IMF Head Propose to Fight Crypto Scammers with Blockchain

Christine Lagarde shared her thoughts on how to cope with crypto criminals
14 March 2018   100

The head of the International Monetary Fund, Christine Lagarde, believes that regulators should use the blockchain to cope with the "danger that comes with promises" associated with crypto-currencies.

We can begin by focusing on policies that ensure financial integrity and protect consumers in the crypto world just as we have for the traditional financial sector. Indeed, the same innovations that power crypto-assets can also help us regulate them.  To put it another way, we can fight fire with fire.

Christine Lagarde

Head, International Monetary Fund

Lagarde argues that crypto-currencies can cause financial instability, and also be used to finance terrorism and money laundering. The technology of the distributed ledger and cryptography regulators should be used at the world level, she believes.

In particular, the technology of the distributed registry can be used to speed up the dissemination of information between market participants and regulators.

Distributed ledger technology (DLT) can be used to speed up information-sharing between market participants and regulators. Those who have a shared interest in maintaining safe online transactions need to be able to communicate seamlessly. The technology that enables instant global transactions could be used to create registries of standard, verified, customer information along with digital signatures. Better use of data by governments can also help free up resources for priority needs and reduce tax evasion, including evasion related to cross-border transactions.

Christine Lagarde

Head, International Monetary Fund

She also urged the use of cryptography, AI and biometrics to "eliminate" the pollution "that the crypto-currency ecosystem carries."

According to Lagarde, the use of these technologies can increase digital security and will allow detecting suspicious transactions in near real time.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   71

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208