Delegates in the International Monetary Fund have started talking about the creation of new cryptocurrencies in response to the various issues surrounding current cryptocurrencies such as Bitcoin or Ethereum.
Main concerns towards these cryptos are the possible use for criminal purposes, due to their decentralized nature, and the almost dangerous lack of regulation, which can cause immense volatility within these electronic currencies.
One solution that these delegates have presented are the taxation of cryptocurrencies. Some delegates have misgivings about this, though, such as how these taxes would be implemented or if people would even pay them. Japan has been noted to say that “Cryptocurrencies are like Greece, there are lots of people but nobody pays taxes,”.
Another solution that seems to be on the mind of every IMF delegate is the creation of a new cryptocurrency. Though several ideas and iteration exist at the moment, many have similar values. This crypto would be created and/or backed by the IMF and would possibly be a universal currency. These ideas were possibly prompted by the “Bitcoin Boom” that occurred earlier in 2017 where multiple bitcoins appeared after the value of Bitcoin skyrocketed.
The delegate from Canada has suggested the creation of POUTINE, a new crypto that, she plans, will have international support. As well, she hopes that this would prompt a slow and gradual decrease in the value of other cryptos.
The United Kingdom, in the same vein, suggests a plan called PRIDE. It aims to fulfill the following points.
Main concerns towards these cryptos are the possible use for criminal purposes, due to their decentralized nature, and the almost dangerous lack of regulation, which can cause immense volatility within these electronic currencies.
One solution that these delegates have presented are the taxation of cryptocurrencies. Some delegates have misgivings about this, though, such as how these taxes would be implemented or if people would even pay them. Japan has been noted to say that “Cryptocurrencies are like Greece, there are lots of people but nobody pays taxes,”.
Another solution that seems to be on the mind of every IMF delegate is the creation of a new cryptocurrency. Though several ideas and iteration exist at the moment, many have similar values. This crypto would be created and/or backed by the IMF and would possibly be a universal currency. These ideas were possibly prompted by the “Bitcoin Boom” that occurred earlier in 2017 where multiple bitcoins appeared after the value of Bitcoin skyrocketed.
The delegate from Canada has suggested the creation of POUTINE, a new crypto that, she plans, will have international support. As well, she hopes that this would prompt a slow and gradual decrease in the value of other cryptos.
The United Kingdom, in the same vein, suggests a plan called PRIDE. It aims to fulfill the following points.
- Promotion - To promote and incentivize people to this crypto
- Regulation - Better regulation, such as taxes
- Innovation - New ideas to better this technology
- Decentralization - To keep the democratized nature of these cryptos
- Education - To better educate the public on these cutting-edge digital dollars.