Cryptocurrency is on the Davos agenda

The upcoming, annual meeting of the World Economic Forum (WEF) at Davos has put two sessions about cryptocurrencies on the agenda, a sign of its growing importance, Cointelegraph suggests.

The sessions, titled Resetting Digital Currencies, are going to be held on the Monday and Thursday, if you want to follow it, and will feature speakers Andrew Bailey, Bank of England Governor and Hikmet Ersek, president and CEO of Western Union.

At the Thursday session, Tharman Shanmugaratnam, a senior minister for the government of Singapore, and Zhu Min, chairman of the Beijing-based National Institute of Financial Research will be amongst the speakers.

The prospectus for these sessions points out that the Covid-19 pandemic has accelerated the move away from cash in the long term, and that the emergence of central bank digital currencies (CBDCs) are potentially transforming how people use money worldwide.

It also asks: “What policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?”

Davos is a meeting of the world’s leading figures in government and finance, and the talks are split by theme, with cryptocurrencies coming under ‘Fairer Economies’. Other themes are “Tech for Good,” “How to Save the Planet” and “Healthy Futures.”

The WEF, based in Geneva, is providing more resources to a working group so that blockchain technology can be better researched and understood, The group is also looking into blockchain as a key driver of sustainable digital finance, and unlocking the hidden values of smart contracts. It is also looking at CBDCs and has developed a framework to “evaluate, design and potentially deploy CBDC,” a project it worked on in conjunction with over 40 central banks and other financial institutions.

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