On Friday it was reported that fifteen nations around the globe are planning to create and implement a global cryptocurrency monitoring task force in cooperation with the FATF in order to supervise cryptocurrency transactions.
The FATF is an anti money-laundering organization that also monitors cryptocurrencies to identify money laundering tendencies and study the ways that cryptocurrency is used for illegal purposes. This June, the FATF issued guidelines for cryptocurrencies and sent out recommendations that each member country implement monitoring systems to track crypto transactions.
It appears that this organization first has its sights set on Facebook’s Libra as a threat to global security and something that could potentially pose a problem when it comes to money laundering and other illegal activities.
What Does it Mean?
For many, this comes as an unwelcome development as people believe it is unnecessary, intrusive, and ineffective as well. For others, this is a step in the right direction towards gaining meaningful regulation and further legitimizing cryptocurrencies around the world.
Either way, it will be interesting to see how the cyrpto monitoring task force shapes up and how effective it can be in dealing with the illegal transacting of cyrptocurrency.