RATE Group | G7 Approves Japan’s Cryptocurrency-Based SWIFT Alternative
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G7 Approves Japan’s Cryptocurrency-Based SWIFT Alternative

18 Jul G7 Approves Japan’s Cryptocurrency-Based SWIFT Alternative

Posted at 08:39h in Cryptocurrency News by

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The Japanese government is attempting to spearhead the creation of a new, global cryptocurrency payments network that would be similar to SWIFT.

Replace SWIFT with a global crypto payments network?

Citing an anonymous source, a Reuters report published on July 18 claimed that the country’s push for the network is motivated by a resolve to combat money laundering more effectively.

While plans are being kept firmly under wraps, the source alleged that Tokyo hopes to have the network established within the next few years. 

Plans for the network were reportedly initially proposed by Japan’s Ministry of Finance and its national regulator, the Financial Services Agency (FSA).

The prospective network has been approved for oversight by the Financial Action Task Force — a G7-initiated intergovernmental organization that promotes legal, regulatory and operational measures that aim to fight money laundering on a global scale. 

As Reuters notes, anti-money-laundering (AML) compliance has…

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