Cryptocurrencies: Topic at the World Economic Forum in Davos

The topic of „Resetting digital currencies“ will be discussed in two sessions in Davos.

The planned agenda of the World Economic Forum in Davos includes two separate sessions on the topic of cryptocurrencies. This is another compelling sign that digital assets are mainstream consciousness.

The sessions entitled Resetting Digital Currencies place on Monday and Thursday instead

Five speakers will appear in the first session, including Bank of England Governor Andrew Bailey and Hikmet Ersek, President and CEO of Western Union.

Thursday’s group includes four speakers, including Tharman Shanmugaratnam, a senior minister in the Singapore government, and Zhu Min, chairman of the Beijing National Institute of Financial Research.

„COVID-19 has accelerated the long-term move away from cash,“ the prospectus reads for both meetings. „In the meantime, central bank digital currencies are emerging that may change the way people handle money around the world.“

It also says:

„What strategies, practices and partnerships are needed to take advantage of the opportunities presented by the rise of digital currencies?“

The five-day summit will be held in Davos, attended by some of the world’s leading figures from the financial sector and governments. The crypto currencies fall under the summit theme „fair economies“. Further topics are „Tech for Good“, „How to Save the Planet“ and „Healthy Futures“.

The World Economic Forum is trying to make blockchain technology and cryptocurrencies easier to understand. The Geneva-based organization even set up a cryptocurrency working group that released its first report just last month . This deals with the various use cases for digital assets „beyond price and speculation“.

The forum’s research has identified blockchain technology as a key driver for „sustainable digital finance“ . Blockchain and smart contracts, the researchers argue, can release „hidden values from digital legacy systems“.

Central Bank Digital Currencies ( CBDCs ) are an area of research that the forum has been studying for the past 18 months. In January 2020, the organization announced that it had developed a framework to help banks „evaluate, design and potentially deploy CBDCs.“ The framework was developed in collaboration with over 40 central banks, financial institutions and academic researchers.