Japan Is Set to Create an Alternative to SWIFT to Compete with Ripple’s XRP

A recent post just revealed the plans of the Japanese government in the digital currency space. The government is planning a debut into the crypto space by creating a project similar to SWIFT – a payment network. According to Reuters, the aim of the crypto project by the Japanese government is to fight against money laundering in the digital space.

The source of the information also revealed that crypto project is monitored by an intergovernmental Financial Action Task Force on Money Laundering (FATF). The Japanese government also plans to work with other governments in the context of development.

Will the Japanese Development Be an Alternative to Ripple Project and XRP? – Cryptocurrency News Today

Users of the network are wondering if the development of the Japanese government will be a great rivalry or alternative to the Ripple project and its native currency – XRP (XRP). Via a tweet, a Twitter user by the name BigDog said:

“About time someone other than Ripple thought about this. SWIFT is outdated and it needs a replacement. Banks know the payment network is outdated but they are just lazy since their profits are high.”

Ripple offers banks and financial institutions blockchain-based tech solutions. With the products of Ripple, banks and financial institutions are able to process transactions at a very fast speed while also helping them to save costs. Representatives of the San Francisco-based blockchain startup – Ripple – recently made known their intentions to overcome the vintage payment system – SWIFT.

The FSA and Ministry of Finance (Japan) Has Approved the Plan of the Payment System

There are no much details about the new payment system. However, according to a report, the plan of the payment system has been approved by the Financial Services Agency (FSA) and the Ministry of Finance (Japan). The issue of the secure digital currency payments organization is very important for Japan since the work with cryptos is still in demand in Japan.

The major advantage of digital currencies is that they allow users to avoid the monitoring of regulators. Japan became the first nation that created the norms for regulating digital currency trading platforms at the national level back in 2017. The nation has continued to consolidate the status of digital currency at the legislative level.

Ripple has faced a lot of competitions since its emergence in the blockchain space. However, Ripple has proven strong and it has managed to survive and surpass most of its competitors. The native currency of the Ripple Network is also one of the best cryptocurrencies in the market. XRP, which is the third-largest cryptocurrency by market cap, has contributed to the entrance of many digital asset investors into the crypto space.

XRP Price Analysis – XRP Price Prediction 2019 – Cryptocurrency News Today – Cryptocurrency Market Update

Over the past years, Ripple has been working towards the global recognition and adoption of XRP. XRP is going global. The adoption and use cases of the digital currency are increasing regularly. XRP (XRP) is also considered as one of the best cryptocurrency to invest in 2019. However, the recent price action of XRP has not been up to the expectation of digital asset investors and traders.

At the press time, XRP USD live price is $0.3159 after an increase of about four percent over the past twenty-four hours. The current market cap of the digital currency is $13.5 billion. XRP is currently facing resistance at the 33 cents mark. Meanwhile, the digital currency is supported at the 31 cents level.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.