The crypto space has matured in recent times. The growth of institutional investment and interest in Central Bank Digital Currencies (CBDCs) has put them at the forefront of financial conversations. Dital assets are now set to make their debut at the gathering of the world’s top financial minds – the World Economic Forum.
Resetting Digital Currencies
According to the program page for the World Economic Forum’s Davos Agenda, the event is set to feature two sessions related to digital assets.
Titled “Resetting Digital Currencies,” the sessions will hold on Monday and Thursday. They will feature discussions from several notable names, including Andrew Bailey, the Governor of the Bank of England, and Hikmet Ersek, the president and chief executive of financial services giant Western Union.
Davos Agenda is a five-day summit featuring leading names in government and finance. The discussion incorporates several of the world’s leading social and economic trends, essentially looking at how they can be a force for charting a course for a better world. Along with the digital currency panel, others include “Healthy Futures,” “Tech for Good,” and “How to Save the Planet.”
The event page explains how much cryptocurrencies have begun their climb into mainstream global discussions last year. It points to the coronavirus pandemic, and the push towards cashless payment forms, as well as countries’ desire to issue CBDCs to optimize their digital payments industries.
Hence, it asks the question: “What policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?”
Crypto Takes Davos
The inclusion of cryptocurrencies in this year’s World Economic Forum is a sign of just how far things have changed. Digital assets have been prominent parts of financial discussions for the past 18 months, particularly since more corporations are moving towards the asset class for protection from the coronavirus and its economic effects.
It is worth noting that this isn’t the first mention of cryptocurrencies at the Geneva-based gathering. Last year, a consortium of central banks announced at the event that they would partner to examine the effects of launching CBDCs. The group, which included central banks from Canada, Japan, Sweden, the United Kingdom, and the European Union, appears to have had its efforts stymied by the coronavirus. However, every central bank mentioned above has registered its intention to study CBDCs separately within the past year.
Last year, the Forum also inaugurated the Global Future Council on Cryptocurrencies – a working group to study digital assets and their various use cases. In a report from last month, the group explained that digital assets have become useful for much more than mere price speculations. It added that it plans to work on technical knowledge products to help policymakers and regulators improve governance and capacity-building initiatives.