The fifth session of the Asia Youth International MUN is now called the Asia Youth International Virtual Conference. The highlight of my MUN experience was when I participated as a UNHCR delegate in the 2019 Harvard National Model United Nations.
Afghanistan
IMF Executive Board Approves a Disbursement of US$220 Million to the Islamic Republic of Afghanistan to Address the COVID-19 Pandemic” International Monetary Fund, accessed October 27, 2020, retrieved from https://www.imf.org/ en/News/Articles pr20193 Asia Blockchain review, "Afghan and Tunisian Central Banks Weigh Bitcoin Bonds," May 2. Afghanistan: Blockchain Helping Membangun Infrastruktur Negara” Dunia Fintech accessed October 30, 2020, accessed from https://duniafintech.com/ bitcoin-blockchain-afghanistan /.
Angola
Virtual Currency Law (VCL)
The clear system, rules and policy on Virtual Currency Law (VCL) will give the speculators the guide to have transactions and investments through Cryptocurrency. By having Virtual Currency Law, it will allow countries to arrange Crypto Law based on the Virtual Currency Law.
Virtual Currency Supervision (VCS)
Instances of crimes that might occur during a virtual digital transaction, such as money laundering, fraud and theft, could be reduced. Angola Selected Issue,” International Monetary Fund, accessed October 3, 2020, retrieved from https://www.imf.org/~/media/Files/Publications/CR/2018/cr18157.ashx.
Antigua and Barbuda
Aside from taxation, sales regulation, money transfer laws, anti-money laundering, mining, probate, the government of Antigua and Barbuda must implement strict laws regarding myriad crimes that hinder safe use. Retrieved from https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/antigua-and-barbuda.
Argentina
Create a Digital Asset Exchange in Argentina
When Argentina can develop blockchain technology, the next step is to make a digital asset exchange. The growing demand for crypto-related products and services makes Argentina the perfect entry point for a company that maintains digital asset exchanges to pursue larger projects to promote cryptocurrency and blockchain in the market.
Armenia
In a subsequent statement, the chairman of the central bank reiterated his support for blockchain technologies, but warned against using cryptocurrencies. In 2015, following the experience of the EEU countries, the Central Bank of Armenia warned citizens about the risks of investing funds in bitcoins.
Australia
Since the use of cryptocurrency would be used as another currency, the taxes and the commodity should be one of the considerations to push guidelines, to help the users and to ensure the safety of the user while using the currency. In order to investigate and monitor the use of cryptocurrency, the government should set up a specialist committee to consider regulations and pay more attention to the use of cryptocurrency.
Austria
But in Austrian law, where crypto is defined as a commodity which in another perspective can be said as an asset, in the commercial activity (sale/purchase), the government applied some tax to give some income to the country and to prevent some criminal case as.
Belgium
Making A New Public Policy
With the role of government stakeholders as policy makers, we focus on resolving anonymous transactions and fake account transactions that have occurred during this time. The government should maintain a close relationship with the central bank to identify and make accessible all flow transactions that have taken place as a preventive step for anonymous and fake account transactions.
Collaborating with Europe Union Countries
Botswana
It is difficult for the government to track users by their wallet addresses because the privacy and security of cryptocurrency are very high. Retrieved from https://news.bitcoin.com/the-struggle-to-buy-bitcoin-in-crypto-starved-botswana/.
Brazil
Most important is the development of international best practices in digital currency security, with the aim of reducing the risk of cybercrime. However, there is still much to analyze on the other two points, which certainly depend on international cooperation between countries to find safe solutions.
Brunei Darussalam
In a statement, the sultanate's monetary regulator said it is very concerned about the spread of cryptocurrencies globally, reminding the public that "cryptocurrencies are not legal tender in Brunei Darussalam and are not regulated by AMBD." AMBD said that cryptocurrencies, such as Bitcoin, Bitcoin Cash and Ether, are forms of digital currencies that operate independently of monetary authorities or central banks.(Brunei's central bank advises caution over cryptocurrencies - Xinhua | English.News.Cn, 2017). General policy treatment: The central bank has issued guidelines regarding the use of sandboxing schemes for fintech.
Bulgaria
Decentralized-Indirect Cryptocurrency Regulation Plan (D-ICR Plan)
Nabilou's (2019) proposed plan promotes the use of banking and payment systems as government-led “surrogate regulators” to maintain the decentralized nature of digital currencies. The D-ICR Plan would allow banking and payment regulators to facilitate the interaction between fiat and digital currencies.
