Japan planning to set up an international network for cryptocurrency payments

Japan is at the forefront of the crypto-revolution, with the Asian giant taking the lead in bringing innovation to the field of cryptocurrencies and blockchain. This fact was further highlighted by a recent report by Reuters which said that Japan is planning to set up an international network for cryptocurrency payments, something very similar to the SWIFT network, in order to fight money laundering.

Although information about this network hasn’t been publicly announced, a source familiar to the plan revealed that Tokyo aims to get the network up and running in the next few years. The source added,

“A team related to the inter-governmental Financial Action Task Force (FATF) will monitor its development and Japan will cooperate with other countries, the source said. It remains unclear how the cryptocurrency network would work.”

The plan to set up this network was approved by Japan’s Ministry of Finance and the Financial Services Agency (FSA) regulators in June. However, additional details regarding the plan are yet to be received.

Japan has had a very pro-active approach to cryptos and blockchain over the years, something which was apparent in 2017 when it became the first country in the world to regulate cryptocurrency exchanges on a national level.

Japan’s SBI Group and SBI Holdings are also eager to launch crypto-related solutions to help propel Japan into the stratosphere of the payments sector. SBI Holdings’ Yoshitaka Kitao plans to disrupt the Japanese payment industry before Osaka Expo 2025.