Japan reportedly pushes "International network for cryptocurrency payments"

[Ibizugbe1]

Japan is a leading technological country, I dream of going to that nation for further studies because of their highly advance tech. This country never cease to lead nations of the world in their advance push for a better world of technology. I hope other nations will support the Japanese initiative. This can change the world financial space.

[proTECH77]

I always admire the Japanese people for their contributions to the world of inventions and innovations and when it comes to cryptocurrency indeed the country is always many steps ahead in terms of recognition, adoption and creating new ways to push cryptocurrency to the mainstream, The suggestion of creating similar to SWIFT is a good idea as the platform really needs a new and better replacement. Good thing that this is coming from Japan which can provide us the kind of leadership and experience the whole industry needs. Let's see how many countries will be supporting this suggestion from Japan.

Agree with you! Japan is a high-tech country. (This is little said) Unicum of the 20th century. And while taking one of the first places.
In Japan, the cryptocurrency received the status of a means of payment, so that we all crypto enthusiasts are only happy about this!

Knowing fully well how much they have been hard on their country men for tax and difficulties, they are not cryptocurrency friendly and should not be looked at. Japan are highly technological but making cryptocurrency friendly will bring more enthusiasts to the community and not be hard towards the holders.

[Emaillocate]

I think thats a good initiative and a promising step towards a much more crypto friendly Europe at least. This was proposed as an alternate to SWIFT payment for international payments and has been approved by the G7.

Link: https://www.engadget.com/2019/07/18/cryptocurrency-bitcoin-swift-japan/

Link: https://cointelegraph.com/news/g7-approves-japans-cryptocurrency-based-swift-alternative

Japan love crypto

[kingpin4321]

the Europeans would most definitely not be the least to benefit from this development the balance of the spread of cryptocurrency would be altered in favour of cryptocurrency enthusiast. Japan is regarded as a world power with large number of population which is what cryptocurrency needs

[spacehopper]

what a great news to hear.There will be a payment method just like MasterCard and Visa.If that approved in G7 meeting,You will be able to see huge pump on bitcoin.
G7 -The Group of Seven is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. These countries, with the seven largest IMF-described advanced economies in the world, represent 58% of the global net wealth.

If these countries will approved other countries will strongly hugging this payment network.Hope that works

[mayukus4life]

Japan raising this issue is a welcome one but cryptocurrency is already serving the purpose of payment. No middleman is needed like the way bank operates. The anonymity bitcoin is known for seem not to be enjoyed if some of these regulations comes through.

[TastyChillySauce00]

Japan raising this issue is a welcome one but cryptocurrency is already serving the purpose of payment. No middleman is needed like the way bank operates. The anonymity bitcoin is known for seem not to be enjoyed if some of these regulations comes through.

They are trying to battle the money laundering practices in crypto and there is nothing wrong with that, maybe you can say bitcoin already serving the purpose but government always need to be in control of something and they cant do that with bitcoin

[darklus123]

so they can institute AML controls and transaction reporting. impossible to do with bitcoin, but totally doable on their "G7-approved network". i'm so tired of people calling japan "crypto friendly". coming up with endless regulations and expensive licensing schemes and transaction reporting requirements isn't "friendly".

Thats a valid point right there, It seems that this news is getting overrated. What I am seeing right now is that this will never be good for us users as they haven't told the full details yet.

However for me adopting to this tech is still much better than trying to take it down which somehow makes japan open for it unlike others

[spacehopper]

The article is like 90% filler content and the actual news is just one sentence which is the same as the title. We didn't get any details of what exactly they are doing, so judging from the title, it looks really weird - cryptocurrencies are already payment networks, how would they create a payment network for a payment network? And more importantly, why would people use it instead of sending BTC directly?

so they can institute AML controls and transaction reporting. impossible to do with bitcoin, but totally doable on their "G7-approved network". i'm so tired of people calling japan "crypto friendly". coming up with endless regulations and expensive licensing schemes and transaction reporting requirements isn't "friendly".

Yap.Your opinion is correct.I'm 100% agree with you.If it controlled by government rules there will be little freedom.with their regulations only thing happening is real crypto lovers leaving from there.It should to be free market with good security and less government rules.I think things that happen on Japan,is a 1st step of get green for Libra

[ityandsyn]

I think thats a good initiative and a promising step towards a much more crypto friendly Europe at least. This was proposed as an alternate to SWIFT payment for international payments and has been approved by the G7.

