IMF chief: regulation of cryptocurrency is inevitable

Cryptocurrency will be subject to state regulation – it is only a matter of time, said the head of the International monetary Fund Christine Lagarde said on Sunday at the world government summit in Dubai.

«It is inevitable. Of course, this is an area that needs international regulation and proper supervision, because it involves a lot of cases, shadow activities,» she said.

According to Lagarde, the IMF is actively trying to prevent the use of digital currencies for money laundering or terrorist financing. She also encouraged regulators to focus not on the legal regulation, and individual activities – who and how they are organised, whether they have a license for that.

Other high-ranking government officials, speakers at the world government summit, also announced the introduction of regulation of cryptocurrency.

«We encourage the development of Finance, innovation, but we want our financial markets were safe and were not used for illegal activities,» said Treasury Secretary Steven Mnuchin.

Prime Minister Theresa may has supported the colleagues, having declared that its government treats the issue of regulation of cryptocurrencies «very seriously due to the fact that they are used by criminals.»

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