Rightways: stability

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Friday, April 22, 2022

Boao Forum for Asia Annual Conference 2022: Only true multilateralism can benefit the world, Xi proposes Global Security Initiative, sends signal of peace, stability amid global turmoil

Photo shows the fountain square in front of the permanent site of the Boao Forum for Asia (BFA) in Boao, South China's Hainan Province, on April 19, 2022. Photo: cnsphoto From the Global Development Initiative to the Global Security Initiative, China has always been a firm practitioner of true multilateralism. History will continue to prove that such a choice is on the right side of the history and on the side of human progress.

Chinese President Xi Jinping delivers a keynote speech via video at the opening ceremony of the Boao Forum for Asia Annual Conference 2022, on April 21, 2022.(Photo: Xinhua)

The Boao Forum for Asia Annual Conference 2022 is being held in Boao, Hainan Province, from April 20 to April 22. The theme of this year's forum is "The World in COVID-19 and Beyond: Working Together for Global Development and A Shared Future." In a keynote speech delivered at the opening ceremony of the forum on Thursday, Chinese President Xi Jinping proposed a Global Security Initiative, emphasizing the need to uphold "true multilateralism" and that it is particularly important for major countries to lead by example in honoring equality, cooperation, good faith and the rule of law, and act in a way befitting their status.

At present, the changes in the world, the times, and history are unfolding in an unprecedented way. At a time when unprecedented global changes are combined with a once-in-a-century pandemic, the world is at the crossroads of unity or division, cooperation or confrontation, upholding justice or hegemony. Xi's emphasis on "true multilateralism" is of great significance for lighting the way forward for international society to move on and promote peaceful development.

What is true multilateralism? It is, after all, that international affairs should be handled by all through consultations and the future and destiny of the world will be jointly decided by all countries. Such "true multilateralism" cannot be separated from the United Nations, therefore we must firmly safeguard the international system with the UN at its core; it cannot be separated from the international law, so we must unwaveringly uphold the international order underpinned by international law; it cannot be separated from global cooperation, so major powers need to lead by example in upholding justice, enforcing the rule of law, taking responsibility, and focusing on actions.

When representatives from 42 countries and regions were discussing regional solidarity and cooperation at the Boao forum, Washington was hosting the G20 Finance Ministers and the Central Bank Governors meeting. Finance ministers of countries including the US and Canada walked out when the Russian delegate spoke, staging a show of "political protest"at an international multilateral economic cooperation forum. The US supports a draft resolution to adjust the use of the veto by permanent members of the UN Security Council. All those acts are weakening and jeopardizing multilateralism and multilateral mechanisms.

In stark contrast, Asia is "climbing the hill together and going down the ravine together" and making "sugarcane and lemongrass grow in dense clumps." In 2021, the region withstood the pressure of the raging COVID-19 pandemic and led the global economic recovery. Measured by purchasing power parity, Asia accounted for 47.4 percent of the world's economy in 2021. From taking the lead in advocating the Five Principles of Peaceful Coexistence and the Bandung Spirit, to jointly promoting the signing of the Regional Comprehensive Economic Partnership Agreement, Asian countries have made maintaining and practicing multilateralism in the region to transform from an experiment to a model, through all-round and broad-based win-win cooperation.

However, for Washington accustomed to creating rivals and stirring up trouble around the world to gain benefits, the stability and prosperity of Asia have become a thorn in its flesh. To seize the moral high ground and sugarcoat its geopolitical ambitions, Washington has even packaged its so-called Indo-Pacific Strategy as "multilateralism." It also has attempted to disturb regional peaceful development by strengthening its "multilateral mechanisms," including its "quadrilateral mechanism" and "trilateral security partnership." If we want to practice "true multilateralism," we must be wary of and oppose such "fake multilateralism."

It is clear that a lot of unrest, division, and poverty have been created in different parts of the world under practices of prioritizing one country's interests, making coteries that uphold hegemony, treating international rules as a tool for the interests of one nation, using a certain country's interests as the criteria, and engaging in "selective multilateralism." The US is still using the Russia-Ukraine conflict to further divide the world into camps and keeps pressuring neutral countries to "take sides." Such a "fake multilateralism" sometimes is deceptive to some extent, but more and more countries have seen through it and denied any attempts to stir up troubles globally or seize geopolitical "fruits."

