Japan to develop a cryptocurrency SWIFT inspired payments network
- The Japanese government to be working on a network similar to Swift and will be an international network for banks across the globe.
- In terms of the details, they were citing sources familiar with the matter, covered by Reuters.
Japan is set to lead a cryptocurrency which will operate similarly to the Swift network, with development underway, according to Reuters citing sources. The Japanese government are keen to step up in fighting against money-laundering.
The network will also be ensuring that all transactions are recorded and in line with regulations. Sources familiar with the matter informed that the network will be developed under the supervision of a Financial Action Task Force (FATF) action team.
Sources also revealed that the Japanese government are looking to complete the project within the next few years and is willing to cooperate with other government and international authorities including FATF.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
