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Japan is leading global efforts to create an encrypted currency payment network


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Japan is leading global efforts to create an encrypted currency payment network

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  • TOKYO (Reuters)
History: 19 July 2019

The Japanese government is at the forefront of global efforts to create an international network of encrypted currency payments similar to the SWIFT network used by banks in an effort to combat money laundering, a well-informed source said.

The source added that Tokyo is seeking to put the new network in operation in the next few years, adding that a team linked to the International Financial Action Task Force will monitor the development of the new network in which Japan cooperates with other countries.

It is unclear how the encrypted currency network will work. An international messaging system for financial payments used by banks to transfer money around the world has been developed.

In June, the FATF approved a plan to establish the new network proposed by the Ministry of Finance and Japan's Financial Services Agency, the source said.

Tokyo is pushing for virtual currency security in the hope of tapping into the financial technology sector to stimulate economic growth. Japan became the first country in the world to regulate encrypted currency exchanges in 2017.

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