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World Economic Forum announces new global consortium for cryptocurrency governance

Image: World Economic Forum

Mon, 27 Jan 2020, 05:58 am UTC

The World Economic Forum (WEF) on Friday announced a global consortium that will focus on designing a governance framework for cryptocurrencies, including stablecoins.

Called the Global Consortium for Digital Currency Governance, the consortium aims to facilitate financial inclusion through innovative policy solutions that are “inclusive and inter-operable.”

“Digital currencies are often cited as a tool for financial inclusion, but this opportunity can be realized only when paired with good governance,” the WEF said.

With a focus on designing solutions for the current fragmented regulatory system, the consortium will bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and WEF members on a global level.

The initiative will develop a set of guiding principles to support public and private actors exploring the opportunities presented by cryptocurrencies with a particular focus on efficiency, speed, inter-operability, inclusivity, and transparency.

“Digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “Building on our long history of public-private cooperation, we hope that hosting this consortium will catalyse the conversations necessary to inform a robust framework of governance for global digital currencies.”

The initiative is already supported by Mark Carney, Governor of the Bank of England; Tharman Shanmugaratnam, Senior Minister, Singapore and Chairman, Monetary Authority of Singapore; Lesetja Kganyago, Governor of the South African Reserve Bank; Neha Narula, Director, Digital Currency Initiative, Massachusetts Institute of Technology (MIT); Joseph Lubin, Founder of ConsenSys, and others.

David Marcus, Head of Calibra, Facebook, Libra Board Member, also welcomed the move and said:

“We agree that good regulation is important for the success and safe adoption of digital currency platforms and are looking forward to continuing to engage in this constructive conversation.”

Last week, the WEF also launched a blockchain-based supply chain traceability platform in collaboration with Everledger, Lenzing Group, TextileGenesis, and the International Trade Center. In addition, it has unveiled its CBDC Policy-Maker Toolkit to provide high-level guidance and information to central bank policy-makers for the deployment of central bank digital currencies (CBDCs).

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