Japan working on SWIFT-like crypto payment network
Japan and crypto have always had a very dynamic relationship, never conflicting but rather refining.
Instead of seeing blockchain technology as a threat and banning all ICOs like South Korea attempted, Japan and crypto grew and are still growing through regulations. The country is known for innovation and growth as it stands, it hopes to move forward in setting a standard with its cryptocurrency-aligned regulations. The regulations cover ICOs, exchanges and cryptocurrency acceptance. Japan has always gone out of its way to provide the country with the most advanced technology available worldwide which would explain why it was so open to the idea of adopting blockchain technology into its laws.
Japan accounts for around the second or third-largest economy in the world for Bitcoin with more than 3.5 million citizens trading and storing cryptocurrency. Japan is simply meeting the demands of its 3.5 million innovative citizens and the world. Although the country is eager to enable its people to expand, Japan has set the necessary monthly measures to ensure investor safety by limiting investment amounts. The new law also revises cryptocurrency as a 'crypto asset' opposed to virtual currency, as Japan believes this could mislead buyers into purchasing digital fiat currency instead of investing in currencies backed by blockchain technology. The Japanese crypto regulations have also seen exchanges having to comply with strict standards to offer tokens to users. Exchanges also have to be registered with the Financial Services Agency (FSA).
Japan and crypto intertwined
According to recent news, the government is officially working on an international network for cryptocurrency payments based on the previously acclaimed SWIFT fiat banking solution. Officials hope the platform will allow for sufficient cryptocurrency exchange tracking to avoid money laundering. They envision implementation on a global level and service for multiple continents in their conquest to combat crime. The development path isn't clear as of yet but the launch date is intended for some time in 2020.
Blockchain technology taking over the world
Aside from Japan's active lead in adopting cryptocurrency, we have seen US congress members, other governments and big industry leaders incorporating blockchain technology into their future business plans. Microsoft and Apple have already begun and advanced, the SWIFT-like network is redefining the relationship between Japan and crypto as well as getting the world's attention.
Japan and crypto may still be growing but blockchain technology has already revolutionized the financial world. Bitcoin was the first blockchain-backed cryptocurrency to offer users a faster, transparent and more secure payment option. From there the revolution continues to Ethereum, DApps and now the above-mentioned SWIFT-like network.
Blockchain technology still has so far to go, get in early, you're already ten years late. Buy and store your cryptocurrency with Bitvalex, start profiting on trades today.