FIRST AIRED: July 18, 2019

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00:00:00
Japan wants to fight money laundering by using virtual cash a source tells Reuters Tokyo is leading a global push to set up an international network for crypto currency it be something similar to the swift network which is used by banks to move money around the globe according to the source a plan for the network was approved in June though the government has refused to comment they wanted in place in the next few years in twenty seventeen Japan became the first country in the world to regulate crypto currency exchanges at a national level with its slowing economy Tokyo has been pushing the fin tech industry in hopes it might help kick start growth but like many other governments it's concerned about how unregulated virtual money is and has been pushing to ensure the security of virtual currencies the new network though might meet resistance from users since the attraction of crypto currencies is in part it's lack of regulation this comes just as Facebook announces its plans to launch a digital point called libra those plans have been bashed by US lawmakers who say the company can't be trusted with the world financial system for its users data would be crazy to give them a chance to experiment with peoples bank accounts to use powerful tools they don't understand like monetary policy to jeopardize hard working Americans ability to provide for their family screwed me over lead role has been a blow to other crypto currencies as well the Queensland around thirty percent after Facebook's announcement any theory %HESITATION tanks by nearly half digital currencies also did the spotlight for a G. seven meeting in France where ministers on Wednesday agreed to tackle libra and confront crypto currencies