ECOSOC

Agenda: Role of cryptocurrency in funding illicit activities and economic destabilization

A volatile decentralised form of currency with a  pseudonymous nature that enables intermediate-less cross-border transactions all while being right net to untraceable? Sounds too bad to be true. Whilst cryptocurrency is undoubtedly a pioneer invention in the field of monetary transactions that alters our perspective of currency, it has an unavoidable consequence that cannot be ignored. Trafficking, money laundering, black market financing, cybercrime, frauds and scams, all have been bolstered by the crypto booster shot. International crime runs rampant, empowered by this virtually regulation free currency. It doesn’t matter if the world is ready for crypto or not – it’s here now and it looks like it’s here to stay. Enter the Economic and Social Council and tame the raging beast and its benefactors.