International Monetary Fund (IMF)
Country : Sudan
Delegate : Joshua P. De Guzman
Topic : Addressing the Emergence of Cryptocurrency
“The Sudan makes on the news already being the country who has growing cryptocurrency. Digital currencies can be useful in Sudan because it is a "sanctioned
country". It will make a big impact on our economy as well on the country."
–Mohamed Osman Elawad
Although the exposure of the cryptocurrency quickly emerged on different countries, it not only persists, but also abounds the cerebral mind of each countries’ people. According to cryptocurrency growth statistics, Bitcoin has outperformed numerous commodities such as gold, making the value of each of every commodities lower than the value of Bitcoin. Knowing a lot deeper with the different purpose of cryptocurrency, the growth statistics of this stated, that the price of gold is at $1,723.76 per ounce, whereas that of Bitcoin is hovering around
$9,648.22. The Republic of Sudan recognizes the prevalence of cryptocurrency and how it cooperates with its economy--- that grew 1400% users of it, as it manages to give beneficial rise in economic activities. Despite it being an effective means of adjusting the economy, its cons affect numerous rights of victims in The Republic of Sudan; furthermore, seeks to eradicate on the minds of utilizers/victims in view of the fact of, it can be destructive on one’s reputation. As noted by Mohamed Osman Elawad, co-founder of the Sudan Blockchain Community (SBC) during his interview in QBIT times, Bitcoin meetup Sudan Group (BmSG) and the Republic of Sudan have looked on using the digital currencies especially the popular among young developers and the group's members. In addition to that, they are actively working to make the system viable for moving money out of the country and buying goods abroad. There are no published figures or studies estimating the amount of transferred funds.
As of the fourth quarter of 2019, there were already more than 40 million users of blockchain wallet. This is a significant increase when compared to the 10.98 million recorded in the last quarter of 2016. With this − it supports international declarations against the cryptocurrency in all its forms especially the economy of Sudan which increased from SDG 771,734.6 million by
the end of the First quarter of 2020 to SDG 839,238.0 million by the end of the Second quarter of the year 2020.
As the cryptocurrency emerge, the Republic of Sudan sees that: (1) It reduces corruption and promotes transparency; (2) Reduces transaction costs and time; (3) offers greater financial inclusions to the developing country. Regarding with this, the republic strongly proposes that cryptocurrency increase and develop the country’s financial status in order for them to prevent from getting behind with any countries. In contrast with the bad result of cryptocurrency stated, the republic of Sudan makes sure that the transactions in cryptocurrency will be as transparent as possible because they are a “sanctioned country”,
Wherein the economy that is part of diplomatic effort is being protected by international law and defended against threats. The Electronic Transactions Act of 2007 also have strong measures on protecting the secrecy of information and detailing the electronic contracting process. Seeing these policies and laws, the republic of Sudan is secured and a one step closer on making their economy stable with the help of cryptocurrency.
For as long as the cryptocurrency emerges in the different parts of the world, help the economy of the developing countries, and lowering the risk of being outside, based on their premise the republic of Sudan therefore proposes the following as possible solution in this emergence:
1. Strong bond of unification in other countries
Regulation of cryptocurrency is not an easy process, however. In connection with this, the republic of Sudan addresses the emergence to different countries for them to have vast knowledge and stable in implementing it permanently in their country. This year, for example, authorities in France, Germany, and Australia, issued decisions with three different interpretations of the nature of Bitcoin: (1) as a currency, a financial instrument that is applied as a means of exchange among individuals or legal entities, and as security.
(2) In Russia, new legislation defined bitcoin as property but not legal tender. (3) Central banks around the world vary in their positions, from prohibiting trading in cryptocurrency to merely issuing warnings.
With this, the republic of Sudan sees a hole of hope in their economy.
2. Air Quality Moderation and Land Protection
In accordance with the World Health Organization's guidelines, the air quality in Sudan is considered unsafe - the most recent data indicates the country's annual mean
µg/m3. This implementation can help not only the Sudanese but also its environment.
This mining of cryptocurrency can really affect the pollution; thus, contributing on its pollution affecting its economy and environment.
3. National Security on exchanging digital currencies
Sudan makes sure that the transactions in cryptocurrency will be as transparent as possible because they are a “sanctioned country”, wherein the economy that is part of diplomatic effort is being protected by international law and defended against threats.
The Electronic Transactions Act of 2007 also have strong measures on protecting the secrecy of information and detailing the electronic contracting process. Seeing these policies and laws, the republic of Sudan is secured and a one step closer on making their economy stable with the help of cryptocurrency.
The Sudan believes that the emergence of cryptocurrency will help their economy and will unite the government to take action and rise their economy as one. Thus, we hope that the aforementioned proposals will continuously be built upon and improved in the upcoming assembly.
BIBLIOGRAPHY
41 amazing cryptocurrency Statistics you need to know. Retrieved from https://techjury.net/blog/cryptocurrency-statistics/#gref (STATISTICS) Sudan need a legal framework for cryptocurrency. Retrieved from
https://globalvoices.org/2020/09/02/sudan-needs-a-legal-framework-for- cryptocurrency/
(POI)
How cryptocurrency improves developing countries. Retrieved from
https://www.borgenmagazine.com/cryptocurrency-improves-developing-countries/
(EFFECTS)
Monetary policy in a world of cryptocurrency. Retrieved from https://voxeu.org/article/monetary-policy-world-cryptocurrencies (MORE INFOS) Africa could be the next frontier for cryptocurrency. Retrieved from
https://www.un.org/africarenewal/magazine/april-2018-july-2018/africa-could-be- next- frontier-cryptocurrency (AFRICA'S CRYPTO)
A cryptocurrency community is growing in Sudan. Retrieved from
https://steemit.com/crypto/@majidawan/a-cryptocurrency-community-is-growing- in-sudan- 8e98045699243 (MORE INFOS FOR SUDAN)
Sudan health risks: Air pollution. Retrieved from https://www.iamat.org/country/sudan/risk/air-
pollution#:~:text=In%20accordance%20with%20the%20World,maximum%20of%
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