Home Cryptocurrency Japan will create SWIFT-like network for digital currencies

Japan will create SWIFT-like network for digital currencies

The Japanese government is trying to develop an international payment network for digital currencies very similar to SWIFT to combat money laundering. Reuters reported the news on Thursday.

As per the anonymous source familiar with the report, said the platform would be overseen by FATF team, inter-governmental body and the government of the island nation is planning to launch the network within next few years. Plan for the new system is approved by FATF in June this year. It was proposed by FSA and the Finance Ministry of Japan.

Japan is trying to confirm the safety of digital currencies to push the economic growth and development of the fintech industry. Japan became the leading nation of the world in 2017 to regulate digital currencies at the national level. They are the first country of the globe to welcome Bitcoin as a lawful tender. When it is about cryptocurrencies Japan has always shown a progressive mentality.

SWIFT is utilized by financial organizations everywhere in the globe to send sensitive financial information and transactions. On the contrary, cryptocurrencies can be directed to anyone around the globe by merely knowing the receiver’s wallet address. It remains indistinct how digital currencies will work in the network like SWIFT. How the decentralized blockchain network gets implemented into the highly monitored system remains a matter of interest.

It remains a matter of speculation how users will react to this kind of monitored network after experiencing the decentralized system of cryptocurrencies. Cryptocurrencies have become widely accepted across various sectors. It is very important to select a reliable and trustworthy platform like  Bitcoin Loophole Trading Platform. To know more about this promising platform traders should go through  Bitcoin Loophole Trading Platform Review, before investing.

Although this lack of regulation is the main reason or worries for the banks and the central government. After the massive hacking attack at cryptocurrency exchange Coincheck, the Japanese government has tightened the security guidelines for the trading platform and has issued a notice to many exchanges for the security breakdown.

The companies willing to offer trading services for the residents of the nation have to acquire a license from FSA. More than 100 companies have applied for a permit to start a trading platform in Japan. So far, the agency has approved a license for three exchanges.

In the G7 meeting of Finance Ministers in France this week digital currencies are most likely to remain a topic.

Ray Buckler
Ray Buckler
Ray is a journalist and completed his journalism. He has an experience of 5 years as a senior journalist. He can be reached by email: ray@forexnews.world.

Must Read

Trade99 Review: Reliable, Secure, Innovative

Trading has become less consuming these days because of the availability of many online platforms. Online platforms are user-friendly. They do not need any...

American Automotive Firm Rivian Raises $1.3 Billion in Fund Investment Round

Headquartered in America, the globally leading automaker and automotive tech firm, Rivian has broadcasted the news about the closure of its highly anticipated investment...

Iran Moots Common Cryptocurrency for Muslim Nations At Kuala Lumpur 2019 Summit

At the on-going 2019 Kuala Lumpur Summit in Malaysia, Iranian President Hassan Rouhani called for the creation of a common cryptocurrency for Muslim countries....

HDFC Bank Joins the League of $100 Billion Market Cap Companies

HDFC Bank Ltd has crossed the $100 billion mark in terms of market capitalization. With this, it has become the 3rd firm in India...

UAE Vows Dh55 Million as Assistance for School Students in Sudan

The UAE has pledged to donate Dh55 million to help school-going children in Sudan. The financial assistance from the Abu Dhabi Fund for Development...