Japan reportedly pushes "International network for cryptocurrency payments"

[vennali]

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

[CryptoBry]

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.

[Pingip]

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.

japan going to shake the industry...few strong startups going to rise from japan

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[Artemis3]

One of Bitcoin's killer features is precisely international wire transfers. Bitcoin is actually faster than local wire transfers in many countries, and the fee is the lowest you can get if you don't mind waiting a couple of hours or days, which compared to weeks is a blessing.

There is also the annoyances tied with amount. You see, Bitcoin doesn't care. Send a few satoshis a several bitcoins, it takes exactly the same time an effort.

I don't know what Japan is pushing here, but it might be something alike ripple, ie, centralized and bank supported. They may back it with their (fiat) money, but it won't be any stronger. In fact its much weaker than Bitcoin's network due to decentralization.

That is, unless they open the software and invite people to become nodes, perhaps offering rewards too.

If they keep it closed how they like it, the people can simply ignore them. Especially Japan, one of the leaders accepting Bitcoin. Why bother with bank wire transfer when you already have your money in bitcoins?

[Carlton Banks]

approved by the G7

which is a political group


I'll stick with Bitcoin, where capital interests determine access to the payments network, not political interests

[kryptqnick]

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

Wow, this is great news! A year ago I lended a solid amount of money from a friend who lives abroad, and since I am not from the EU and he is, we had to do it through Swift. For starters, there was a maximum limit of 350 EUR per transaction if you don't want to explain your relationship to the person and what the money is for. But apart from that, each time the transaction took a couple of business days, and in the end I lost like 7% on transactions, which is not a big deal with small amounts of money, but was quite a lot in my case. Bitcoin is such a great alternative for these cases! I hope they offer an alternative to Swift payments finally.

[deadsilent]

No wonder why Japan is the biggest cryptocurrency Haven. You can buy almost everything using cryptocurrency there.

If they keep it closed how they like it, the people can simply ignore them. Especially Japan, one of the leaders accepting Bitcoin. Why bother with bank wire transfer when you already have your money in bitcoins?

It's because not all are accepting cryptocurrency there. You still need cash to enjoy your stay there. Also the volatility of Bitcoin drives them to do that and banks could help us eliminate those risks of devaluation. But in return, the regulated system or centralization that we need to comply.

[dothebeats]

No wonder why Japan is the biggest cryptocurrency Haven. You can buy almost everything using cryptocurrency there.

Except that this will not be the type of cryptocurrency everyone is wishing to have. This network would surely be highly-regulated, and of course would be looked over and influenced by politics, unlike SWIFT which is specifically made for bank transactions worldwide. I would still like to stick with individual crypto networks and leave it that way. By that we can ensure the individuality of crypto and be free from the constraints of governments and banks which are trying to make the scene thwart its development and push everything towards their own favorable directions.

[hatshepsut93]

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?

People here cheer it as some sort of progress, but I suspect it's an attempt to hijack the cryptocurrency movement, by creating this intermediary network that will be like a bank and a regulator.

[lanezzz]

This is really a great news for the crypto community.

[Duzter]

Japan is one among the country that has been supportive to the growth of cryptocurrencies. Earlier when it adopted bitcoin it suggested people to make use of bitcoin as well gave access for more number of shops to accept bitcoin similar to card payments. This time for international payments Japan's push to make use of cryptocurrencies will help the growth.

[vennali]

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?

People here cheer it as some sort of progress, but I suspect it's an attempt to hijack the cryptocurrency movement, by creating this intermediary network that will be like a bank and a regulator.

What I think is that it is going to be a new tokens which would be used as a currency on the payment network. It is easier to keep track of and has a lot more transparency on the transactions.

[yazher]

Japan is really the best when it comes to cryptocurrency and some new innovative things in technology. no wonder they are pushing it to the new level. since the G7 has approved it, we can see that this idea will have a good result.

It's been too long but if Japan will start it on their country I'm sure there will be another one will also implement it on their country.

[kaya11]

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?

People here cheer it as some sort of progress, but I suspect it's an attempt to hijack the cryptocurrency movement, by creating this intermediary network that will be like a bank and a regulator.

They are totally confusing? Maybe they are making another mess, a new coin for example? Bitcoin is already enough, we don't need any other and the most  important thing to do is push forward.
They just make confusions, leading new people  that are interested in Bitcoin astray, in any case I will hold onto Bitcoin, these days more and more countries and powerful folks are somewhat entering the cryptocurrency market and creating their own.

[darklus123]

Japan's moved to fight money laundering which is the biggest issue that the current bitcoin community are facing is really big one. Even if it is backed by a political grouped (G7), Japan's primary aim to focus on user privacy which is a really big concern that they should have to address.

If they can make the swift alternative by not creating a centralized crypto which is what this might be in the future then it might succeed. However if it is still centralized just like the stablecoin libra then it will really be having a lot of retention from the Bitcoin community.

[pooya87]

i don't see where bitcoin comes in here! and as long as it doesn't it seems to me more like a new centralized network between banks which is like SWIFT 2.0 and it has nothing exciting about it for us to care about or even mention in a bitcoin related forum.
the only case that would get me excited is if they started using bitcoin itself which won't happen any time soon since it is still pretty small for handling money transfers in the millions and not affect the market price.

[Maxon111]

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!

[michellee]

With that news, I only hope that it could lift the price to a higher price. Yesterday, we read about Trump, and now we see that news, I am curious what will happen later, but I am sure that it could help the price to gain the power to increase the price. I guess that in the few days or months we will see something from the governments from many countries

[figmentofmyass]

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".

[muratsink]

this will be an extraordinary innovation.  networks on a large scale will be easy to access every merchant that provides crypto payment services. 

and business services that will get a positive impact from this innovation are network marketing.  marketing business will be the main service that is widely used by everyone.