Regulation. Many see this as scary and troublesome BUT Christine Lagarde, Chief of the IMF, reaffirms her belief that regulation is just inevitable. More importantly, the IMF has at least acknowledged that cryptocurrencies are real and here to stay. Now isn’t that special? So, after seeing the global acceptance of cryptos regulators are now thinking they may need some regulations, cause ya know, there just may be illicit activities attached to cryptos. That “illicit activity” is the rallying cry for global regulators to step in. Uh, reality to regulators, “illicit activity” didn’t begin with the rise of cryptos. Its kind of been around for……….like forever. Oh, and good luck getting the global community to agree on a standard regulatory framework. But hey, the IMF is at least AWARE of the new world.
(Bill Taylor/Founding Editor)
“Christine Lagarde, head of the International Monetary Fund, has stated that international regulatory action on cryptocurrencies is “inevitable.”
Lagarde, who is the managing director of the international organization that aims to foster global financial stability, said that the IMF’s concerns over cryptocurrencies stem largely from their potential use in illicit financial activities.
In an interview with CNNMoney on Feb. 11, she said, “We are actively engaging in anti-money laundering and countering the financing of terrorism. And that reinforces our determination to work on those two directions.”
Lagarde further explained that the regulatory direction should be activity-based, focusing on “who is doing what, and whether they’re properly licensed and supervised.”
While the new comments are largely in line with Lagarde’s already public views on cryptocurrency, it indicates the IMF may be moving to be more actively involved in preventing the illicit use of cryptocurrency.
On multiple occasions, Lagarde has previously cautioned that cryptocurrencies should be taken seriously and called for global cooperation among worldwide regulators. And she is not alone in voicing concerns over use of cryptocurrency in cross-border financial crimes…”