International Monetary Fund chief Christine Lagarde said that it’s “only a matter of time before cryptocurrencies come under government regulation.”
“It’s inevitable,” she said, and added that it’s clearly a “domain where we need international regulation and proper supervision.”
According to Lagarde, IMF is definitely trying to stop digital currencies from being used to launder money or finance terrorism.
Regulators should, in her opinion, focus less on entities, and more on activities. That means knowing who is doing what, and whether those personas are properly licensed and supervised. “We need to move to regulations of activities, not entities, because it’s not going to be about the banks, and it’s not going to be about the insurance,” she stated. “We have to anticipate where the next crisis will come from. Will it be the shadow banking? Will it be cryptocurrencies rising to the sky? Asset prices have gone up massively; durably, and we all agreed, at that time, that there had to be a market correction,” she said.
Lagarde seems to agree with French Finance Minister Bruno Le Maire, German acting finance chief Peter Altmaier, Banque de France head Francois Villeroy de Galhau and Bundesbank President Jens Weidmann who had recently sent ...
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