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Japan will lead the development of the SWIFT network for Cryptocurrency-Source



The Japanese government is driving the creation of an international cryptocurrency payments network worldwide, similar to the SWIFT network used by banks to combat money laundering.

  Motherb shares ripple, bitcoin, etherum and litecoin virtual currencies.

FILE PHOTO: On a PC motherboard in this February illustration are representations of the virtual currencies Ripple, Bitcoin, Etherum and Litecoin seen July 14, 2018. REUTERS / Dado Ruvic / Illustration / File Photo

TOKYO: Japan's Government Is Driving Global Cryptocurrency Payments, Similar to The SWIFT Network Used by Banks to Combat Money Laundering, One Person Knows the Plan On Thursday.

Tokyo aims to establish the network in the next few years Identification is required because the information was not published.

An International Financial Action Task Force (FATF) team will monitor their development and Japan will work with other countries

It remains unclear how the cryptocurrency network would work. SWIFT is the international payment system used by banks worldwide to send money.

In June, the FATF approved the plan proposed by the Japanese Ministry of Finance and the Financial Services Agency (FSA) to establish a new network. According to the person.

Both the FSA and the Ministry of Finance declined to comment.

Tokyo has urged to ensure the security of virtual currencies to stimulate the fintech industry economic growth. In 2017, Japan was the first country in the world to regulate the exchange of cryptocurrencies at the national level.

It is also unclear whether the network would meet the resistance of the users, since the attraction of cryptocurrencies lies partly in their unregulated nature. This lack of regulation is exactly what worries governments and central bankers.

Facebook's recent announcement of plans to launch a digital coin struck a chorus of regulators, central banks and governments insisting that the technology giant must comply with anti-money laundering and anti-money laundering rules ensuring transaction and user data security.

Digital currencies are also likely to be a topic at the G7 Finance Ministers meeting in France this week.

(Reporting by Takahiko Wada, Writing by Takashi Umekawa, Editing by David Dolan) & Kim Coghill)


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