Japan to lead cryptocurrency-SWIFT network development under FATF supervision

Global news agency Reuters has revealed; with reference to sources privy to the agency, that Japan is going to lead a cryptocurrency Swift like network development.

Reuters reveals that the Japanese government is taking the step to fight against money-laundering and the network would ensure that all transactions are recorded according to the regulations.

The sources further informed that the network will be developed under the supervision of a Financial Action Task Force (FATF) action team.

The Japanese government will be working on the project as an international network that would operate similar to the SWIFT networks currently in use by the banks across the globe.

Sources further revealed that the Japanese government is aiming to complete the project within the next few years and is willing to cooperate with other government and international authorities including FATF.

There are, however, no technical details of the project have been revealed nor the project has been confirmed by the Japanese government.

Wheres, news sources claim that the network has already been approved by the FATF. The said proposal was put up by the Ministry of Finance and the Japanese Financial Service Agency (FSA) where the approval came at the end of June 2019.

Media outlets also revealed that the Ministry of Finance in Japan and the FSA have declined comments on the matter.