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IMF Offers to Regulate Cryptocurrency Market Using Blockchain Technologies

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The IMF offers to involve blockchain technology in controlling the cryptocurrency market. “Innovations on which cryptocurrencies are built, can be used for their regulation. As the saying goes – fight fire with fire,” – noted Christine Lagarde. The head of the IMF believes that digital currencies can cause the instability of the traditional financial system. In addition, they can be used for unlawful purposes. “In order to ensure regulation of this market, we can use biometrics, artificial intelligence, distributed registry technology, and cryptographic protection principles,” added Ms. Lagarde.

“To conduct and confirm crypto-transactions, the main elements of the network must have access to uninterrupted high-speed communication channels. Technologies used for international transactions can help create a register of verified data and digital signatures. This information is important and required to reduce money laundering and tax evasion,” – noted the head of the IMF. She believes that the use of innovative technologies will increase overall digital security and allow instant detection of suspicious transactions.

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