Managing Director of the International monetary Fund, Christine Lagarde, made a proposal for assessing threats and benefits of digital currencies.
In the published report says that the blockchain brings a lot of benefits. This has contributed to the fact that many banks are thinking about the issue of their amount of cryptocoins.
“The blockchain is a real revolution that provides the opportunity to realize a completely new payment methods without Bank accounts. It can help millions of people in those countries, where the population has low income.”
Despite the positive attitude towards cryptocurrencies, it recalled that the assets can be not only attractive, but also dangerous.
IMF managing Director says that cryptocurrency created in decentralized networks.
In addition, ongoing transactions are anonymous.
This allows you to launder money and Finance terrorist activities. Another threat she calls volatility.
In addition, it is stated that kryptonite can be used for implementing illegal transfers, for example, shopping at Alphabay. Until the lock resource was made purchases worth more than $ 1 billion in cryptocurrency equivalent.
The head of the IMF notes that today there is a need to develop a regulatory framework that would allow to face the challenges emerging in connection with the use amount of cryptocoins.
Today, many organizations have already begun to implement ideas, which will later be used to create the legislative framework adopted by several States.
The main message of the draft legislation is the need to create common rules that will provide protection as the implementation of digital and non-digital transactions. They should be the same, in order to show transparency of transactions and warn customers about existing risks.
In addition, the head of the International monetary Fund said
“Countries will have to make a collective decision. The States that comprise the G20 has agreed to put the issue of regulation of scriptaction in the agenda of the November summit, which will take place in Argentina.”
Blockchain technology to monitor scriptactive
Was highly appreciated by the enormous possibilities of this technology. Its potential you can use to monitor all the activity of currencies.
“Biometrics, artificial intelligence, cryptography ways to improve security and to identify those transactions that are suspicious. This would allow law enforcement agencies to act fast in case they had discovered the illegal operations.”
Managing Director of the International monetary Fund came to the conclusion that the use of blockchain technology, cryptocurrencies can protect against the use of illegal activities.