July 30, 2026

Capitalizations Index – B ∞/21M

IMF: Cryptocurrency Regulation is ‘Inevitable’

Imf: cryptocurrency regulation is ‘inevitable’

IMF: Cryptocurrency Regulation is ‘Inevitable’

Adam James · February 12, 2018 · 11:00 am

The cryptocurrency market has largely operated free from regulation since bitcoin first came about in 2009. With crypto on everyone’s minds these days, however, the IMF says bitcoin regulation is an unavoidable eventuality.


“It’s Inevitable”

According to International Monetary Fund (IMF) chief Christine Lagarde, it’s not a matter of “if” cryptocurrencies will be regulated by world governments, but rather “when.” Explained Lagarde to CNNMoney:

It’s inevitable. It’s clearly a domain where we need international regulation and proper supervision.

Lagarde also joined in on the rhetoric that cryptocurrencies are largely utilized by criminals, claiming at the World Government Summit in Dubai on Sunday that “there is probably quite a bit of dark activity [in cryptocurrencies].” Thus, it is her belief that bitcoin regulation should be focused less on individual or collective entities and more on fraudulent or criminal activities.

Echo Chamber

Lagarde is not alone in thinking government regulation is on the horizon.

Commodity Futures Trading Commission (CFTC) commissioner Brian Quintenz agrees and has called upon the cryptocurrency industry and advocates to form their own self-regulatory organization (SRO) before governments get more involved.

Cftc

U.S. Treasury Secretary Steven Mnuchin also believes stricter regulatory measures must be taken against those utilizing cryptocurrency for illegal purposes, stating:

We encourage fintech, we encourage innovation, but we want to make sure that all of our financial markets are safe and aren’t being used for illicit activities.

British Prime Minister Theresa May has also expressed concerns over cryptocurrency’s criminal usage, stating that she is looking “very seriously” at cryptocurrencies “because of the way they are used, particularly by criminals.”

Bitcoin germany

French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier are also calling for cryptocurrency regulation, but for a different reason. Rather than fearing criminal usage of virtual currencies, they’re afraid that bitcoin and other cryptocurrencies could disrupt traditional financial structures, writing:

Given the fast increase in the capitalization of tokens and the emergence of new financial instruments … these developments should be closely monitored.

The World Gold Council believes bitcoin could undermine central banks, and many major banks themselves have already taken measures to discourage or outright prevent cryptocurrency purchases.

Thus far, however, regulation has largely been confined to discussions in echo chambers and law enforcement operations against cybercriminals.

Will 2018 be the year of regulation for cryptocurrency? If so, what type of measures do you see being taken in your country? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Shutterstock.

Christine LagardeIMFInternational Monetary FundregulationSteven MnuchinTheresa May Show comments

Published at Mon, 12 Feb 2018 16:00:30 +0000

bitcoin

Previous Article

3 EU Watchdogs Warn Over 'High Risks' of Crypto Investment

Next Article

Bitcoin Logo Decal for Popsocket | Crypto Currency PopSockets Decal | HODL Pop Socket Decal | PopSocket NOT INCLUDED

You might be interested in …

Cofound. It playoffs: meet the candidates!

Cofound.it Playoffs: Meet the Candidates!

Cofound.it Playoffs: Meet the Candidates! Meet the people behind the Seed candidates that need YOUR vote to make it to the Cofound.it Playoffs, a celebration of blockchain startups and community. Learn more about the teams […]

The Future of Copyright: How Blockchain Will Solve Photography’s Oldest Problem

Photography can be doubtlessly regarded as one of the most thrilling inventions of modern times. The art dates back to the 19th century, where the earliest known surviving photograph captured by a camera was taken back in the late 1820s (either 1826 or 1827). Many regard this point in time as the birth of photography. However, the industry began to profoundly change with the invention of the first true digital camera in 1975, in a breadbox-size that took 23 seconds to take a single black and white image.

