International Monetary Fund’s Chief Christine Lagarde in an interview to CNNMoney said an International Cryptocurrency regulation is inevitable.
She was at the World Government Summit in Dubai on Sunday where she was asked about the growing popularity of Cryptocurrencies. She said the need for International regulations and proper supervision of Cryptocurrencies is inevitable.
She also said that there’s quite a bit of ‘Dark Activity’ which the IMF is concerned about. They’re actively trying to prevent money laundering and finance of terrorism through Crypto. She went on to further add that regulators should care less about the entities and pay close attention on the activities.
Christine Lagarde had mentioned the need cor Crypto Regulations as early as October 2016 in an interview with The Wall Street Journal. She recognised the need to prevent money laundering and other illegal activities.
Cryptocurrencies had enjoyed unrestricted access until last year. Last year, the market exploded with bitcoin going to an all-time high of $20,000 which made regulators look into cryptocurrencies. Just last week, a Senate hearing took place where Chiefs of SEC and CTFC testified in favour of regulating Cryptocurrencies. India is looking to have regulations in place as early as this financial quarter.