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Regulation of Cryptocurrencies

Thu, Feb 22, 2018

Source: CU Today

Christine Lagarde, head of the International Monetary Fund, said 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, CoinDesk reported.

"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," reported CoinDesk, referring to a CNN Money interview with Lagarde. 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,” CoinDesk stated. Just last week, senior officials from France and Germany called for the G20 group of nations to discuss cooperative action on cryptocurrencies ahead of a summit next month, CoinDesk noted.

Read the CU Today article here