The Japanese government has recently confirmed it aims to build an international network for cryptocurrencies. The project is designed to mimic SWIFT in terms of cross-border partnerships and access.

I can imagine this having some resistance as it is said that it will not have much to do with the traditional banking sector.

It has been said there will be a Financial Action Task Force set up to look out for the monitoring of the development of this new network.

There is alot of secrecy surrounding the project but there is a plan to establish a new network in June of 2019. Previously, there were rumors regarding the involvement of cryptocurrencies. Those rumors have now been confirmed. By claiming this network will rival SWIFT.

SWIFT, the Society for Worldwide Interbank Financial Telecommunications, is an internationally used messaging service that provides a standardised messaging system between banks across the world. SWIFT went live back in 1977 and today is used by more than 11,000 financial institutions who use it to send out over 25 million messages a day according to moneymover.com.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD faces a stack of resistance on the path back to $10,300

Bitcoin is on course for charting its fifth straight bearish day in a row. So far this Tuesday, the price has gone down from $10,269.35 to $10,215.50. Over the previous five days, the price of BTC/USD has dropped from $10,428.45 to $10,215.50, charting a 2% fall in price.

More Bitcoin News

Ethereum (ETH) price analysis: ETH/USD settles below $180.00 amid growing bearish sentiments

The second-largest cryptocurrency with the current market capitalization of $20.9 billion has broken above critical $190.00 to trade at  $194.30 at the time of writing.  ETH/USD has gained over 3% on a day-on-day basis and 2.5% since the beginning of the day.

More Ethereum News

Dash market update: DASH/USD stays on positive side, ignores delisting news

According to Inquirer.net - local Philippine news outlet - the police have raided the offices of an alleged crypto scam. The scam was targeting investors based in China. Agents from the Bureau of ...

More Cryptocurrencies News

Bitcoin Cash jumps again as HTC announce BCH tie up

Bitcoin Cash jumped off a key technical level on the same day that HTC announced that Bitcoin Cash will be added to the Zion wallet. Bitcoin Cash is now the third cryptocurrency after Bitcoin ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP