Cryptocurrency has become a rising trend in the global world, and the International Monetary Fund (IMF) of the United Nations has taken notice, starting to discuss the feasibility of bitcoins as a replacement for the US dollar. However, there have been many forms and sides to this debate for implementing bitcoin, and some delegates feel as if the situation is becoming off topic and “idiotic.”
Delegates, when discussing the feasibility of establishing bitcoin wish to cover all bases when it comes to the possibility. Countries such as Egypt wish to make sure that the cryptocurrency would be completely safe and secure, to that nobody will be the victim of having their life savings hacked. Other countries are looking at security.
Other countries wish to look at how to establish a framework for governing bodies, ensuring that the government would be able to maintain control of its own economy. Regulations for crypto currencies would involve how to control possible inflation and deflation in the market as cryptocurrencies can be far more unstable.
Other delegates have also raised concerns for countries without access to bitcoins (such as those in the third world,) and would wish to find ways to implement different strategies to make bitcoin accessible for all to help develop the global market.
Not all think that this line of question is important however, delegates such as Australia think that these delegates are being “idiots,” and “off topic.” These delegates wish to discuss the issue at hand, on how bitcoin would be able to effectively replace money, instead of how to ensure those in third world countries could have access to it. The Australian delegate hoped that the committee would move towards a more productive line of thinking, remembering that they should be debating managing electronic currencies, not getting caught up with every detail.
These countries wish to establish how to best find management solutions and discussing the actually feasibility of what the market would look like, not of the logistics until the decision is actually made. They view it as pointless to discuss measures taken for fair play until everyone is on the same page on if to proceed with even transforming the market.
The situation is currently developing with an emphasis on security, and it is hard to say how the sentiment of ensuring all will have access to bitcoin will develop. Whether bitcoin is actually going to prove to be feasible globally will remain to be seen however, as it has already seen heavy damages at the hands have corporations taking advantage of it, and if is established domestically, it could damage the entire global economy.
Delegates, when discussing the feasibility of establishing bitcoin wish to cover all bases when it comes to the possibility. Countries such as Egypt wish to make sure that the cryptocurrency would be completely safe and secure, to that nobody will be the victim of having their life savings hacked. Other countries are looking at security.
Other countries wish to look at how to establish a framework for governing bodies, ensuring that the government would be able to maintain control of its own economy. Regulations for crypto currencies would involve how to control possible inflation and deflation in the market as cryptocurrencies can be far more unstable.
Other delegates have also raised concerns for countries without access to bitcoins (such as those in the third world,) and would wish to find ways to implement different strategies to make bitcoin accessible for all to help develop the global market.
Not all think that this line of question is important however, delegates such as Australia think that these delegates are being “idiots,” and “off topic.” These delegates wish to discuss the issue at hand, on how bitcoin would be able to effectively replace money, instead of how to ensure those in third world countries could have access to it. The Australian delegate hoped that the committee would move towards a more productive line of thinking, remembering that they should be debating managing electronic currencies, not getting caught up with every detail.
These countries wish to establish how to best find management solutions and discussing the actually feasibility of what the market would look like, not of the logistics until the decision is actually made. They view it as pointless to discuss measures taken for fair play until everyone is on the same page on if to proceed with even transforming the market.
The situation is currently developing with an emphasis on security, and it is hard to say how the sentiment of ensuring all will have access to bitcoin will develop. Whether bitcoin is actually going to prove to be feasible globally will remain to be seen however, as it has already seen heavy damages at the hands have corporations taking advantage of it, and if is established domestically, it could damage the entire global economy.