[ECOFIN] FIRST BLOC INTRODUCING DRAFT RESOLUTION

After a long tea break, the Delegate of Colombia as well as her allies have prepared themselves to introduce a draft resolution. Below is the full version of the Draft Resolution 2.1

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General Assembly Second Assembly,

Sponsors: Colombia, UK, UAE, Japan, Cambodia, Mexico, India,

Signatories: Brazil, Vietnam, China, Venezuela, Bangladesh

Topic: regulation regarding the international rise of cryptocurrency

 

The General Assembly,

 

Acknowledging the presence of the regulation of international rise in cryptocurrency,

 

Fully aware of the advantages and disadvantages of cryptocurrency,

 

Noting with satisfaction the past effort of encouraging the cryptocurrency,

 

Encouraging the disclosure requirements for cryptocurrencies,

 

Calling for Member States to have blockchain strategy to only rectifying some problems related to cryptocurrencies but also expanding the market;

 

  1. Calls upon the right of freedom of Member States to prohibit or legalize the action of financial organizations and banks to offer unregulated, unauthorized currencies related services or engage in trading activity related to such currencies;

 

  1. Urges Member States to strengthen protective measures regarding cryptocurrency for the suppression of illicit activities by the following methods, including but not limited to:

    1. Making compulsory the use of the Know Your Client (KYC) method in banks to prevent money laundering threats from using cryptocurrencies,

    2. Improving the effectiveness and efficiency of training for investigators and prosecutors for the purpose of addressing cryptocurrency crimes,

    3. Allowing national approved investigators to access data on transactions related to potential terrorism threats as deemed necessary by the threatened country;

 

  1. Encourages Member States to expand public knowledge and understanding of the mechanisms of cryptocurrency as well as self-protective measures against potential harms to their economic health in the following ways, including but not limited to:

    1. Encourage the establishments of international networks of experts, analysts to equip individuals with the essential expertises of cryptocurrency,

    2. Encourage the embracement of cryptocurrency and its application within the strict regulations of its credibility;


 

  1. Calls for Member States to have Blockchain strategy to only rectifying some problems related to Cryptocurrencies but also expanding their market and this system is decentralized and the records are public and easily verifiable, allowing for transparency and corruptibility and also the Blockchain strategy should be built on three pillars:

    1. Government efficiency by promoting widespread digitalization

    2. Industry creation by enabling citizens and partners to create new business using the shared ledger technology

    3. International leadership by opening blockchain platform for global counterparts to enhance  safety, security and convenience on a global level.

 

  1. Further encourages willing and able Member States which have advanced technology and in-depth knowledge to aid less technologically advanced countries which want to develop its cryptocurrency market in terms of:

    1. Technology transfer, equipment and knowledge;

    2. Exchange of information and expertise

 

  1. Suggests that the UN allocate funds to promote the use of crypto currencies in developing and developed countries, promote the widespread use of ICOs and IPOs to support growing economies.

 

  1. Prepares Member states for any fluctuation of the cryptocurrency market through methods such as but not limited to the following:

    1. Conduct scenario action plans for banks,

    2. Prepare possible counterback plans if necessary;

 

  1. Encourages all Member States to use cryptocurrency under coinsecure platform;

 

  1. Calls upon willing Member States to establish a team of highly specialized experts:

    1. with an aim of researching on cryptocurrency breakthroughs including but not limited to

      1. innovative blockchain system to protect its network and information system for operations and mission,

      2. protective methods to counter cyber threats,

      3. upgraded cyber components including but not limited to firewall

    2. with another aim of promoting

Amanda TranComment