Cryptocurrencies are to be one of the leading topics of the World Economic Forum in Davos. The agenda of the next meeting includes as many as two separate sessions devoted to digital currencies.
Davos wants to talk about cryptocurrencies
Sessions will be held on Monday and Thursday. The first will feature five speakers, including Bank of England president Andrew Bailey and Hikmet Ersek, Western Union president and CEO. Four days later, four speakers will take the floor, including Tharman Shanmugaratnam, Singapore’s government minister and Zhu Min, chairman of the Beijing-based National Institute of Financial Research.
In the forum prospectus, we read:
“COVID-19 has accelerated the long-term shift away from cash. In the meantime, central bank digital currencies emerge that can change the way people use money around the world.
What rules, practices and partnerships are needed to take advantage of the opportunities created by the development of digital currencies? “
Mainstream will be debating cryptocurrencies
The January forum in Davos is a five-day summit attended by leading financial and political figures. This time, the theme will be “Fair Economy”. Other topics related to the correct use of technology, ecology and health issues.
This year’s World Economic Forum will also focus on blockchain technology and cryptocurrencies. The Geneva-based organization has even set up a cryptocurrency working group earlier, but it wasn’t until last month that it published the first report on different non-digital use cases. “Speculation”.
The forum study listed blockchain technology as a key driver of “sustainable digital finance “. According to experts, blockchain and smart contract technology can “Unlock the hidden values of legacy digital systems.”
In turn, the digital currencies of central banks (CBDC) are one of the areas of research that the Forum has dealt with in the last 18 months. In January 2020, it announced, for example, that it had developed a framework to help banks in “CBDC assessment, design and potential implementation”. The framework has been developed in collaboration with over 40 central banks, financial institutions and academia.
Klaus Schwab, the founder of the forum, also devoted a lot of space to cryptocurrencies and blockchain in his book.