The Second Committee of the United Nations General Assembly is the Economic and Financial Committee (ECOFIN), often deemed the heart of economic policymaking. With representatives from all 193 member-states, discussions in GA2 pertain to macroeconomic policy, financing for development, globalisation and interdependence, poverty eradication and sustainable development. Pivotal in its functioning, this committee aims to transform the economic future of the world through global coordination and a multifaceted approach to its discussions. 

 

The ‘Regulation of Cryptocurrencies’ is a discussion that is transforming the financial landscape of the world. Cryptocurrencies are digital assets that allow 2 individuals, anywhere in the world, to make transactions within minutes. Decentralized, providing pseudo-anonymity, and employing intricate technologies and codes, these assets are increasingly being used to facilitate transactions. The problem arises, however, when the same features that have made cryptocurrencies as revolutionary as they are also pose security risks to consumers and enable several criminals to launder money, evade taxes and finance terrorism activities. Therefore, GA2 will look to answer: “How can a global effort be made to regulate cryptocurrencies, while allowing for the growth of these assets to still revolutionise the financial future?”

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Delegates in The UNGA2 must collaborate to analyse existing regulatory policies and prioritise global coordination in this endeavor. The multitude of subjects to consider while evaluating policies are crypto-assets and their impact on financial stability; consumer protection; effective curtailment of illicit activities; taxation policies on cryptocurrencies; developing nations’ use of crypto; the growth of Central Bank Digital Currencies (CBDCs); and creating a global standard for regulation. While regulation is a priority, delegates are open to discuss the features of cryptocurrencies which could accelerate economic growth exponentially, if regulated to protect the interests of users.