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G7 Approves Japanese SWIFT Alternative Based on Encryption Currency

The Japanese government is trying to lead the creation of a new global cryptoLite network, similar to SWIFT.

Replacing SWIFT with a Global Cryptographic Payments Network?

Referring to an Anonymous Source, Reuters Report

While plans are kept under cover, the source says Tokyo hopes to have a network within the next few years.

Network plans were initially proposed by the Japanese Finance Ministry and the National Regulator, the Financial Services Agency (FSA).

The envisaged network is approved for oversight by the Financial Action Task Force – the G7 ̵

1; initiated an intergovernmental organization that promotes legal, regulatory and operational measures to combat money laundering worldwide.

As Reuters notes, compliance with anti-money laundering measures (AML) has emerged in the control of regulators, central banks and governments of Facebook's plans to launch its own stable market called Libra.

This week, a meeting of finance ministers of the G7 in France this week, Japan is organizing a national conference on liaison with the Japanese Bank, the Treasury and the FSA to study the impact of Libra on monetary policy and financial stability.

France overcame Japan to set up a G-7 Task Force to examine how central banks can regulate crypto-gravitas like Libra.

In June, FATF Revealed Plans to Enhance Cryptoblock Control to Prevent the Use of Digital Currencies in Money Laundering and Related Financial Criminalities

This spring, the Japanese House of Representatives formally approved a new bill amending national laws , which regulate cryptoregulation. Revised acts – which include specific anti-money laundering measures aimed at privacy coins – will come into force in April 2020.

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