Japan is once again leading the cryptocurrency inclusion

In 2017 Japan was the first country to regularize cryptocurrency transactions, now by 2019 a report indicates that the country is planning to create an international cryptocurrency network, similar to the SWIFT network.

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, a nomenclature given to the method used by banks and other financial institutions to move money around the world. The system assigns each financial organization a unique 8 or 11 character code. The first four form the institution’s code, followed by two indicating the country. Then we have two more to indicate the location or city, and finally, we have the last three, which are optional, used by organizations to assign their branches.

Information on what the cryptocurrency version will look like is still quite vague, but according to Reuters, the proposal put forward by Japan’s finance minister and financial services regulator has already been approved by the Financial Action Task Force (FATF).

A source close to the project revealed that the country intends to put the network into action in the coming years. For the implementation of the project, a team close to FAFT will monitor the development of the system and Japan will work with other countries in its creation.

Tokyo has been pushing for the security of virtual currencies with the hope of leveraging the FinTech sector and stimulate economic growth. Although we do not have details about the plan, it is certain that the future of currencies is digital and governments that are already realizing have turned their efforts to policies of regularization and inclusion of virtual currencies instead of trying to fight against them.