On the final day of the World Economic Forum Annual Meeting 2020 in Davos-Klosters in Switzerland, cryptocurrency stole the spotlight. The announcement of the Global Consortium for Digital Currency Governance clearly shows that these new financial instruments are no longer to be ignored.
The announcement reads:
“This is the first initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the Forum’s communities on a global level. To tackle the challenge ahead, an international, multistakeholder approach with the public and private sectors working alongside civil society is needed.”
The call for a solidified international regulatory framework for digital assets is an old one. Still largely falling into a legal gray area, digital assets innovation has been stifled by this lack of regulatory standards for years now.
The consortium will aim to provide guiding principles to help governments and businesses work with digital assets, while also working alongside one another.
The WEF announcement also included quotes from many world leaders present at the event, including founder and chairman of the WEF, Klaus Schwab, governor of South African Reserve Bank, Lesetja Kganyago, and governor of the Bank of England, Mark Carney, all of whom expressed eagerness their eagerness of working together on establishing regulatory digital asset principles.
While this is still only big talk, we are restless and hopeful to see this consortium do good for the digital assets sector in the near future.