Japan Wants to Rival SWIFT With a Cryptocurrency Network
Japan is a prominent country for blockchain and cryptocurrency activity.
So much even that government officials are building a new type of infrastructure. It is labeled as the “SWIFT of cryptocurrency”, although living up to those expectations won’t be easy. This new network will be used on an international scale and aims to thwart money laundering.
Japan Doubles Down
Over the past few years, Japan has become a key region for cryptocurrencies. It is one of the few countries to openly embrace this form of money and legitimize it. Several of the country’s biggest stores accept Bitcoin payments directly as well. This further goes to show Japan firmly believes Bitcoin is here to stay. Regarding altcoins, the situation is a bit less clear. Alternative markets are always hit-and-miss in every part of the world. To improve upon the existing situation, a new project is under development. The Japanese government confirmed it aims to build an international network for cryptocurrencies. This network is designed to mimic SWIFT in terms of cross-border partnerships and access. However, it will seemingly have little or nothing to do with traditional banks in that sense. It is evident that this new project will be very different from what the world has seen to date.
Based on the little information provided to us, it seems the goal is to develop this project in conjunction with other countries. Which countries those would be, has not been communicated at this time. The Financial Action Task Force of Japan will set up a team dedicated to monitoring the development of this new network. How all of this infrastructure is designed to operate, remains a big mystery. Not too many details are known at this time. We do know the FATF approved a plan to establish a new network in June of 2019. At that time, there were rumors regarding the involvement of cryptocurrencies. Those rumors have now been confirmed. By claiming this network will rival SWIFT, high expectations are associated with it. Delivering on those expectations will not be easy by any means.
Legitimizing Cryptocurrency One and for all
One thing is adamantly clear. Japan wants to push global cryptocurrency adoption to a new level. The main focus lies on bringing more security to this nascent industry. By actively addressing money laundering concerns, a crucial first step is taken in the right direction. Japanese officials also hope this network will stimulate economic growth in the country and beyond. Regulation and cryptocurrency make for an interesting combination. A lot of Bitcoin enthusiasts aim to keep these apart as much as possible. Others see merit in regulating this industry. How this SWIFT rival will factor into all of this, is a guessing game at best. It is certainly something worth keeping an eye on in the years to come.
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