Japan based crypto payment network

New Japan Based Crypto Payment Network Will Be Similar To SWIFT Banking

The Japanese government is leading the development of an international crypto payment network. The Japan-based crypto payment network will be similar to the SWIFT banking network. It will help manage crypto payments and combat money laundering.

The inter-governmental body, Financial Action Task Force(FATF) will monitor the development. The launch of the network will take a few more years. FATF gave approval for setting up the network in June. Japan’s Ministry of Finance and the country’s financial regulator, Japan’s Financial Services Agency FSA had proposed this idea.

There’s very little detail about what this means or how it would potentially work, but SWIFT is the network that banks use to securely send money around the world.

Japan had set up a working group to discuss regulatory issues around Facebook’s Libra cryptocurrency prior to the G7 meeting last week. It is closely scrutinizing the crypto exchanges.