Global Cryptocurrency Regulation Is 'Inevitable — IMF Chief Lagarde

Global Cryptocurrency Regulation Is 'Inevitable — IMF Chief Lagarde

The global regulation of transactions with cryptocurrency is inevitable, and the worldwide Monetary Fund is actively trying to prevent digital tokens from being used to launder money or fund criminal activities, the IMF chief Christine Lagarde told the CNN broadcaster.

Another finance bigwig has weighed in on cryptocurrencies. She made a number of comments about cryptos on Sunday while attending the World Government Summit in Dubai.

"We need to pay attention to the 80 percent which are the true allegations", she said. She also noted that "there is probably quite a bit of dark activity [in cryptocurrencies]".

As far as how to regulate the space, Lagarde has an idea.

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". "Memories of the 2008 financial crisis are still alive and not gone away", she said, adding that a focus on resilience, which includes economic diversification, is key for governments to prepare themselves in these uncertain times. Will it be shadow banking? "Will it be cryptocurrencies rising to the sky?" This is especially the case for Bitcoin.

In January, leading cryptocurrency expert Bobby Lee, co-founder of Chinese bitcoin exchange BTCC shut down by authorities past year, said there was a "global pattern to suppress Bitcoin".

However, the International Monetary Fund chief assured active engagement in anti-money laundering and countering the financing of terrorism, which, she claimed, reinforces the determination to work in those two directions.

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