Japan's Largest Bank MUFG, Yen-Pegged Stablecoin Crisis in 2020

According to a report released on July 15 by Cryptonews, the CEO of Japanese financial giant Mitsubishi UFJ Financial Group (MUFG) said the group would increase long-term digital profits "in half the year."

Company CEO Hironori Kamezawa said in an interview with Japanese media Mainichi, adding that the token has suffered a lot, but the new Crown virus may now allow the symbol to start earlier than expected. The government is looking for other ways to get money. The company said around 1 million marketers will accept the brand by partnering with recruiting agencies. The token is a stable currency indexed 1: 1 to the yen. The two companies announced their intention to launch mobile payment services at the end of last year and launched “digital currency”.

MUFG is the largest bank in Japan and the fifth largest in the world. Kamezawa was elected CEO of MUFG in January of this year, claiming that when the token was finally launched, merchants not affiliated with Recruit could still accept the token. He also said the symbol, temporarily referred to as the MUFG coin, "will be available free of charge to everyone in the country."

It is legal to keep stable coins in Japan. Although there have been many rumors about the announcement of a stable coin in Japan in recent months, no major company has achieved stable returns so far.

However, MUFG has been planning for a long time and has endured many internal trials and difficulties throughout the company, such as using MUFG coins to pay small salaries to its members.

However, many of MUFG's competitors are also committed to strong business plans, and partnerships with the board will encourage financial firms to release stable funds ahead of their industry competitors. The company announced last year that MUFG parts are expected to hit the market before the end of 2019.