The Japanese government is in the latest cryptocurrency news for attempting to spearhead the creation of a new and global cryptocurrency payment network which could be similar to SWIFT. The news that G7 approves an initiative like this were first reported in Reuters – citing one anonymous source that claimed the country’s push for the network and how it was motivated by a resolve to combat money laundering in a more effective way.
Even though the plans for this are now being kept under wraps, many best cryptocurrency news sites report that G7 approves the network and Tokyo hopes to have it established within the next few years.
Meanwhile, the plans for the network were initially proposed by the Ministry of Finance in Japan and its national regulator which is the Financial Services Agency (FSA) – a G7 initiated intergovernmental organization which promotes legal, regulatory and operational measures for money laundering on a global scale. The news that G7 approves an initiative like these have been a major topic in the altcoin news in the country.
Reuters also reported that the prospective network has loomed large in regulators, central banks and governments scrutiny of Facebook’s plans to launch its own stablecoin dubbed Libra.
The news that G7 approves this move come right ahead of the meeting of the G7 finance ministers in France this week. Japan, on the other hand, has apparently set up a national liaison conference which involves the Bank of Japan, the Ministry of Finance and the FSA – all of which are tasked with investigating the impact of Libra on the country’s monetary policy and its financial stability.
All of this comes right after France has pre-empted Japan in creating a G7 taskforce that will examine how central banks can regulate cryptocurrencies like Libra – something that went viral in the coming altcoin news. In June this year, the FATF revealed its plans to strengthen control over crypto exchanges and preclude digital currencies from being used in money laundering and other related financial crimes.
Aside from the fact that G7 approves such an initiative, the Japanese House of Representatives this spring approved a new bill to amend the national laws that govern crypto regulation.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]