IMF head: let’s fight crypto crime with blockchain

Christine Lagarde has offered to fight crime related to cryptocurrency with technologies which underlie the phenomenon - blockchain solutions.

In her recent blog post, she first provides an actual example of criminal syndicates using digital currencies - AlphaBay. This Dark Web marketplace turnover equalled approximately $1 billion, Lagarde explains, and tells that fire can be fought with fire. In other words, blockchain can be used for instant feedback between regulators and market members. Biometric tools and artificial intelligence elements are also described as potential helpers.

Clarifying her own position on digital currencies, Christine Lagarde tells that the truth lies between hardcore positions about them. As a reminder, some people think that crypto assets are bubbles and will not be popular for long, and some consider them revolutionary financial tools.

The International Monetary Fund leader has also reiterated the need for all states to jointly monitor and regulate the market, ensuring that cryptocurrency assets will thrive without criminals using them to their own advantage.

Christine Lagarde has already voiced a similar position before, one can read more in a separate report by Bitnewstoday.

Image courtesy of Cliff Owen / AP