The bitcoin comes from a year moved, in which he lived ups and downs of price and was the favorite topic of conversation of several of his detractors within the global financial establishment, who sought to warn investors about the risks of operating with this type of virtual currencies.
Now the International Monetary Fund (IMF) wants to contribute its bit to the discussion. In a text published on the agency's blog, its director, Christine Lagarde, praised the technology behind these assets (blockchain), arguing that "can promote financial inclusion by providing new and low-cost payment methods to those who lack accounts banking. "
However, Lagarde considered that the same reason that makes them attractive also makes them dangerous. According to her, they also have a "dark side", given that the decentralized nature of cryptocurrencies gives them an anonymous character that approximates cash transactions and makes them ideal for crimes such as money laundering and terrorist financing.
To prevent these illegal uses, the head of the IMF assured that it is necessary to "develop regulatory frameworks to face this challenge" and gave as an example the work done by the Financial Action Task Force (FATF), which has designed "a useful guide to the countries on how to deal with cryptocurrencies and other electronic assets. "
Based on the work of this team, the IMF has carried out 65 evaluations of the regulatory frameworks of different countries with the objective of providing capacity building assistance to 120 countries. However, Lagarde acknowledged that additional measures are necessary to "handle this emerging threat" and "protect consumers in the cryptographic world.
To do so, he suggested using bitcoin's own technology, for example, using distributed accounting (DLT) to accelerate the exchange of information between market participants and regulators, as well as biometrics, artificial intelligence and cryptography for improve digital security and identify suspicious transactions almost in real time.
According to Lagarde, for all these efforts to be effective, close international cooperation will be required. "As crypto-assets know no borders, the framework to regulate them must also be global," he said. In fact, the issue will be addressed during the next G-20 meeting in Buenos Aires, which will take place at the end of November.
the dark side is coming!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit