The government of Japan is leading a worldwide movement for an intercontinental cryptocurrency transaction system. This system will have many similarities to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) used by most banks globally.
The Japanese government intends to develop and launch the network in the next couple of years in collaboration will other jurisdictions. Reportedly, this project is supposed to combat activities such as money laundering.
The Financial Action Task Force, an inter-governmental body designed to encourage anit-money-laundering and anti-terrorist-funding regulations, is going to manage the creation. However, it is still unknown how the new crypto transfer network will operate.
The project was approved in 2019 by the Financial Action Task Force and was suggested by the Financial Service Agency and Finance Ministry of Japan. Yet, both entities refused to comment on the situation.
Japan is trying to boost the security of these digital coins in order to use the market to provoke financial prosperity. In 2017, the country became the first one worldwide to set in place centralized crypto exchange regulations.
It is not certain how cryptocurrency users and the public will react to this new system, if you take into account that the unregulated nature of crypto coins is among its most sought-after characteristics.
