ECOFIN
The ECOFIN stands for the Economic and Financial Committee of the United Nations. It is the Second Committee of the United Nations General Assembly.
Money, and by extension wealth, is one of the most important factors that controls global policy matters. How do we engage with money, and how do we use it forms the very crux of our economic deliberations. Thus, the importance of the ECOFIN committee should come as no surprise. By its mandate, the ECOFIN is empowered to deliberate over the issues relating to global finance and economics. In this committee, we will not only be discussing macroeconomic decisions and how they shape our world, but also formulating innovative solutions to some of the world's most pressing financial matters.
In this committee, we hope to engage in meaningful dialogue about the ever-changing and revolutionary concepts surrounding virtual currencies and to bridge the gap between the private and public sectors to develop to innovative solutions that take a multilateral approach and consider all stakeholders in their solution sets. So, if you can see the world in financial analogues or think of solutions in monetary terms, ECOFIN is the committee for you.
Agenda:- Discussing the legitimacy of cryptocurrencies and the potential for their application in the real world
This year at the Economic and Financial Committee we will be deliberating over the matter of cryptocurrencies and their practical applications. Cryptocurrencies have been a major point of discussion in not only financial communities but also in the world of legislation for the better part of the past decade. Yet, much is left to be known. Understanding of cryptocurrencies and their implication are still shadowed to the general public, leading to policies birthed in ignorance. The aim of having such a mercurial discussion topic is to both raise awareness about cryptocurrencies and also foster discussion grounded in facts about the world of cryptocurrencies.
In plain words, cryptocurrencies are digital currencies that are nearly impossible to counterfeit and cheat on. It is can be classified as any system of money that uses cryptography to secure transactions and exists solely as a digital version. Such virtual currencies make use of blockchain technology that can confirm transactions without the involvement of a central clearing authority. However, with the growth of cryptocurrencies and their popularity in the financial markets, in-depth research and controversies have also increased. The virtual currency market is becoming excessively volatile and with rising awareness, auxiliary technology such as blockchain has come under fire for its environmental concerns. Additionally, there are criticisms levelled against cryptocurrencies for being financial tools without positive effects on the real world, especially on the social community, and are widening the wealth disparity. Are these criticisms valid? Is cryptocurrency an efficient tool of economics? Should countries legalize? Answering such questions, and asking many more will be the aim of our committee.