Reuters has reported today citing an anonymous source that the Japanese government is allegedly working on the development of a network for crypto payments similar to the current SWIFT network.
Apparently, the ultimate goal of the project is to create a network that can be used internationally and can help prevent money laundering.
According to the source, who preferred to remain anonymous due to the fact that the information has not yet been made public, Japan intends to launch the network in the next few years.
SWIFT is the international payment system used by banks to send money around the world.
According to the source, the development of this new network will be overseen by the Financial Action Task Force (FATF).
The plan was apparently approved in June by the FATF and was proposed by Japan's Ministry of Finance and the country's financial regulator, the Financial Services Agency (FSA).
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