Japan Developing Cryptocurrency Network to Compete with SWIFT

Japan’s government seeks to lead the push for global cryptocurrency usage and the creation of an international network based upon digital payments. While SWIFT is the currency industry-standard for global banking transactions, the service has come under fire for its high costs and inefficiency in comparison to crypto. 

If Japan succeeds in establishing a global crypto network, it will make existing remittance and cross-border platforms such as SWIFT obsolete. In addition, the country’s digital currency network could compete with other transaction-focused services, such as Ripple’s payment platform and the XRP cryptocurrency. 

Read more at CryptoGlobe

#Japan #SWIFT #Cryptocurrencies #Payments

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