IMF Head Propose to Fight Crypto Scammers with Blockchain

Christine Lagarde shared her thoughts on how to cope with crypto criminals
14 March 2018   443

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.

ICOs to Lose Popularity, Diar Research Say

Diar assumes that in the future unregulated ICOs won't attract significant attention
11 December 2018   12

Although since the beginning of this year, ICO-startups have managed to raise over $ 12.2 billion, the November figure was only $ 65 million, according to data from a new study of the Diar portal.

According to analysts, the once popular method of financing, which allowed startups to attract tens and hundreds of millions of dollars in the absence of any product, exhausted itself against the background of fears about regulators' actions and the general dynamics of the cryptocurrency market, which did not leave retail investors with anything except for an unpleasant aftertaste.

This version is also supported by the data from the TokenData portal, which Diar leads in his research. Even with respect to the October levels, which constituted only a small fraction of what could be collected a few months ago, the November figures were 3 times lower.

Diar assumes that in the future unregulated ICOs as we have known them over the past years will no longer attract significant attention and will give way to regulated platforms of tokenized securities.