Felix Chen
legal@worldmun.org
Felix Chen is a junior in Eliot House from Austin, Texas, jointly concentrating in Government and Computer Science. Outside of WorldMUN, he is involved with the Eliot House Committee and the Harvard Small Claims Advisory Service, a volunteer organization providing legal information to Massachusetts residents. In his free time, he enjoys exploring Boston, trying new foods, and playing tennis.
Topic: Digital Currency Alternatives
In the past few years, the rise of various cryptocurrencies and digital currencies have animated extensive discussions on how economies might respond and adapt to these new technologies. These conversations have relevance at a global scale, as consumers and businesses continue to move towards a digitized space. In an increasingly digital age, states are exploring how concepts like the blockchain and peer to peer transactions can be incorporated into a state-backed model for currency governance. For example, the rollout of the digital renminbi, or e-CNY, by the People’s Republic of China represents the first tangible example of such a currency, which has spurred serious consideration of a digitalized future for other currencies across the world.
Consequently, this move by currencies towards a digital future is likely to make components of existing regulatory approaches at the intra- and international level obsolete. In light of this, what common rules can we envision for the design, regulation, and promulgation of these currencies, particularly at the international level? Our committee discussions will focus on the risks and benefits of digital currency implementation by states, with particular focus surrounding the impacts on the international financial system and the existing sanctions framework. As representatives of a global community, delegates will critically examine how changes to the form and function of currency might impact their state’s economy in light of increased regional and global interdependence. For many states, control of currency represents an important component of the state’s toolkit in crafting foreign policy, enabling a state to dictate its terms of economic engagement with the world, as well as providing the necessary functions to engage in activist behavior on the international stage—how might these many functions be altered or reinforced by the impending digital future, and what legal frameworks can we design to maximize the benefits of such a shift?