Prospects for IMF Control over Cryptocurrency

23.08.2018

The cryptocurrency system that appeared 10 years ago is very popular now. This is primarily caused by the following factors:

  • impossibility to track transactions;
  • complete safety due to the blockchain technology;
  • no control over the currency;
  • impossibility of faking the currency.

It is quite convenient to make money transactions that cannot be tracked. Cryptocurrencies have attracted the criminal underworld exactly with this. Some countries want to prohibit them or have already done it due to the confirmation of risks of using this system to make illegal transactions. Some countries have decided that it is necessary to obtain a permit to carry out activities connected with cryptocurrency.
The IMF Head stated the need for identifying each user doing the mining. For this, the blockchain technology will be changed. For example, instead of the address that is untracked, the biometric data will be specified, which will eliminate anonymity. This will allow to quickly define illegal or suspicious transactions.
So, the fraud connected with the mining will be prevented. However, this goes directly against the ideology of the financial freedom, for which the system has been created.

Are These Plans Regarding Control over Cryptocurrency Real?

This is quite difficult to evaluate what is not functioning now. The same can be said about the IMF plans regarding the control over the cryptocurrency. This prospect is attractive, of course, and will be probably supported by most of the countries. On the one hand, the realization of these ideas is warranted and possible. On the other hand, do not discount the multimillion community that can voice its protest at any time or come up with new ways to get round the personal identification, if the control over the currency is centralized.

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