Altcoin News: Japan Will Create a Similar to SWIFT International Network of Cryptocurrency Payments

July 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Japanese authorities will lead the initiative to create an international network of cryptocurrency payments, aiming at countering money laundering, Reuters reported this Thursday, citing sources familiar with the situation.

According to the source, Japan expects to put its decision into operation within a few years. The Intergovernmental Financial Action Task Force on Money Laundering (FATF) will monitor the development of the project, and its organizers will involve other countries.

It is assumed that the new network will operate according to principles similar to those currently used in the Company by the world interbank financial communication channels (SWIFT) for the banking industry. However, project details are not yet available.

In June, the FATF approved a plan to create a new network of cryptocurrency payments, originally proposed by the Ministry of Finance and the Financial Services Agency of Japan, a source said.

In the past, Japanese authorities have made efforts to regulate cryptocurrency exchanges and tighten policies to protect the assets of their customers, which, however, did not save local trading platforms from numerous hacks. The last such incident occurred this month when about $30 million in cryptocurrency was stolen from Bitpoint exchange.