The Japanese government is evaluating the idea of creating an alternative to the current international SWIFT network for payments made with cryptocurrencies. In fact, according to what reported by Reuters, an anonymous person who would be working on or in any case close to this innovative project, found that Japan is working on creating a cryptocurrency-based payment network to succeed in better fight against money laundering activities.
It is not very clear yet how the project should be developed and even the timing to be able to release it, but according to the anonymous source, the intention would be to achieve this new international network in the years to come.
There are still many doubts about this network, in fact there are no official sources to confirm or deny the design by the Japanese government, for this reason it is not known how this control network should work, similar to the SWIFT used in the banking circuit, however designed for cryptocurrencies.
The anonymous source the only other detail is that it is not a project exclusively studied by Japan, but also provides for collaboration with other countries, in fact the control of the network should be assigned to the FATF namely Financial Action Task Force on Money Lauding.
The FAFT according to the source, would have approved this new plan for the creation of an alternative network, proposed by Japan and especially by the Ministry of Finance but also by its FSA or the Financial Services Agency of the country. However, there is no confirmation of this, even if no one has made a denial at the moment.
Japan, however, is a country always far ahead in terms of the sector, in fact it was one of the first countries to accept the use of cryptocurrencies and primarily Bitcoin as a means of payment, and in 2017 it was also the first country to manage to regulate cryptocurrency exchanges.
However, this project if carried out surely could have positive implications on the transactions that take place on blockchain in order to succeed make the currency digital a tool for moving money globally, in this way it can also facilitate the analysis of any suspicious transactions by law enforcement agencies.
