International Monetary Fund (IMF)
Country : Macao SAR, China Delegate : Puja
Topic : Addressing the Emergence of Cryptocurrency
Along with the times and technological advances in the 20th century, many conveniences in human life are done digitally or virtually, including financial transactions known as cryptocurrencies. The simplicity offered by cryptocurrency is a major breakthrough for the rapidly developing world financial system. But there is a dark side to every success.
The existence of cryptocurrency raises many pros and cons for countries in the world because Cryptocurrency is decentralized and autonomous and has an unclear system. The form of cryptocurrency in the form of a digital asset that offers anonymity, accessibility, and security, I also draw a lot of negative risks to the State system.
Financial Counselor and Director for the Monetary and Capital Markets Department of the IMF, Tobias Adrian said, "Crypto assets have the potential for financial crime (fraud), security breaches, and failure of operations”. As the largest cryptocurrency mining country in the world, China plans to completely ban operations. mining digital money because it is detrimental to the environment Chinese authorities will also close cryptocurrency exchanges and ban raising funds through initial coin offerings (ICOs) The Central Bank of China People's Bank of China (PBOC) will soon issue its cryptocurrency “The cryptocurrency will be released soon, ”said Mu Changchun, at an event held by the China Finance 40 Forum in Yichun, Heilongjiang. The Standing Committee of the 13th National People's Congress China (China) has passed the Crypto Law, and the National Reform (NDRC) released amendments saying that a "crypto money or better known as bitcoin is an activity that damages the environment so that its circulation will be limited." However, the latest Chinese news is trying to see crypto assets from a more positive side. "We must clarify the main directions, increase investment focus on several key core technologies, and accelerate the development of blockchain technology and industrial innovation." President of China, Xi Jinping. The deputy governor of
can reduce operating costs, increase efficiency and enable new applications". According to Fan Yifei, the best way to take advantage of this situation is to lead central banks, both in overseeing private digital currencies and in developing their digital payment instruments. Financial Counselor and Director for the Monetary and Capital Markets Department of the IMF, Tobias Adrian also said that cryptocurrency is a necessity that currently exists and has begun to color financial systems around the world. "Some of the technology behind crypto assets can make financial market infrastructure such as payment systems more efficient," he said in his presentation at the IMF building, Washington DC, Wednesday (18/4/2018). The IMF (International Monetary Fund) has reviewed the promises that crypto-assets offer to the world.
The IMF concluded that crypto could lead the world's finances to a curse that could create a crisis or be a blessing that could be a solution to replace current money. China implemented a series of measures to ban digital currencies cryptocurrency:
- China through the Central Bank of China People's Bank of China (PBOC) is in the work of issuing its cryptocurrency.
- Prohibit digital money mining operations.
- mining cryptocurrency.
- Prohibit- prohibit initial coin offering transactions(ICO).
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