According to International Monetary Fund (IMF) chief Christine Lagarde, it’s not a matter of “if” cryptocurrencies can be regulated by world governments, however moderately “when.” Explained Lagarde to CNNMoney:
It’s inevitable. It’s clearly a site the place we’d like worldwide regulation and correct supervision.
Lagarde additionally joined in on the rhetoric that cryptocurrencies are largely utilized by criminals, claiming on the World Government Summit in Dubai on Sunday that “there may be most likely fairly a little bit of darkish exercise [in cryptocurrencies].” Thus, it’s her perception that Bitcoin regulation ought to be centered much less on particular person or collective entities and extra on fraudulent or felony actions.
Lagarde shouldn’t be alone in pondering authorities regulation is on the horizon.
Commodity Futures Trading Commission (CFTC) commissioner Brian Quintenz agrees and has known as upon the cryptocurrency trade and advocates to kind their very own self-regulatory group (SRO) earlier than governments get extra concerned.
U.S. Treasury Secretary Steven Mnuchin additionally believes stricter regulatory measures have to be taken in opposition to these using cryptocurrency for unlawful functions, stating:
We encourage fintech, we encourage innovation, however we wish to make it possible for all of our monetary markets are secure and aren’t getting used for illicit actions.
British Prime Minister Theresa May has additionally expressed considerations over cryptocurrency’s felony utilization, stating that she is wanting “very critically” at cryptocurrencies “due to the best way they’re used, significantly by criminals.”
French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier are additionally calling for cryptocurrency regulation, however for a distinct purpose. Rather than fearing felony utilization of digital currencies, they’re afraid that Bitcoin and different cryptocurrencies may disrupt conventional monetary constructions, writing:
Given the quick enhance within the capitalization of tokens and the emergence of recent monetary devices … these developments ought to be intently monitored.
The World Gold Council believes Bitcoin may undermine central banks, and plenty of main banks themselves have already taken measures to discourage or outright forestall cryptocurrency purchases.
Thus far, nonetheless, regulation has largely been confined to discussions in echo chambers and legislation enforcement operations in opposition to cybercriminals.
Will 2018 be the yr of regulation for cryptocurrency? If so, what kind of measures do you see being taken in your nation? Let us know within the feedback beneath!
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