As a Chinese saying goes, "Power may win for the time being, but justice will prevail for the long run." All countries across the world are in the same boat with a shared destiny. We must work together to sail through the stormy seas to a bright future. Any attempt to throw whoever into the sea is unacceptable. From the Global Development Initiative to the Global Security Initiative, China has always been a firm practitioner of true multilateralism. History will continue to prove that such a choice is on the right side of the history and on the side of human progress.

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Sunday, March 21, 2021

Bitcoins, Cryptocurrencies under fire

Bitcoins

India and China come down hard due to concerns of financial market stability, illegal fundraising

N THE latest twist involving the world of cryptocurrencies, India’s government plans to impose a massive ban on the asset class.

Reports have indicated that the Indian government plans to pass a bill that would ban just about every activity involving cryptocurrencies, including the possession, issuance, mining, trading and the transferring of crypto-assets.

Once passed, this would make it one of the world’s strictest policies on cryptocurrencies. Government officials have said that the move is because they believe cryptocurrencies threaten the stability of financial markets, tend to fund unlawful activities and even resemble ponzi schemes.

The move by the Indian government falls in line with the school of thought that cryptocurrencies could increasingly suffer bans by governments around the world.

In India’s case, the move comes after an earlier ban two years ago. But last year, the courts in India overturned the decision, citing the ban as “disproportionate” after cryptocurrency exchanges filed a lawsuit against the central bank’s ban.

The strong stance against cryptocurrencies has also been shown by China’s government. More than three years ago, China was the first country to ban initial coin offerings (ICOs), calling it “illegal fundraising”.

Since then, the Chinese government has accelerated efforts to clamp down all businesses involved in cryptocurrency operations, including bitcoin miners.

China’s government says its stance is based on investor protection, money laundering concerns and the unnecessary consumption of energy due to crypto mining activities.

Last month alone, there were plans to ban new cryptocurrency mining projects and shut down existing ones in China’s Inner Mongolia region.

As one financial analyst puts it, “the problem with cryptocurrencies is that while it thrives to work in an unregulated world, it is bound to come under the scrutiny and regulation of governments, which are mostly afraid of its misuse and potential negative impact to financial markets. Perhaps somewhere in the future, a balance will be struck but that is anyone’s guess”.

While governments have a tendency to ban cryptocurrencies, many are embracing blockchain technology with the intention of issuing state-backed digital currencies.

This is essentially an electronic version of notes or coins which would replace physical cash entirely and dubbed central bank digital currencies or CBDC.

China is one of the leading countries for this and has already passed a law to legalise its own official digital currency. Similarly, India is an example of another country that is considering having its own digital currency. Interestingly, India’s move to pass the bill to ban cryptocurrencies comes soon after the mother of all cryptos, namely, bitcoin has hit its all-time high past US$60,000 (RM246,449) for the first time earlier this week.

The world’s biggest currency rally was driven by speculative demand, increased adoption by firms and institutional investors that see bitcoin as a store of value. Last month, Tesla bought over a billion dollars worth of bitcoins.

The electric car maker said it plans to accept the digital coin as payment for its products. Mastercard has also said it would also soon accept bitcoin as a form of payment.

Asset manager BlackRock and payment companies Paypal and Square have also recently backed cryptocurrencies.

Back home, the question remains whether the government, central bank or the Securities Commission (SC) would take a stronger stance against cryptocurrencies.

Malaysia’s regulators have held the view that digital assets are not legal tender and have warned investors to be cautious when dealing with cryptocurrencies.

SC chairman Datuk Syed Zaid Albar tells StarBizWeek that “investors must understand that unregulated, offshore investments are not protected under Malaysian securities law”.

“The SC has put in place a regulatory framework for such new emerging investment channels to provide certainty to issuers and investors who are keen to explore these new instruments.

“For example, our regulatory framework has tried to address issues such as putting investors’ money in trust accounts, accurate disclosures, cooling-off periods and conflict of interest situations are also regulated, ” Syed Zaid explains.

The country’s central bank, Bank Negara, also echoes a similar view, explaining that digital assets lack the characteristics of money and suffer from several limitations such as price volatility and risks of cyber threats.

“Digital asset activities are also subject to anti-money laundering and counter-terrorism financing regulations administered by the respective authorities, ” the central bank reported in its annual report in 2019.

Malaysia is also one of the countries studying the feasibility of issuing its own digital currency. “The bank is no exception, and we continue to engage closely in discussions surrounding CBDC with other central banks, ” it said.

More collaborations among central banks around the world are taking place to study the impact of a digital currency for financial stability and the monetary policy of a country.