IMF Head Propose to Fight Crypto Scammers with Blockchain

Christine Lagarde shared her thoughts on how to cope with crypto criminals
14 March 2018   653

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.

Giant Mining Solar Powered Farm to Created in California

Plouton Mining will allocate solar panels on 49 acres and it's planned they should generate about 10-13 megawatts per day, working for an average of 12 hours
26 June 2019   54

Plouton Mining, a subsidiary of Plouton Group Holding, intends to open the largest Bitcoin farm in North America for mining, whose operations will be provided by solar energy. To this end, the firm chose a territory in the western part of the Mojave Desert, California.

Plouton Mining will place solar panels on 49 acres: they should generate about 10-13 megawatts per day, working for an average of 12 hours. The company stressed that Western Mojave receives sunlight for 70% of the year.

The company will also sign the necessary contracts with local electricity suppliers in order to operate the farm in the absence of solar radiation.

Meanwhile, the bitcoin hashrate has again updated the historical maximum at 66.666 EX / s.