Cryptocurrency Crime and Terror Watch (CCTW)
The surrogate regulators can also help control the volatility of cryptocurrencies by formulating different banking measures for dealing with the above.
Renewable Energy for Mining Cryptocurrencies (REMiC)
Pridobljeno s https://www.reuters.com/article/crypto-currency- bulgaria/bulgaria-central-bank-warns-consumers-of-cryptocurrency-risks-idUSL8N1Q45KW Sofia Globe Staff.
Cambodia
In such cases, cryptocurrencies, especially ICOs (Initial coin offerings), can help young entrepreneurs around the world and transform the global economy and businesses. Therefore, KHM suggests that instead of Bitcoins, which are not centralized, we need CBCD's (central bank digital currency), which combines the positive aspect of both Cryptocurrencies and Fiat Money.
Colombia
The IMF can appoint a committee within the IMF consisting of experts to investigate how governments can regulate this digital currency.
Croatia
The Government
Croatia should accelerate its coordination steps with all existing instruments, from national banks to the Ministry of Finance regarding policy making for the use of cryptocurrency in Croatia. The government needs to be more adaptable and coordinated in making this policy to continue to provide security and ease in the transaction process in Croatia itself.
Seeing the ability of the community
Advanced Policy Making
Retrieved from https://www.imf.org/en/Publications/fintech-notes/Issues Regulation-of-Crypto-Assets-48810.
Czech Republic
Czech Republic stance regarding cryptocurrency
Possible State Approach on Cryptocurrency
Governmental authorities must impose taxation policies on cryptocurrency transactions by establishing the procedural basis that emphasizes stricter oversight. 9 Sapovadia, Vrajlal (2020).Czech Republic strengthens anti-money laundering measures, but still lacking. Retrieved from: https://www.coe.int/en/web/portal/-/czech-republic-strengths-anti-money- laundering-measures-men-mangler-forbliver.
Denmark
Distinctions in Treatment of Different Categories of Cryptocurrencies
The Danish government does not specifically set the law, but cryptocurrency users should see what laws may apply to their activities now or in the future. The Danish Central Bank does not accept the electronic currency, electronic currency at the central bank will fundamentally change the role of the Danish.
The Danish Central Bank does not adopt the electronic currency, electronic currency at the central bank fundamentally will change the role of the Danish
Retrieved 2 November 2020 from the Danish Financial Supervisory Authority: https://www.finanstilsynet.dk/Nyheder-og-Presse/Sektornyt/2017/Orientering-om-ICO.
Egypt
Easy international payment and economy or the price of bitcoin is not dependent on the economic status of a single country. Making an international body: That international body should make regulations to be followed all over the world, control the price volatility and provide transparency.
France
Providing storage of digital assets or private cryptographic keys on behalf of third parties to store, store and transfer digital assets. France Introduces Innovative Legal Framework for Digital Assets” accessed November 2, 2020, retrieved from https://www.dlapiper.com/en/us/insights/publications/2020/04/finance- and-markets-global-insight - issue-18/france-introduces-an-innovative-legal-framework-for-digital-assets/.
Georgia
Learn and adapt to one of the technological advances in economics
Held a cryptocurrency introduction seminar
Be more careful in using cryptocurrency transaction
Greece
Tax On Bitcoin (TOB)
Cryptocurrency Policy (CP)
Development of Greek’s own cryptocurrency (DGC)
Retrieved October 27, 2020, from https://cointelegraph.com/news/will- cryptocurrencies-preserve-their-popularity-in-greece-expert-take.
Honduras
Blockchain can help achieve transparency in various settings
Build more energy-efficient blockchains
Retrieved from https://www.cryptomorrow.com major-problems-in-cryptocurrency-trading-and-how-to-overcome-them/. Retrieved from https://www.blockchain-council.org/cryptocurrency/the-biggest-cryptocurrency-hotspots-in-the-world/.
India
Regulatory sandboxes, as expensive as they seem, are one of the few solutions to address security concerns until technological advances are made. To address the massive need for energy, technology can be explored to harness renewable resources.
Indonesia
Risk to the payment system
Money is money issued by the unitary state of the Republic of Indonesia, hereinafter referred to as Rupiah. Maintain the sovereignty of the Rupiah as the prevailing currency of the unitary state of the Republic of Indonesia.
Iraq
According to Bitcoin analysts, this cryptocurrency is the only digital currency that is decentralized, independent, fundamental and ideological. This currency is considered digital cash and the only store of value that is not owned by a company or controlled by a government. All other cryptocurrencies are created and owned by private companies and most of these are considered worthless coins and can become zero. at any time simply by closing the business. Analysts say several other companies have also created modified copies of Bitcoin BTC and consider it Bitcoin like B-cash (Bitcoin.com), which is not Bitcoin at all. According to exchange experts, As of June, Bitcoin BTC is worth $9,300 and is expected to reach $30-50 thousand in the near future.
