A SWIFT Network for Cryptocurrency

Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering

Tokyo aims to have the network in place in the next few years, the person said, declining to be identified because the information has not been made public. A team related to the inter-governmental Financial Action Task Force (FATF) will monitor its development and Japan will cooperate with other countries, the source said.

It remains unclear how the cryptocurrency network would work. SWIFT is the international payments messaging system used by banks to send money around the world.

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