Japan’s Biggest Bank Confirms Launch of Digital Currency ‘Coin’ in 2019

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Following months of speculation about its proposed release date, Japan’s largest bank, Mitsubishi UFJ Financial Group Inc. has finally announced plans to launch its long-awaited in-house digital currency.

Japan Times reports that Group President, Mike Kanetsugu revealed this week that the firm intends to rollout Coin before the end of 2019.

According to Kanetsugu, MUFJ will lean on businesses including retail outlets and restaurants to adopt Coin, with the intention of achieving wider adoption, resulting in “connected economic blocs.” He also revealed that Coin will enable the various participating business to find out previously unavailable information about their customer bases, in order to serve them better.

What is the Point of ‘Coin’?

MUFJ which is currently the 5th largest bank in the world in 2018 announced its plan to launch a digital currency this year