Japan
International Monetary Fund, accessed November 4, 2020, retrieved from https://www.imf.org/external/pubs/ft/sdn/2016/sdn1603.pdf. Blockchain Rising: Japan's Cryptocurrency Ecosystem Leads the World", accessed November 4, 2020, retrieved from https://journal.accj.or.jp/blockchain-rising/.
Kazakhstan
The introduction of the crypto mining industry in a wide range of sectors, including finance, agriculture and healthcare, is expected to provide benefits to both the government and the general population. The rules of this convention should put an end to the issue of recognition or non-recognition of cryptocurrency as legal tender.
Kenya
With this said and done, it should be emphasized to investors that it is very prudent of them to transact with trusted brokers with stellar reputations. Going forward, the digital landscape in Kenya will continue to witness massive numbers of cryptocurrency users.
Kuwait
The Central Bank of Kuwait has asked the Ministry of Trade and Industry to take the actions to update the consumers of the danger of digital/cryptocurrency. However, the income from the bitcoin moved internationally to Kuwait is considered illegal money.
Lebanon
Proof of stake does not require much computing power and saves like 99% of energy. Cryocurrencies: Overcoming barriers to trust and adoption https://www.imperial.ac.uk/media/imperial-college/research-centres-and-.
Liberia
Liberia Overview,” World Bank, accessed November 2, 2020, retrieved from https://www.worldbank.org/en/country/liberia/overview#:~:text=Following%20the%20expected%20contraction%20in, expansion %20in%20the%20mining%20 sector.
Libya
2019), "A conceptual study on the rise of the cryptocurrency economy and its link with terrorist financing", Das, R.C. ed.).
Macao SAR, China
The IMF (International Monetary Fund) has reviewed the promises that cryptocurrencies offer to the world. The IMF concluded that crypto could lead global finance to a curse that could lead to a crisis, or it could be a blessing that could be a solution to replace current money.
Madagascar
- What is Currency?
- What is Blokchain?
- What is Cryptocurrency?
- History
- Countries that Have or Are Issuing National or Regional Cryptocurrencies a) AI - Anguilla (ECCB)
- Regulation of Cryptocurrency in South Africa
When a transaction is made, wallets use an encrypted electronic signature (an encrypted piece of data called a cryptographic signature) to provide mathematical proof that the transaction came from the owner of the wallet. The confirmation process takes some time (ten minutes for Bitcoin as of now) while other nodes in the blockchain confirm transactions and add legal entries to the distributed ledger. This means that "any merchant or beneficiary can refuse VCs as a means of payment." The SARB warned of various risks associated with the use of VCs, including issues related to payment systems and payment service providers, price stability, money laundering and terrorist financing, consumer risk, circumvention of exchange control regulations and financial stability.
Malaysia
A cryptographic system is important to have an effective encryption or decryption process because data is usually encrypted at the time it is sent. The system must be easy to use, its use must be easy for cryptographers to find the key to a data that has been or will be encrypted.
Maldives
Creat the regulatory framework to avoid the illicitactivites using cryptocurrency MMA as the independent instution that have a sole right to issue legal tender notes and
Establish a cryptocurrency supervisory agent
Establish an integrated cryptocurrency database management system
Mexico
All the regulations made by Mexico are really good for positive increase o cryptocurrency.
Mongolia
In Mongolia itself, our country has been slow but sure to adapt to this cryptocurrency. The country's largest bank will soon start offering crypto services, as announced on October 30, 2020. Since 2018, Mongolia has made strides in the crypto space, and the country's largest mobile telecommunications operator has become the subject the first licensed to issue a digital currency.
Morocco
Not only for the users, the robberies will also damage the reputation of the partners. Morocco responds to this problem by officially banning the use of cryptocurrency, which was issued by the Office des Changes (Foreign Exchange Authority) in Morocco.
Myanmar
According to the report, the central bank has emphasized that the use of cryptocurrencies is illegal in Myanmar. The cryptocurrency has not been able to overtake the dollar currency even though it currently requires supervision from the central bank.
Namibia
Strengthening Financial Services
The financial industry has become heavily dependent on the Internet and digital technology to improve financial activities. Such exciting technological improvements in the financial industry should reduce the debate about the need for cryptocurrency. (VilhoMbangu, “Cryptocurrency and FinTech Law Change,” May 2019).
