Carry out the cryptocurrency road to the end! The Japanese government is creating a global cryptocurrency payment network similar to SWIFT

According to Reuters, Japan is leading the creation of an international cryptocurrency payment network similar to the banking network SWIFT.

Japan-1902834_1280

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

UK Finance Minister: FCA has the final decision on whether to implement the ban on crypto derivatives

According to Cointelegraph's October 22 report, the UK government recently stressed that it is up to the regulat...

Blockchain

Market Weekly | The market is in a consolidation period, and the exchange has picked up

Weekly summary Last week, the average daily market value of global digital currency assets was 326.973 billion US dol...

Blockchain

Gemini Exchange sets up insurance company to provide $ 200 million in insurance for custody services

The Winklevoss brothers' Gemini exchange has set up an insurance company to prepare up to $ 200 million in insur...

Blockchain

The original market maker is not "Zhuang"? What is the significance of the coin safety ball recruitment market?

On September 30th, the company announced that it has launched the Global Markets Program and will recruit Market Make...

Blockchain

Bloomberg Interview with He Yi: My relationship with CZ is that of a mentor, friend, and spouse.

He Yi referred to Zhao as a comrade-in-arms and also as a college roommate. She said that their relationship only beg...

Blockchain

Read the article Bakkt: cryptocurrency of the New York Stock Exchange

At the Bakkt Digital Assets Summit held last week at the New York Stock Exchange, more than 150 investors around the ...