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.

 

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