Category: Social Justice -- Strength: Mild
Defines blockchain, for the purposes of this resolution: A decentralized ledger that allows transactions across a peer to peer network without the need for a third party.
Defines cryptocurrency, for the purposes of this resolution: A digital token that can be bought, sold or traded on a blockchain using cryptography.
Acknowledging the increasing advancement of technology and the blockchain are leading to an increase of of different cryptocurrencies.
Recognizing that the expanding market of different cryptocurrencies can lead to scams and ponzi schemes.
Further recognizing that cryptocurrencies are very new and largely unregulated.
The World Assembly hereby declares...
1. The creation of the Intergalactic Cryptocurrency Committee (ICC) to regulate and act as a watchdog over rising cryptocurrencies.
a. Reserves a nations' right to ban cryptocurrencies within their borders.
b. All new cryptocurrencies must be approved by the ICC before released to the public.
c. A cryptocurrency shall live up to the standards of the defintion provided, as well as have an open source base, allowing transparency and the ability to improve
through eachother, and the founders of the cryptocurrency, in addition to their background, are required to be clearly known to the public.
2. Encourages member-nations to allow cryptocurrencies in their borders.
3. Clarifies that this proposal does not outlaw the creation of cryptocurrencies by individuals in any way.
Noting that forcing cryptocurrencies to be approved by the ICC will immensely slow down the cryptomarket but that it is necessary to ensure consumer protection.