Japan’s Mitsubishi financial group looks to launch its own digital currency by the end of this year

• Mitsubishi UFJ Financial Group is getting ready to kickstart the launch of its own digital currency during the fourth quarter of this year. 
• Hironori Kamezawa recently spoke saying that the digital currency will be designed with ease of use and transparency as one of its main values. 

In an exciting turn of events, Japan’s biggest financial company, Mitsubishi UFJ Financial Group is getting ready to kickstart the launch of its own digital currency during the fourth quarter of this year. But only if everything goes as planned…

The president and CEO of MUFG, Hironori Kamezawa recently spoke to a local media outlet saying that the digital currency will be designed with ease of use and transparency as one of its main values. 

Funnily enough, this project dates back five years to 2015 when the founders announced that the digital currency was going to allow for peer-to-peer transactions which could be carried out in a smooth and easy manner. 

On top of this, the currency was going to run on a blockchain network.

But as you can probably tell, the project took a while to get going and information on its launch was very hard to come by. But we do know though is that this currency is going to be a stablecoin tagged to the Japanese yen.

The government in Japan is looking to cryptocurrencies in an interesting fashion. They seem to be embracing the assets as well as the technology behind them in the hope that they will play a crucial role in preserving the value of the Japanese yen. 

Initially, this project was going to be lodged between 2018 and 2019 and nothing has been discussed as to why it took so long to finalise the coin.

But now we have confirmation that the project will not exceed the fourth quarter of this year by the President of the organisation.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!