A strong Regulatory Body
Introduction of Stablecoin
Retrieved from: https://www.namibian.com.na/188613/archive-read/Change-Laws-for-Cryptocurrency- and-Fintech. Retrieved from: https://www.bakermckenzie.com/media/files/insight/publications/2019/02/report_block chainandcryptocurrencyreg_feb2019.pdf.
Nepal
We can guarantee the stability of cryptocurrency by changing its dominant use as a speculative asset to its intended use as a form of money as the model gradually matures. Since Bitcoin is still in its maturation phase, we can foresee a good amount of brainstorming and execution overhead.
Netherlands
ISSUE OVERVIEW AND COUNTRY’S STANCE
PROPOSED SOLUTIONS
Distributed Ledger Technology (DLT) and Blockchain.pdf Retrieved from: https://olc.worldbank.org/system/files/122140-WP-PUBLIC-Distributed-Ledger-Technology-and-Blockchain-Fintech-Notes.pdf.
Norway
- China Is the biggest Miner of Crypto Currency
- Crypto-Currency cannot be physically banned
- Crypto-currency Value Is Extremely Volatile
- Bitcoin Inventer is unknown
- Some Countries have banned Crypto-Currency
A major difference in the 2019 survey, compared to previous surveys, is the growing number of women owning Crypto currencies. However, cryptocurrency adoption among the female population is still at the low level of 3%.
Oman
Under the vision of His late Majesty Sultan Qaboos, Oman has shown a sudden development in the economy. The digital currency should be linked to low-volatility assets, including bank deposits and government securities.
Papua New Guinea
The Rise of Blockchain and Cryptocurrency in Papua New Guinea”, Coinidol, accessed November 3, 2020, accessed from https://coinidol.com/blockchain-in-papua-new-guinea/. A Blockchain Lesson from Papua New Guinea”, Cryptonews, accessed 03 November 2020, accessed from https://cryptonews.com/exclusives/a-blockchain-lesson- from-papua-new-guinea-1273.htm.
Philippines
- Link
- Adapt
- Guide
- Envision
Third, the Philippines recognizes existing threats and continuously develops its technological risk management. The Philippines also supports transnational cooperation and has used its diplomatic relations to combat crypto-crime (Wood, 2019). The Philippines believes that fostering financial innovations is paramount to protecting the financial consumers. -makes internationalism more critical than ever. Therefore, the Republic of the Philippines proposes a set of conventions (i.e. the LINK-A-G-E framework) that can guide the policy of the assembly. The United Nations Office on Drugs and Crime (UNODC) will expand its Cryptocurrency Investigation Train-the-Trainers program. the international stage, while individual states will integrate specialized law enforcement experts into their national and local grassroots.
Poland
The Anti-Money Laundering and Terrorism Act
In his opinion, however, there are still no mechanisms to protect cryptocurrencies from dishonest sellers.
Polish produce their cryptocurrencies
New Information Obligations
Available at http://www.coindesk.com/ethereum-executes-blockchain-hard-fork-return-dao-investor-funds/. Available at https://www.fincen.gov/sites/default/files/shared/bsa_en_bank_reference.pdf.
Romania
Therefore, we believe that the national level is not the appropriate level to address the rise of cryptocurrency. The international cooperation is crucial to successfully enforce rules and regulations to combat the problems arising due to the rise of cryptocurrency.
Serbia
Create the Serbian Blockchain Initiative
These new directions will promote environmental safety for these companies and will provide additional incentives to contribute to blockchain companies, which can contribute to their progress and competitiveness in the global market.
Cryptocurrency Exchange License
Singapore
Retrieved from https://www.mondaq.com/fin-tech/907518/regulatory-and-other-develop ments-in-singapore-on-cryptocurrency-and-bitcoin-exchanges. Retrieved from https://complyadvantage.com/knowledgebase/crypto-regulations/cryptocurrency-regulati ons- singapore/#:~:text=Although%20cryptocurrencies%20are%20not%20considered,ver.
Spain
How are cryptocurrencies regulated in Spain?,” blockpit, August 10, 2020, accessed November 01, 2020, retrieved from https://blog.blockpit.io/en/crypto-taxation-regulations-. Algoritmo Legal, January 14, 2019, Accessed October 31, 2020, Retrieved from https://www.algoritmolegal.com/tecnologias-disruptivas/legal-regulation-of-bitcoins-and-other- cryptocurrencies-in-spain/.
Sri Lanka
But the bad thing is that the high volatility means that the price of goods can easily change drastically in the future. We can also teach the young generation about the cryptocurrency, its shortcoming, its advantages, its consequences and its benefit.
