Will Japan Launch a SWIFT for the Cryptocurrencies?

The government of Japan is to facilitate international cryptocurrency trades through launching a system similar to that of SWIFT and take an important step toward payment evolutions in the world. The Japanese assumed system will be for launching an infrastructure for international cryptocurrency trades like the SWIFT for the actual currencies. Some say that this system will be exploited until next coming years. Japan wants to ask the collaboration of the other countries in launching this system and managing this project.

What Programs Does Japan Have?

Japan is highly persistent in promoting mentioned project and some of its ministries such as the ministry of finance are codifying programs to launch international system for cryptocurrencies. It is planned that a supervising organization to be active in this system and something similar to what Financial Action Task Force (FATF) does to avoid criminal measures such as money laundering to exist in this system too. Despite such surveillances, the concerns to do illicit activities via cryptocurrencies and measures like money laundering will be removed. The issue of criminal measures with Bitcoin, Ethereum and other cryptocurrencies is the other matter that cryptocurrencies critics always speak about. Therefore, it seems that Japan is thinking about very suitable solutions. 

Will Japan Succeed?

The measure taken by Japan is very admirable and can be the first and most effective step through which cryptocurrencies will be in a faster development route. But the fact is that such a system needs international supports in order to succeed; that is, all the cryptocurrencies in the world should be accepted and the other governments should announce their support and back. A global system needs acceptance, investment and development from the international community for trading cryptocurrencies.

How Is the Efficiency of the System Similar to SWIFT for Cryptocurrencies?

One of the main advantages of such a system for cryptocurrency transactions in the world will be the fact that opposite to what occurs for a system such as SWIFT and actual currencies wherein transactions duration is sometimes long, doing different transactions in the system of cryptocurrencies will be very fast about a few seconds. Considering the fact that the process of development and maturity of cryptocurrencies has not yet stabilized and there is a lot of capacity for their evolution, this point should be attended to that if the system which Japan intends launches, the necessity to have committees to update will be intensified. Consequently, management and leading such a job will not be realized comfortably. Although the measures Japan intends to do need different international investigations and cooperation, taking such a step can be very effective and beneficial in the growth of cryptocurrencies. 
Due to much sensitivity around using cryptocurrencies, many countries has stopped and attempt to watch the others’ measures in this area. Anyway, it is necessary for an organization, country or the state to step forward and alter the process of the market changes and the world of cryptocurrencies. It looks what Japan will actualize will be very influential on the fate of cryptocurrencies.    
 

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