Japan to lead development of SWIFT network for cryptocurrency. Read more: ReutersFintech
TOKYO - Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering, a person familiar with the plan said on Thursday.
A team related to the inter-governmental Financial Action Task Force will monitor its development and Japan will cooperate with other countries, the source said. FATF in June approved the plan for establishing the new network, which was proposed by Japan’s Ministry of Finance and the Financial Services Agency regulator, according to the person.Tokyo has pushed to ensure the security of virtual currencies, hoping to leverage the fintech industry to stimulate economic growth. Japan became the first country in the world to regulate cryptocurrency exchanges at a national level, in 2017.
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