G7 has approved the cryptocurrency-based SWIFT alternative

18.07.2019

The Financial Action Task Force aiming to fight money laundering, created on the initiative of G7, has approved a campaign to create a global cryptocurrency payments network that would be an alternative to SWIFT.

Plans for the network were initially proposed by Japan's Ministry of Finance and its national regulator, the Financial Services Agency (FSA).

The Japanese government hopes to implement the project within the next few years.

According to Reuters report published on July 18 claimed that replacing SWIFT with a global cryptocurrency network alternative would make it possible to combat money laundering more effectively.

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