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IMF Director Lagarde Says International Regulation for Cryptocurrencies is ‘Inevitable’

IMF Director Lagarde Says International Regulation for Cryptocurrencies is ‘Inevitable’

International Monetary Fund (IMF) Managing Director Christine Lagarde said that regulation of cryptocurrencies on an international level is both “inevitable” and “necessary” during an interview with CNNMoney on February 11.

Lagarde acknowledged that the crypto phenomenon is not going away and argued that cryptocurrency is “clearly a domain where we need international regulation and proper supervision,” calling international cryptocurrency regulation “inevitable.”

The IMF chief is worried that cryptocurrencies facilitate “dark activity” across borders, including financial crimes like money laundering as well as the purchase of illicit goods and services. Lagarde said the IMF is “actively engaging in anti-money laundering and countering the financing of terrorism,” and that cryptocurrency regulation is a natural addition to this global effort.

Lagarde’s position on cryptocurrencies has largely remained the same since she first voiced confidence that the banking sector would adopt blockchain technology on a wide scale and urged regulation to prevent money laundering and fraud in an interview to the Wall Street Journal in 2016.

The global effort to regulate cryptocurrency is gathering steam, as world leaders and various influential financial authorities have called for a legal approach to cryptocurrencies, as much of the activity in this space has thus far been unregulated. Cryptocurrency regulation will feature high on the agenda of this year’s annual G20 meeting, which is set to take place in Argentina in March.

15 Feb 2018

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