The International Monetary Fund is an ideological enemy of bitcoin and generally scattered virtual currency. Organizations based in Washington, DC, centrally control global payment and loan systems, often in the face of stringent austerity measures in difficult countries. Now, the International Monetary Fund wants to manage the same technology behind Bitcoin.
In a blog post on Tuesday, the head of the International Monetary Fund, Christine Lagarde, wrote that cryptocurrencies need to be regulated to combat crimes such as money laundering and terrorist financing. This is relatively uncontroversial because regulators in the US and overseas are hovering around the industry and deciding how to regulate it. More interestingly, Lagarde wrote: "The same innovations in crypto assets can also help us regulate them," the International Monetary Fund can "fire with to fight fire."
Suddenly, the same decentralized record-keeping characteristics that subvert the blockchain make it an unsupervised platform.
For example, Lagarde suggests knowing that your customer (KYC) requirements for cryptocurrency exchange can combine biometrics (using physical features such as fingerprints or irises), machine learning and cryptography. She writes that this will allow the police to “identify suspicious transactions in near real time†and “given law enforcement agencies to act quickly to stop illegal transactionsâ€. (KYC's requirements will only affect purchases made through exchanges, and cryptocurrencies can be purchased in a variety of ways, even offline.)
Blockchain allows multiple parties to log and time-stamp digital information without having to trust each other, and keeping records of interactions can be traced back to the original. In a blockchain, participants consist of a string of numbers and letters called an address. You can track funds from address to address, but you can't usually determine who the address belongs to. This anonymity combined with the irreversible nature of the transaction can make blockchain technology a powerful tool for subversive authorities.
Through biometrics and machine learning (which may automatically flag suspicious transactions), the anonymity factor disappears. Suddenly, the same decentralized record-keeping characteristics that subvert the blockchain make it an unsupervised platform. Tracking people's security and verifiable ways, not just their anonymous payments, is in line with the interests of the overthrown organization on Bitcoin.
The International Monetary Fund does not appear to be threatened by Bitcoin. "As I said before, decrypting password assets is not wise, we must welcome their potential, but also recognize their risks," Lagarde wrote.
Lagarde suggested that "distributed ledger technology" can verify the communication between regulators and industry participants. Lagarde does not specifically refer to the "blockchain" here, probably because, as The Verge recently pointed out, once the system design begins to deviate from bitcoin, the definition of whether the blockchain is or does not exist may become loose. . If this system appears, it may not be like Bitcoin or even Ethereum's blockchain. Calling it a "blockchain" may not be appropriate, but with some new changes.
The utopia case of bitcoin and cryptocurrency (if it exists) still has difficulties, because in the last 10 years after the first batch of bitcoin transaction data was generated, the adoption of the merchant has not yet appeared, and the price continues to fluctuate too much because it is considered to be A valuable store. Lagarde's blog shows that it is much easier to imagine an opposite dystopian scenario.
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