The IMF advises on the regulation of distributed books


nnnThe International Monetary Fund (IMF) has made recommendations and requests for the regulation of distributed books technology and digital money in a recently published report on the financial technology industry. This is supported by some industry participants who are in favor of the fact that this emerging technology can only be developed and the digital currency can be mainstreamed only if it is regulated.n
nnTranslated by: Inan
nThe International Monetary Fund (IMF) has published a report on the development of the financial technology industry, focusing on the rapid development of cross-border payment industry.n
nThe report makes recommendations on how to effectively regulate distributed book technology (DLT) and its digital currency.n
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nIMF advicen
nIMF stressed in the report:n
nn”New technologies may require jurisdictions to modify their rules on ownership and contractual rights and obligations.”n
nnThe IMF proposes to implement stricter KYC guidance and regulation, which will prevent money laundering, tax evasion and terrorism financing.n
nThe organization also advises on how to balance privacy and transparency, which will help consumers adopt DLT and virtual currency.n
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nReport responsen
nIMF urges decision makers to be flexible and experiment and collaborate in dealing with block chains and digital currency issues. It encourages governments around the world to cooperate with DLT’s inclusive regulation and recommends that banks and financial institutions adopt DLT in their operations.n
nFinally, the IMF encourages the creation of a “regulatory sandbox” that drives the development of “innovative and dynamic” DLT areas.n
nAt the same time, several participants in the virtual currency industry are also thinking about how the IMF’s proposal will have a long-term impact on the chain-chain industry.n
nVIVA CEO Dawn Parker-Waites has a positive attitude, said:n
nn”At VIVA, we believe that digital money can not achieve its full benefits before eliminating barriers to our mainstream, which means that we must cooperate constructively with the traditional financial system.Although this encryption technology provides a degree Of the anonymity, but it does not mean that we can not abide by the law. In order to make our industry grow, we need to use the chain chain technology to provide long-term opportunities, while ensuring that we are law-abiding good citizens. In my sense, I think the IMF’s recommendations are good for all of us, and finally, as responsible actors in the field, we ask ourselves whether we want to take an important position in the field or a marginal area. “n
nnKilikio’s chief executive officer and founder, Anti Danilevski, is also optimistic that the IMF’s proposed regulation is in fact conducive to paving the way for the growth of digital money.n
nn”With the rapid spread of digital money, it becomes only a matter of time to become a new monetary standard.However, if the digital currency is widely used by the public without any regulatory requirements, this goal is difficult to achieve. The speed and transparency of the regulatory and encrypted transactions will also go far beyond the currency we are familiar with, so we see the IMF’s advice as a positive sign of industry development – the more rules, the speed at which large institutions use digital money The sooner. “n
nnIn general, the IMF’s report received positive feedback from industry participants. Through the correct guidance and policy, the report may achieve blockline technology and the use of digital currency more mainstream.n

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