Japan to create a SWIFT-like global crypto payments network

Friday 19 July 2019 09:59 CET | News

Reuters has reported that the Japanese government is currently developing an international crypto payments network similar to the SWIFT network used by banks.

The plan is designed to counter money laundering fears that digital currencies have given rise to among governments worldwide. The network was originally proposed by Japan’s Ministry of Finance and the Financial Services Agency (FSA). Moreover, the Financial Action Task Force (FATF) is said to have approved the Japanese plans in June 2019. The FSA, in cooperation with FATF, is aiming to have the network operational within five years.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) operates a network enabling financial institutions to send and receive information about financial transactions in a secure and standardised environment.

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Keywords: Japan, regulations, SWIFT, cryptocurrency, payments , banks, money laundering, digital currencies, finance, financial transactions
Countries: World