Cryptocurrencies to inevitably become government-regulated, – IMF

Source : 112 Ukraine

International Monetary Fund is trying to prevent the use of digital currencies for money laundering or financing of terrorism
11:36, 12 February 2018

Open source

International Monetary Fund chief Christine Lagarde said it’s a matter of time before cryptocurrencies come under government regulation. This was reported by CNN.

"It's inevitable. It's clearly a domain where we need international regulation and proper supervision," she said.

Lagarde said that the IMF is actively trying to prevent digital currencies from being used to launder money or finance terrorism. But she argued that regulators need to focus less on entities, and more on activities -- who is doing what, and whether they're properly licensed and supervised.

Digital currencies have largely operated in a regulatory vacuum since bitcoin's debut in 2009. But governments and central banks are starting to pay closer attention, warning investors about potential scams.

Related: Cyber-police demands to determine status of crypto currency in Ukraine

As it was reported earlier the main mechanism of financing the  “LNR” and “DNR” is transferring of cryptocurrencies, the Security Service of Ukraine (SBU) stated.

Apart from this, the money comes to the occupied territories through e-payment systems, including the ones blocked in Ukraine (Qiwi, Yandex), as well as through the border without the custom control or through hiding the money from the customs officers. At the beginning of February, a Ukrainian was detained at the border with “DNR” during an attempt to bring equipment for mining cryptocurrencies to Donetsk.

Related: From crypto currency fever to drones: Innovative technologies of 2017

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