BLOCKCHAIN

IMF Calls for ‘Urgent Action’ on Malta’s Bank Supervision

MALTA – The International Monetary Fund (IMF) stated the Malta Financial Services Authority (MFSA) should take “urgent action” against money-laundering and combating the financing of terrorism (CFT), according the Times of Malta on Feb. 28.

// STAY UP TO DATE – FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY

“Containing financial integrity risks is critical to financial stability,” the IMF said in their recent report.

“A multi-prong approach is needed to address anti-money laundering AML/CFT deficiencies. Enhancing the AML/CFT system is required to protect the financial sector and the broader economy from the ML/TF [money laundering/terrorism financing] threats.”

The IMF report went on to state that more screening measures need to be in place for monitoring risk-sesative accounts, including new technologies like cryptocurrencies and e-gaming.

“The challenges facing the MFSA [Malta Financial Services Authority] from the increased demands of supervising the growing number of licensed financial institutions in an evolving and more complex regulatory environment, as well as the need to upgrade the MFSA’s operational capacity to enable it to operate more effectively,” the IMF notes.

Recently, Malta has become known for their pro-blockchain stance and even earned the nickname the ‘Blockchain Island’ after major industry players began setting up their base of operations there, including Binance and OKEx.

In January, the IMF stated they had concerns regarding possible anti-money laundering compliance violations, specifically citing blockchain, online gaming, and the government’s citizenship-by-investment scheme.

“The increasing number of financial entities under supervision, the rapid development of new products, the evolving regulatory environment and the tightening of the labor market have put the Malta Financial Services Authority under considerable strain.”

// CLICK HERE FOR MORE BLOCKCHAIN NEWS

BITCOIN, BLOCKCHAIN

IMF Pleas for Global Collaboration on Cryptocurrency

The International Monetary Fund (IMF), an association whose goals include fostering global monetary cooperation, securing financial stability, and reducing poverty, has stated cryptocurrency deserves a “greater international discussion and cooperation among regulators.”

MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY

“When asset prices go up quickly, risks can accumulate, particularly if market participants are borrowing money to buy. It’s important for people to be aware of the risks and take the necessary risk-management measures,” said IMF spokesman, Gerry Rice.

In September of 2017, Christine Lagarde, Managing Director of the IMF, said she believes cryptocurrencies like Bitcoin could give fiat currencies a “run for their money”.

Lagarde continued telling reporters it is “not wise” to disregard the technology and that cryptocurrencies have the potential to produce “massive disruptions”.

Last Week, Steven Mnuchin, U.S. Treasury Secretary, stated that the Financial Stability Oversight Council is “very focused” on the technology.

“We want to make sure that bad people cannot use these currencies to do bad things,” Mnuchin stated.

CLICK HERE FOR MORE BLOCKCHAIN NEWS

Donate BTC: 13xyfdE1ERCu6ZaZ6Ejj7x6B7au8GJXont (Click for QR)
LTC: LeVDY175o9B5PZJzPihAAFqCVcFHRaiVsB (Click for QR)
ETH: 0x3930890DC36E40e17c280aF5A80cEAC30732cFB9 (Click for QR)

BITCOIN, BLOCKCHAIN

Christine Lagarde Tells Central Banks Cryptocurrencies Should Not Be Ignored

LONDON, ENGLAND – Christine Lagarde, Managing Director of the International Monetary Fund (IMF) has publicly come out in favor of cryptocurrencies after she commented on the matter during a conference in London earlier this week.

“In many ways, virtual currencies might just give existing currencies and monetary policy a run for their money. The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve.”

MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY

Lagarde continued to address potential circumstances in which a country might use crypto noting that the technology would be particularly useful to nations with “weak institutions and unstable national currencies.”

Japan’s Financial Services Agency has approved 11 cryptocurrency exchange companies moving the country apart from its neighbors that are constriction their control on cryptocurrencies.

“Instead of adopting the currency of another country, such as the U.S. dollar, some of these economies might see a growing use of virtual currencies. Call it dollarization 2.0,” said Lagarde.

Largarde believes these technologies are a distant possibility. Like many, she believes cryptocurrencies are “too volatile, too risky, too energy intensive, and the underlying technologies are not yet scalable.”

CLICK HERE FOR MORE BLOCKCHAIN NEWS