The governments’ regulation over the industry of digital assets is inescapable. Such an opinion expressed the head of the International Monetary Fund – Christine Lagarde – when attending the World Government Summit in Dubai last weekend.
World of Bitcoin to Be Strictly Eyed?
Answering the questions of CNN Money journalist, Lagarde said on February 11 that cryptos would not escape control:"It's inevitable. It's clearly a domain where we need international regulation and proper supervision."
The policymaker also hinted at the fact that cyber money can have a lot to do with criminal activities. That’s not a new notion among world top leaders, by the way. Earlier, the British Prime Minister Theresa May expressed her concern over this issue, calling people to look at cryptos “very seriously.” "There is probably quite a bit of dark activity [in digital money]," Lagarde said.
IMF Overwatching Cryptos
Also, Lagarde added that the IMF is deliberately putting efforts to preclude virtual assets to be employed for illicit activities, e.g., money laundering or the supply terrorism.
Nevertheless, she stressed that controllers have to concentrate less on organizations, but more on various practices instead. It means that regulators should keep an eye on what crypto involved people or entities do and whether they are certified and monitored in their actions.
It is not the first time Lagarde expresses her concerns over cyber money. Some weeks ago she stated that cryptocurrencies could be dangerous for the environment as long as mining consumes extreme amounts of power. Literally, she labeled bitcoin mining as “energy angry.”
Currently, the crypto industry is step-by-step recovering from February 6 correction, having more than $420 billion in supply. Within the past week, the entire crypto market has already regained 34% of its value. Bitcoin, in its turn, is slowly moving forward to the margin of $9,000, being traded at nearly $8.781 at the moment of writing.