Yesterday, March 10th 2019, the financial regulator of Japan officially announced the launch of their newest global offering – dubbed the “Blockchain Governance Initiative Network”, or BGIN. The Financial Services Agency of Japan (JFSA) announced this latest initiative amidst the “BG2C – Special Online Broadcasting Panel Discussion” that they held alongside Nikkei Inc. BGIN, pronounced as “BEGIN”, aims to bolster the sustainable development within the Blockchain community.
Dr Shin’ichiro Matsuo, a Georgetown University research professor, was the one responsible for introducing the interesting initiative to the crowd. He explained that BGIN was developed to provide a neutral and open environment for every Blockchain stakeholder to extend understanding amongst one another.
Matsuo adds that the initiative hopes to create a language that is common among stakeholders despite having diverse outlooks in the matter. On top of that, BGIN will also try and build a network of free-source information exchange. Notably, the JFSA itself plans to participate in the BGIN as a significant stakeholder. The agency then clarified that the BGIN also falls in line with their G20 Osaka announcement.
BGIN encompasses JFSA’s third Blockchain initiative
The Blockchain Governance Initiative Network is the third Blockchain initiative launched by the JFSA. It followed its Multilateral Joint Research Projects and the 2019 Blockchain Roundtable that look at distributed ledger technology (DLT).
JFSA’s Blockchain Roundtable hosted domestic and international supervisors, monetary institutions, and academies. Several universities based on the US and regulators from throughout the world such as Abu Dhabi, Germany, France, Australia, Ireland, and more are active participants of the round table. With that said, they are expected to also engage with the BGIN.