IMF Managing Director Christine Lagarde addresses a conference on February 15, 2018 at the Economy Ministry in Paris. Photo: ERIC PIERMONT/AFP/Getty Images

Christine Lagarde, managing director of the International Monetary Fund, wants to "fight fire with fire" when it comes to the use of cryptocurrencies and tokens for illegal activities like money laundering.

In short: Lagarde wants to use blockchain technology, biometrics, artificial intelligence, and cryptography to enforce know-your-customer requirements, adding that international collaboration among regulatory bodies will be necessary.

Go deeper: Read Lagarde's full blog post.

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Updated 45 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 18,570,858 — Total deaths: 701,316 — Total recoveries — 11,163,388Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 4,771,846 — Total deaths: 156,839 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. Public health: Moderna skirts disclosures of coronavirus vaccine costs — There’s not much good news about kids and coronavirus.
  4. Business: Auto sales may have turned a corner.
  5. Sports: The return of high school sports hangs in the balance — UConn becomes first FBS team to cancel its football season.

Shale's struggles will persist despite a rise in oil prices

Illustration: Sarah Grillo/Axios

WTI, the benchmark U.S. oil future, traded Wednesday morning at its highest since early March — highlighting how shale's crisis is seemingly over, though more bankruptcies likely lie ahead.

Why it matters: Its price at the time — $43 — is still too low for many producers to do well, though it varies from company to company.

Facebook launches its TikTok rival, Instagram Reels

Illustration: Aïda Amer/Axios

Facebook-owned Instagram on Wednesday launched its answer to the popular karaoke app TikTok, whose future remains in limbo.

The big picture: Facebook has a long record — sometimes successful, sometimes not — of adopting features that have proven popular on rival platforms and rolling them out to its billions of users worldwide in an effort to avoid being eclipsed by younger upstarts.