International Monetary Fund chief calls on Arab leaders to cut spending

Low prices for oil such as from Iraq's Bai Hassan field shown here

The global regulation of transactions with cryptocurrency is inevitable, and the worldwide Monetary Fund is actively trying to prevent digital tokens from being used to launder money or fund criminal activities, the IMF chief Christine Lagarde told the CNN broadcaster.

French and German finance ministers and heads of the two countries' central banks have been calling for cryptocurrency regulation to be put on the agenda of the upcoming G20 summit.

"It's inevitable", she told CNNMoney, adding "It's clearly a domain where we need global regulation and proper supervision". "You can't expect a system to be ideal", the IMF's managing director told the World Government Summit in Dubai on Sunday.

Yet Arab public spending remains very high, especially in oil-rich Gulf states, where government expenditures exceed 55 percent of gross domestic product, Lagarde said.

Talking about bitcoin dealings, Lagarde opined that such trade contained an "element of speculation", adding that much needs to be revealed regarding the "dark activities behind that particular scene".

As far as how to regulate the space, Lagarde has an idea.

She did not give details of the reforms she wanted to see beyond saying authorities needed to move to regulation of activities, not entities. Will it be shadow banking?

Indeed, some analysts are extremely bullish about the future of cryptos, and the sky being the limit.

International Monetary Fund officials are very aware of how bad actors continue to infiltrate the crypto space with scams.

The IMF is actively trying to prevent digital currencies from being used to launder money or finance terrorism, according to Lagarde.



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