Chairman of the IMF: Tracking cryptocurrencies with a blockchain, “Fire on Fire”

nOutburst Comments: The IMF Chairman stated in the official blog that distributed ledger technology can be used to speed up the sharing of information among regulatory agencies and enable more efficient allocation of regulatory resources. Integrating advanced technologies, you can use cryptocurrency itself to quickly identify and eliminate illegal transactions. In other words, despite the risks inherent in the technology, its characteristics can be used to eliminate its potential risks as much as possible. This may also indicate that the IMF will soon begin to intervene in the cryptocurrency industry.n
nTranslation: Annie_Xun
Christine Lagarde, chairman of the International Monetary Fund (IMF), said that regulators can use blockchain technology to curb the “risk of potential” of cryptocurrencies.n
She wrote on Tuesday’s IMF blog, “Innovations that support encrypted assets can also help us to supervise them. In another way, it is fire.”n
Lagarde warned that cryptocurrency may bring instability to finance and encourage terrorism and money laundering. Distributed ledger technology and cryptocurrency can be used for international regulatory cooperation projects.n
She pointed out that distributed ledger technology “can be used to accelerate the sharing of information between market participants and regulators.”n
n“People who have the same interests in maintaining online transaction security must be able to communicate seamlessly. Technologies that enable real-time global transactions can be used to create verified, standard customer information entries and add digital signatures. Better government use of data can also help Use resources for high-priority needs and reduce tax evasion, including tax evasion related to cross-border transactions.”n
nLagarde also said in a blog that, in addition to AI and biometrics, cryptocurrencies can also be used to “eliminate the ‘pollution’ of the encrypted asset ecosystem.”n
She believes that these technologies “can improve digital security and identify suspicious transactions in near-real time. This can help the law enforcement agencies to quickly stop illegal transactions.”n
She proposed that regulators should refer to the framework of the Financial Action Task Force (FATF) and the Financial Stability Board and formulate their own rules.n
The views revealed by the blog are basically the same as her own previous evaluation of cryptocurrencies, but this intense rhetoric may indicate that the IMF is seriously considering intervening in the cryptocurrency industry as soon as possible.n

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