Japan leads the development of SWIFT-like network for cryptocurrency

21 Jul, 2019 | Updated: 21 Jul, 2019
by Fifi Arisandi
News
Japan leads the development of SWIFT-like network for cryptocurrency

Japan will lead the development of SWIFT-like network for cryptocurrency, which expected to be all set in the next few years. 

A new development just emerged from the only Asian country that sets a formal regulation for crypto, Japan.

A source familiar with the matter said that the country will lead the development of an international network for cryptocurrency payment.

The plan to develop the SWIFT-like network was proposed by Japan’s Ministry of Finance (MoF) and the Financial Services Agency (FSA) and approved by the inter-governmental Financial Action Task Force (FATF) in June.

According to the anonymous source, the development will be overseen by a FATF team and the network is expected to be up and running in the next few years.

As of writing time, there’s no official announcement yet from both the FSA and the MoF, thus it’s still unclear as to how the crypto network would work.

Moreover, there are also questions on how the public, particularly the crypto community would respond to the network, considering that the unregulated nature of crypto is what makes it very appealing for most of them, as reported by Reuters.

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Read more about: Japan Asia Swift

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