International Monetary Fund (IMF) Chief Christine Lagarde has stated she believes cryptocurrency regulation is “inevitable.”
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“It’s clearly a domain where we need international regulation and proper supervision,” said Lagarde at the World Government Summit in Dubai.
“There is probably quite a bit of dark activity.”
According to Lagarde, the IMF is attempting to avoid cryptocurrencies from being consumed to launder money or back terrorism.
Lagarde has argued regulators should shift focus from exchanges, towards who is doing what, and whether the activities are properly overseen.
In December, the U.S. Securities and Exchange Commission (SEC) and the FBI began tightening down on suspected fraud in fundraising by both companies and traders.
“We encourage fintech, we encourage innovation, but we want to make sure that all of our financial markets are safe and aren’t being used for illicit activities,” stated U.S. Treasury Secretary Steven Mnuchin at the World Economic Forum in Davos.
“Cryptocurrencies like Bitcoin, we should be looking at these very seriously, precisely because of the way that they can be used, particularly by criminals,” British Prime Minister Theresa May stated at Davos.