This invention marked the beginning of a new era that allowed people to document their lives on a minute-by-minute basis. Fast track to today, anyone with a camera can be a photographer. Anyone with a camera can use it to communicate an idea, a message or an emotion. However, this has come with its own share of demerits. Interestingly enough, ideas today are built on the works of others. Most images we see today, especially on social platforms are plagiarized in a rather unusual way by re-creating an idea from scratch rather than represent a whole new approach.

Put plain and simple; the problem exploded with the internet where 85% of the images used online are used without a valid license from the copyright owner. Modern technologies are of course revolutionary in content sharing but have given people the wrong impression. When people see images on the internet they, unfortunately, make assumptions that it’s okay to use without permission as long as it’s posted online. As the demand for images steadily rises, photographers lose potential earnings from the use of their material through illegal channels.

A lasting solution to fair and sustainable image licensing for both, creators and users have not been created yet. Existing solutions to this decades-old problem are still rather shortsighted to date: One of the more common methods to prevent image theft are watermarks. Watermarks work as an aforementioned deterrent and a promotional tool but take away from the consumption experience. The other common solution at hand are tracking pixels. Tracking pixels are tiny transparent, pixel-sized images embedded in images.

While the two can be considered as the best option for image theft prevention, the two – and any other method thereof – are no match for the new age of hackers. For this reason, photographers are uploading less of their work online while the time is right to do so. With blockchain gaining increased adoption, it is time technology works for the creator at the expense of the unauthorized user. Blockchain technology will pave the way for the creation of a decentralized copyright registry backed by smart contracts to help curb this growing discourse.

COPYTRACK, the platform with an ongoing ICO has developed a unique start-to-finish process for the enforcement of copyright. Once the rights-holder has confirmed the unlicensed use of an image identified by the algorithm, a fully automated  process is set in motion, which will only require minimal user interaction at 2 of the nearly 50 stages.

What is COPYTRACK today?

Established in 2014, it is a fair online platform for publishers, photographers, image agencies, and e-commerce vendors. The company was established for the fair management and enforcement of image licenses for its users on the internet.

Today, copyright infringement is difficult to pursue and is often considered a trivial offense. In contrast, COPYTRACK provides tools to comfortably search and match the online use of images worldwide. Even if images are cropped, edited or flipped – they will be found. Once the rights owner detects that an image was stolen, he can simply click & submit a claim to COPYTRACK and lean back. COPYTRACK offers post-licensing or legal enforcement without any risk or hassle to the right holder. The service is available worldwide and COPYRACK operates a network of qualified lawyers in 140 countries. One more added advantage, it’s free – of course, COPYTRACK will take a small success-related commission – but that’s it.

So far COPYTRACK has served thousands of photographers, image agencies and publishers and turns a claim volume of over $2.5 million USD each month for its clients.

More information about COPYTRACK’s existing business at: http://www.copytrack.com

So what about COPYTRACK’s new business unit?

Now COPYTRACK brings a new solution to the centuries-old problem by providing photographers with a decentralized register for their images. Using smart contract and blockchain technology, the photographer will retain control over their licenses and pricing, thereby retaining up to 70% of the revenue.

Rights owners will be able to authenticate themselves on the new platform and then upload their images for certification. Once approved by the COPYTRACK Global Register all data will be secured by hashes in the blockchain. From there on, those images will be permanently tracked for online use worldwide and licensing information as well as payments will also be stored in the BC.

This ultimately brings full transparency to the image licensing market and finally returns control back to the rights owner.

COPYTRACK will champion a new era of copyright protection with its upcoming ICO on 10th January which is intended to raise just enough capital to realize their vision.

More information about COPYTRACKs ICO is available at – http://www.copytrack.io/

The post The Future of Copyright: How Blockchain Will Solve Photography’s Oldest Problem appeared first on NEWSBTC.

93% of ethereum dapps had zero transactions today

93% of Ethereum DApps Had Zero Transactions Today

93% of Ethereum DApps Had Zero Transactions Today Ethereum has 40 times more developers than its closest peer. But 86 percent of ETH DApps had zero users today–and 93 percent had no transactions. Much of […]