Sudan
Strong bond of unification in other countries
In this regard, the Republic of Sudan addresses the phenomenon to various countries to have extensive knowledge and stability in its permanent implementation in their country. This year, for example, authorities in France, Germany, and Australia issued rulings with three different interpretations of bitcoin's nature: (1) as a currency, a financial instrument used as a medium of exchange between individuals or legal entities, and as a security.
Air Quality Moderation and Land Protection
This cryptocurrency mining can really impact pollution; thus contributing to the pollution that affects the economy and the environment.
National Security on exchanging digital currencies
Retrieved from https://techjury.net/blog/cryptocurrency-statistics/#gref (STATISTICS) Sudan needs a legal framework for cryptocurrency. Retrieved from https://voxeu.org/article/monetary-policy-world-cryptocurrencies (MORE INFOS) Africa could be the next frontier for cryptocurrency.
Tanzania
Legality status and regulations
This ambiguity needs to be clarified soon with a clear regulation so that all cryptocurrency related activities in Tanzania can be labeled as legal or illegal. Also the status and regulations need to be done after long research to answer whether cryptocurrency is beneficial for Tanzania or not.
Stricter law
Why the Bank of Tanzania is worried about cryptocurrencies,” Further Africa, 14 November 2019, accessed 31 October 2020, retrieved from. Tanzania Issues Warning Against Cryptocurrencies,” The East Aftican, February 28, 2018, accessed October 31, 2020, retrieved from.
Thailand
Bank Of Thailand could consider establishing rules with the aim of covering the risk of commercial banks and their group's digital assets, and also include future asset developments. CDBC is a digital form of fiat money issued and controlled by the state through the central bank.
Timor-Leste
Blockchain investigator tools (BIT)
Regulation
Incentives for the users
Regulation of Cryptocurrency Around the World; retrieved November 1, 2020, from https://www.loc.gov/law/help/cryptocurrency/world-survey.php. Majumder, A., Routh, M A Conceptual Study on the Emergence of Cryptocurrency Economy and Its Relation to Terrorism Financing”, Das, R.C. Ed.).
Tunisia
Due to some rumors, in 2019 the Central Bank of Tunisia published six general statements about Tunisia's digital currency solution and its deployment. Its summary is as follows: First, Tunisia is still exploring all the alternatives offered to the e-financing offered by the Central Bank Digital Currency (CBDC) to understand the opportunities and risks of the new digital system.
Turkey
Turkey's former industry minister and deputy chairman of the government's coalition partner, the Nationalist Movement Party (MHP), Ahmet Kenan Tanrikulu, said: “The world is moving towards a new digital system. The Blockchain Turkey platform aims to build a sustainable blockchain ecosystem in Turkey and ensure Turkey's blockchain leadership position in the region.
Ukraine
Financial Literacy in Cryptocurrency (FLC)
By shedding light on the position of the National Bank of Ukraine and the virtual assets bill, seminars or sessions can be organized by the government to allow the general public of Ukraine to be well informed about cryptocurrency, its advantages and also the risk associated with it.
Strict Banking & Tax Systems and Crypto Banks
Cryptocurrency or Hardware Wallet
The bill on virtual assets is registered in the Verkhovna Rada", Ministry of Ukraine and Committee Digital Transformation, June 15, 2020, retrieved from https://thedigital.gov.ua/news/zakonoproekt-pro-virtualni-aktivi-zarestrovaniy-u -. The 2020 Global Crypto Adoption Index”, 2020, Chainalysis, retrieved from https://blog.chainalysis.com/reports/2020-global-cryptocurrency-adoption-index-2020.
Uzbekistan
DECISION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN ON MEASURES FOR THE DEVELOPMENT OF THE DIGITAL ECONOMY IN THE REPUBLIC OF UZBEKISTAN- https://lex.uz/ru/docs/3806048. DECISION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN on measures to further develop the field of trading of crypto-assets in the Republic of Uzbekistan PQL https://regulation.gov.uz/ru/document/12538.
Venezuela
Ryan Mallett Outtrim, “Impressive Petro Presale Calls for Plans for Second Cryptocurrency,” Venezuelan Analysis, February 23, 2018, accessed October 28, 2020, from https://venezuelanalysis.com/news/13679. Lucas Koerner, "Venezuela's opposition-led parliament blasts 'Petro' cryptocurrency as 'illegal,'" Venezuelaanalysis, January 10, 2018, accessed October 29, 2020, retrieved from https://venezuelanalysis.com/news/13591.