Asia-Pacific Economic Cooperation [University/College only]
Cite as https://mymun.com/ppdb/3533
Singapore Model United Nations 2016 — Asia Pacific Economic Cooperation (APEC)
//Topic: Cryptocurrency and the Trans-Pacific Partnership //Country: Australia //School: The Hong Kong University of Science and Technology (HKUST) //Delegate: Wong Shun Kit, Charles (BSc in Risk Management and Business Intelligence)
TOPIC 1: CRYPTOCURRENCY
1.1. General Statement
Electronic payment and internet transactions are becoming increasingly important nowadays. With more and more forms of payments arising in different businesses, cyber-security and stability of currency are at stake. While different countries employ various methods to regulate and promote the growth of cryptocurrencies like Bitcoin, the number of cyber attacks and virtual pickpocketing is a worrying issue in Australia. For this reason, authorized supervision and regulatory policies have been some unavoidable approaches in maintaining economic stability within the country.
The Australian government does recognize the significance of cryptocurrencies and regards them as a form of property, possessing the store of value function. However, cryptocurrencies like Bitcoin, are not legal currencies, as the criteria for such medium of exchange is not well defined. Also, taxation and compliance risks are the major obstacles hindering the growth of cryptocurrencies in Australia . In particular, the capacity for unreported transactions through cryptocurrency may disrupt the existing taxation system and balance of payments.
Over the years, Australia has enhanced its banking service system in preparation for the integration of national currency and digital currencies. As stated in Clause 9a of the APEC 2015 ...