Kuwait News Agency | CSTD | Modern responses to counterfeiting brought to discussion in GA 2

October 15th, 2019 | Discussion in GA 2 has turned to cryptocurrency as a possible means to reduce counterfeit currency in the global economy. 

China is among the most adamant proponents of this plan, stating, “Currency itself is a thing of the past, if we move to a more technological age where we use cryptocurrency, counterfeiting will disappear.” There was a fairly large block centered around advocating for the use and widespread implementation of cryptocurrencies including nations such as China, Korea, Kazakhstan, Japan, and others. 

However, the plan did not receive nearly as warm a reception from some other delegates present, with countries citing various practical barriers to establishing economies based on cryptocurrencies. Kuwait hesitated to advocate for cryptocurrency as an immediate solution, claiming that while a good idea in theory, the world’s nations aren’t in the right place to adopt cryptocurrency quite yet.

Others took a decidedly more firm stance against the new currency with the Republic of  Tanzania stating, “Tanzania is completely against cryptocurrency because of how malleable the market for it is.” 

Developing countries more than any other delegates present seemed to be apprehensive of switching from their established currencies. Malaysia reasoned that cryptocurrency should not be implemented worldwide because “It would not be able to reach people without technology in developing countries.” 

Despite cryptocurrency dominating much of the discussion of anti-counterfeit measures, other solutions were proposed. Some called for expansion of the current systems already in place to prevent counterfeiting. Lebanon explained that many countries already have developed said systems however, “the issue is that only law enforcement agencies have access to these. But if we ensure that everyone is made more aware of these features, that means every shopkeeper is someone who can detect a counterfeit bill.”