Davos, Jan 25, 2021 /AlexaBlockchain/ – Cryptocurrency has entered into this year’s World Economic Forum’s Davos Agenda giving a clear signal that global leaders are now doing more serious discussions on this digital asset technology.
The World Economic Forum’s upcoming Davos agenda will feature two separate sessions on cryptocurrency, offering another compelling sign that digital assets have permeated mainstream consciousness.
The sessions, entitled Reset digital currencies, will take place on Monday and Thursday. The first session will feature five public speakers, including Bank of England Governor Andrew Bailey and Hikmet Ersek, Chairman and CEO of Western Union.
Thursday’s group includes four speakers, including Tharman Shanmugaratnam, a senior minister in the Singapore government, and Zhu Min, president of the Beijing-based National Institute for Financial Research.
“COVID-19 has accelerated the long-term passage of cash,” reads the prospectus for both sessions. “Meanwhile, central bank digital currencies are emerging, potentially transforming the way people use money around the world.”
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Davos Agenda is a five-day summit bringing together some of the world’s leading figures in finance and government. The cryptocurrency series fits into the summit’s “fairer economies” theme. Other themes include “Tech for Good”, “How to Save the Planet” and “Healthy Futures”.
The World Economic Forum is devoting more resources to understanding blockchain technology and cryptocurrency. The Geneva-based organization even created a Cryptocurrency Task Force, which last month published its inaugural review focusing on the various use cases of digital assets ‘beyond price and speculation’.
The study titled “Bridging the Governance Gap: Interoperability for Blockchain and Legacy Systems” proposed an open source framework to achieve interoperability between legacy systems and Distributed Ledger Technology (DLT) through the use of decentralized oracle networks.
Forum research cited blockchain technology as a key driver of ‘sustainable digital finance’. Blockchain and the ability of smart contracts, say Forum researchers, can unlock “the hidden values of legacy digital systems.”
CBDCs (Central bank digital currencies) are an area of research the Forum has been focusing on for the past 18 months. In January 2020, the Forum announced that it had developed a framework to help banks “assess, design and potentially deploy CBDCs”. The framework was developed in collaboration with more than 40 central banks, financial institutions and academic researchers.
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