Link: https://www.engadget.com/2019/07/18/cryptocurrency-bitcoin-swift-japan/

Link: https://cointelegraph.com/news/g7-approves-japans-cryptocurrency-based-swift-alternative

       This is really a big development for crypto currency and  these may  the start of using crypto especially bitcoin for payment world wide so let's us hope that this will be successful and of course it needs for  our support .

[Vaskiy]

I think thats a good initiative and a promising step towards a much more crypto friendly Europe at least. This was proposed as an alternate to SWIFT payment for international payments and has been approved by the G7.

Link: https://www.engadget.com/2019/07/18/cryptocurrency-bitcoin-swift-japan/

Link: https://cointelegraph.com/news/g7-approves-japans-cryptocurrency-based-swift-alternative

       This is really a big development for crypto currency and  these may  the start of using crypto especially bitcoin for payment world wide so let's us hope that this will be successful and of course it needs for  our support .

This is very small support from Japan compared to its large scale adoption and the suggestion for the small scale businesses to accept bitcoin years back. Now to take the usage further and go digital completely Japan has begun to push international networks for Cryptocurrency payments.

[Fundamentals Of]

I think thats a good initiative and a promising step towards a much more crypto friendly Europe at least. This was proposed as an alternate to SWIFT payment for international payments and has been approved by the G7.

Link: https://www.engadget.com/2019/07/18/cryptocurrency-bitcoin-swift-japan/

Link: https://cointelegraph.com/news/g7-approves-japans-cryptocurrency-based-swift-alternative

       This is really a big development for crypto currency and  these may  the start of using crypto especially bitcoin for payment world wide so let's us hope that this will be successful and of course it needs for  our support .

This is very small support from Japan compared to its large scale adoption and the suggestion for the small scale businesses to accept bitcoin years back. Now to take the usage further and go digital completely Japan has begun to push international networks for Cryptocurrency payments.

Japan has always been very open-minded about the rising technologies, being itself one of the most advanced and highly industrialized countries of the world. Way before other countries first heard of Bitcoin, Japan has already been a name where Bitcoin is popular. Who could forget that one of the earliest Bitcoin exchanges in history which was Mt. Gox was on Japanese soil? This additional effort of Japan right now is a consistency on their part to promote the advancement of cryptocurrency.

[longtkhd]

Japan has always been one of the leading countries to contribute to the development of civilization, not too surprised with the steps of Japan, making the development of large electronic money network in Europe to Asia.

[samuraijin]

The country is indeed undeniable that they are always at the forefront when discussing technology and the like, because Japan is indeed very interested in the world of technology such as bitcoin and other cryptocurrency.

Japan always wants a change in the world as well as technology or the creation of sophisticated robots or technology that they have today, their country is indeed a developed country for economic problems, so it is not surprising if Japan wants to push crypto currencies, so that growth will increase throughout the world ...

[Lalafell]

Japan is one of the advance country in the world through their technology and man power. Although it is a small country and have a limited sources of raw materials, still they are inclined with other top countries all over the world. Japan has always been one of the leading countries to contribute to the development of civilization, Japan is indeed very interested in the world of technology such as bitcoin and other cryptocurrency.

[Wexnident]

I think thats a good initiative and a promising step towards a much more crypto friendly Europe at least. This was proposed as an alternate to SWIFT payment for international payments and has been approved by the G7.

Link: https://www.engadget.com/2019/07/18/cryptocurrency-bitcoin-swift-japan/

Link: https://cointelegraph.com/news/g7-approves-japans-cryptocurrency-based-swift-alternative

I like the idea but there would be regulations instilled upon that network and hopefully they don't let it be controlled by someone. It's a very good idea that could potentially help all the countries who would be involved in the said network. However, lack of information regarding on how they will do it and the rules and regulations attached to it is a very negative situation at the moment which makes it difficult to judge how would the SWIFT  payment goes. It's a nice idea, just that more information is needed on how would they implement the said system.

[Mandoy]

I think thats a good initiative and a promising step towards a much more crypto friendly Europe at least. This was proposed as an alternate to SWIFT payment for international payments and has been approved by the G7.

Link: https://www.engadget.com/2019/07/18/cryptocurrency-bitcoin-swift-japan/

Link: https://cointelegraph.com/news/g7-approves-japans-cryptocurrency-based-swift-alternative

In 2017 Japan has made itself one of the bitcoin friendly country as the numbers of merchants who accepts bitcoin are increasing. It was once planned that one of their airlines will accept bitcoin but I guess it was postponed. The idea of an International network for cryptocurrency payments will make transactions for crypto much faster including bitcoin. Maybe this is the chance for bitcoin to overcome the delayed in their sending transactions.