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IMF chief Christine Lagarde says cryptocurrency’s own blockchain technology could be used to control it.
She says that failure of governments around the globe to harness bitcoin and similar cryptocurrencies could result in the unfettered development of a “potentially major new vehicle for money laundering and the financing of terrorism”.
Writing in an IMF blogpost, Lagarde said the same innovations that powered cryptocurrencies could be used to help regulate them. “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.”
Lagarde's remarks are doing little to help bitcoin recover from recent losses as the cryptocurrency traded just above the $9000 mark at 9:45 am EST Tuesday.
While Legarde referred to the anonymous digital currencies as exciting advances having the potential to revolutionise financial services by providing low-cost payment methods, she warned of the “peril that comes along with the promise”.
- Aaron Goldstein, Gambling911.com
