IMF’s Chief Lagarde is calling for a crackdown on Bitcoin saying “fight fire with fire”
- IMF chief Lagarde warning the damage cryptocurrencies could cause to financial stability.
- She see uses for the technology behind the crypto coins, ledger and cryptography.
The IMF chief Largarde was covering commentary in a written IMF blog post, warning of the potential cryptocurrencies has, to potentially cause financial instability. She noted that regulatory authorities across the globe, should explore areas of governance over the market.
Lagarde did however see uses for the technology behind the crypto coins, in terms of the ledger and cryptography back-end. Believing they could be used to speed up with information sharing, between regulatory bodies, to improve efficiency of oversight within the finance system.
Direct comments from her, “we can harness the potential of crypto-assets while ensuring that they never become a haven for illegal activity or a source of financial vulnerability.”
She heavily geared towards regulators needing to explore working on frameworks and guidelines around the crypto market wide. This isn’t too dissimilar from when she previously expressed her views on digital currencies.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
