo-Mitsubishi Prepares to Launch First Bank-Issued Crypto

Bank of Tokyo-Mitsubishi UFJ, one of the world's five largest banks, confirmed it is currently working toward its own cryptocurrency launch.

Mitsubishi UFJ Financial Group stated in late May of 2018 that it is conducting research on blockchain technology, and will release a proprietary cryptocurrency by 2019.

According to a recent report published by Japanese new media outlet NHK, the Bank of Tokyo-Mitsubishi "MUFG" cryptocurrency project will officially launch in 2019.Mitsubishi Crypto Project Officially Announced.

Mitsubishi's cryptocurrency solution has been in development for almost two years - Japanese new media outlet NHK reported in 2016 that the financial giant planned to carry out a large-scale trial of its own crypto-token as early as 2019, with a pilot program expected to involve 100,000 Mitsubishi UFJ Financial Group account holders.

According to the report, participants in the cryptocurrency trial will install a smartphone app that will convert fiat currency deposits into a unique crypto token called "MUFG," to be worth 1 yen.

"Regarding the speculation media reports, these reports are not based on any announcement by MUFG, and the details have not been decided. However, we can only say that it's true that MUFG is conducting demonstration experiments on the 'Coin' within the company utilizing a blockchain technology."

Mitsubishi UFJ Financial Group is a member of the R3 Consortium, working alongside Credit Suisse, Goldman Sachs, and Barclays to develop blockchain solutions for the banking industry.

"The group is now even actively exploring other potential uses including a project known as the 'MUFG Coin'; where blockchain technology could be applied for a variety of everyday financial needs, such as withdrawals and deposits to transactions and payments. Potentially this coin could have large-scale commercial potential, as well serving small-scale retail bank customers."

Singapore's Central bank began a collaborative distributed ledger tech project intended to bring payment settlement and securities on to the blockchain in 2016 called "Project Ubin," operating with the stated goal of establishing domestic inter-bank payments using a central bank issued SGD equivalent.

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