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Japanese government is reportedly leading the development of a SWIFT-like network for cryptocurrency payments1 min read

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The Japanese government is reportedly leading the development of a SWIFT-like network for cryptocurrency payments to combat money laundering.

“A person familiar with the plan,” told Reuters on Thursday that the development will be monitored by the inter-governmental body, the Financial Action Task Force (FATF), and that the government aims to launch the network in the next few years.

Apparently, the ultimate goal of the project is to create a network that can be used internationally and can help prevent money laundering. According to the source, who preferred to remain anonymous due to the fact that the information has not yet been made public, Japan intends to launch the network in the next few years.
The plan was apparently approved in June by the FATF and was proposed by Japan’s Ministry of Finance and the country’s financial regulator, the Financial Services Agency (FSA).

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SWIFT is a messaging system used by banks for money transfers around the world. It is unclear at the moment how the cryptocurrency network would work, per the report.

Japan has taken several initiatives to tighten up the cryptocurrency industry. Back in 2017, the country passed a law that recognized bitcoin as a legal method of payment, as well as brought cryptocurrency exchanges under anti-money laundering (AML)/know-your-customer (KYC) rules.

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