According to Reuters, Japan is leading the creation of an international cryptocurrency payment network similar to the banking network SWIFT.
On Thursday, Reuters reported that a person familiar with the matter said the network was designed to combat money laundering and was approved by the Financial Action Task Force (FATF) last month. If the new system is enabled, it will not only prevent money laundering, but also use encrypted assets as one of the means of settlement on a global scale.
The source said that a team of the International Anti-Money Laundering Task Force will oversee the progress of the project, which will be carried out with other countries.
This network was initiated by the Japanese Ministry of Finance and Finance (FSA) regulators. Reuters said that when reporters contacted the two institutions, they would not comment.
As the host of the Group of 20 (G20) conference in June this year, Japan has been reviewing cryptocurrency exchanges more closely, and set up a working group before the G7 meeting last week to discuss the cryptocurrency around Facebook's Libra. Regulatory issues.
The country has been attacked by many well-known cryptocurrency exchanges, including two of the world's biggest and most shocking hacking incidents: Mentougou Mt. Gox and Coincheck.
To a large extent, Japan has been one of the most proactive countries in cryptocurrency regulation due to the invasion of Mt.Gox. In 2017, Japanese regulators created an exchange licensing program and revised financial rules to allow Bitcoin to be a legitimate payment method.