Japanese officials reportedly want to develop an international payment system for digital currencies that would be similar to the global SWIFT network currently used by the world’s financial institutions, Reuters reported on Thursday.
The report was based on information provided by an unnamed “person familiar with the plan” who told Reuters that the goal is to have the network completed and in operation “in the next few years.” The source said that the project will be monitored by the Financial Action Task Force (FATF), and Japan would work with other nations to develop the system.
The SWIFT-like cryptocurrency payment network was reportedly proposed by the Japanese Financial Services Agency and Ministry of Finance and approved by FATF last month. As Reuters notes, Japan has been focusing on addressing risks associated with digital currency technology, as part of the country’s long-term strategy to use fintech adoption to generate economic growth and improve its economy.
Reuters apparently contacted the Ministry of Finance and the Financial Services Agency to confirm the source’s information, but neither agency was willing to comment on the matter.