When it comes to cryptocurrency activity and blockchain technology, Japan is a force to be reckoned with. It is so strong that the government now tries to build a specific infrastructure, one that was labeled as being the “SWIFT of cryptocurrency”.
Obviously, it is much easier to say something like this than to actually do it. The new network would be used internationally in order to stop money laundering.
In the past few years, Japan became an important region for various cryptocurrencies. This country fully legitimizes and embraces digital funds. Various big stores in Japan actually accept direct Bitcoin payments. The country firmly thinks that Bitcoin will not disappear anytime soon, although whenever thinking about altcoins, things are not that clear.
In order to improve the current situation, the brand new SWIFT-counter project is being developed. There was official confirmation coming from the Japanese government about building a cryptocurrency international network.
The new network is being created to mimic SWIFT when it comes to cross-border access and partnerships. It will not be connected with the traditional banks and the project is going to be quite different than what we already saw in the world.
Not much information was offered but what we do know is that the goal is to have this project developed in a conjunction with many other countries. We do not know what countries will be involved.
Another huge mystery is how the infrastructure will operate. There are not many details know.
What we do know is that the FATF did approve the plan to establish the network during meetings in June 2019. When the news broke, different rumors appeared about the involvement of the cryptocurrencies. It is now that the rumors were confirmed.
What is interesting is the claim that this cryptocurrency network is going to rival SWIFT. This leads to huge expectations. It will not be easy to deliver on the expectations.
One thing that is clear is that Japan tries to push the adoption of cryptocurrency at a global level. Basically, the number one focus is put on increasing security in the industry. Money laundering concerns are actively discussed, which is a great thing to see. The involved Japanese officials hope that the network is going to stimulate economic growth way beyond the country.
Cryptocurrency and regulations do not often go hand in hand. Many Bitcoin enthusiasts do all that they can to separate these. There are also people that see clear merit in industry regulations. The SWIFT difference will also be a huge factor in what will happen.
At the moment, we need to wait and see what happens. Creating a SWIFT rival with a cryptocurrency network will surely last years. It is not something that is easy to do and more information will surely appear about the subject in the near future.