MUFG Bank, the largest bank in Japan and the world's fifth-largest depository financial institution, has denied reports that it plans to launch a digital currency in Japan next year.

In a argument on Dec. 4, Mitsubishi UFJ Financial Group Bank (MUFG) said it had not decided whether a contempo business partnership would ultimately form a digital currency entity.

MUFG: digital currency claims unofficial

Previously, various local English language-linguistic communication media outlets including Nihon Times had reported that MUFG was eyeing a release appointment in the kickoff half of 2022 for an as-yet-unnamed digital currency.

"These reports are not based on any announcement fabricated by MUFG Banking company," the argument read. MUFG added, "It is true that we take concluded the joint venture agreement for an establishment of a new visitor. No other determination has been made in this regard at this time."

Digital currency products flood Japanese market

The offer would reportedly let users make payments via smartphone using QR codes, with the digital currency account linked to a depository financial institution account.

According to Japan Times, which cited "informed sources," MUFG would agree a minority pale in the visitor behind the token. 51% would be owned past its partner, human resources services provider Recruit Holdings.

A growing number of banks are attempting to front-run demand for such payments, with schemes such as Mizuho Bank's J-Coin Pay gaining considerable attention locally.

Such a motion would not be MUGF'due south first venture into the digital currency sphere. As Cointelegraph reported, concluding yr, the banking company unveiled an in-house digital currency project nether the name "MUFG Coin."

In February, meanwhile, a separate partnership with content delivery network Akamai aimed to debut a blockchain payment network, dubbed Global Open up Network, in the outset half of 2022.