Japan's Mitsubishi UFJ Financial Group (MUFG) has confirmed it will launch Coin, its own digital currency, before the coming years. The stablecoin will be pegged 1:1 with the yen, and has been designed to work in the same way as fiat currency. MUFG said customers can download an app to convert traditional cash into Coin, which can be used to pay for goods and services. The bank is urging retailers and restaurants to adopt Coin, with the aim of creating "connected economic blocs".
Japan's Mitsubishi UFJ Financial Group (MUFG) has confirmed it will launch Coin, its own digital currency, before the end of the year. The stablecoin will be pegged 1:1 with the yen, and has been designed to work in the same way as fiat currency. MUFG said customers can download an app to convert traditional cash into Coin, which can be used to pay for goods and services. The bank is urging retailers and restaurants to adopt Coin, with the aim of creating "connected economic blocs".