[ECOFIN] Security of Cyptocurrency reconsidered
Beginning the 4th session of IVMUN 2018, Delegates of ECOFIN have raised doubts on a very foundational benefit of cryptocurrency - Security. Some delegates referring to security and transparency yesterday have had second thoughts on this factor.
The Delegate of Colombia began the discussion with the incidents of attacks on cryptocurrency ATMs. She stressed on the hard fact that money from those events had been used for drug trade, and without immediate regulations the misfortune would spread further. The Delegate of Bangladesh, further pointed out the risks of personal cyber attacks, corruption and money laundering.
With the problem discovered, nations have voiced their expectations. United Arab Emirates urged for a set of sale regulations, while Canada requested for regulations for business involving cryptocurrency. Venezuela, on the other hand, suggested for the help of advanced expertise in the process of strengthening the security mechanism.