Japan Gets Go-Ahead to Create Own Global Cryptocurrency Payment Network Similar to Bank Network SWIFT

July 18, 2019 By: Nwabundo Wisdom

 

The Japanese government is currently making plans to pioneer the creation of an international cryptocurrency payment network which is similar to banking network swift. This news was confirmed in a report from a source on Thursday, July 18.

Per the report, the move by the Japanese government to create an international cryptocurrency payment network is targeted at fighting against money laundering activities and has reportedly been approved last month by Financial Action Tasks Force (FATF)— a G7-initiated intergovernmental organization set up with the sole aim of combating money laundering.

The report also disclosed that the ongoing project will be supervised by a team the G7 task force, alongside other member countries. It added that the initiative to create the internal cryptocurrency payment network was put forward by the Ministry of Finance and the Financial Services Agency (FSA) watchdog in Japan.

Japan is presently investigating and scrutinizing crypto exchanges across the state as a result of security breaches reported within some crypto exchanges in the state, notable is that of cryptocurrency exchange, Mt. Gox, which accounts for the world’s biggest hack on crypto exchanges.

Meanwhile, Japan has set up a national liaison conference, which will comprise of the (Bank of Japan, the Ministry of Finance and the FSA ), saddled with the responsibility to investigate the impact of Libra cryptocurrency on monetary policy and financial stability.

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