WEF Forms Consortium For International Crypto Governance

To create a framework for the international governance of cryptocurrencies, the World Economic Forum (WEF) has reportedly formed a worldwide consortium. The Global Consortium for Digital Currency Governance will be geared toward the development of transparent, interoperable and inclusive approaches to policy to regulate the crypto industry and facilitate work between the public and private worlds in emerging and developed economies, Cointelegaph reported.

The consortium will bring together traditional financial institutions, worldwide enterprises, government representatives, academics, technical experts, global organizations, members of WEF’s communities and non-governmental organizations (NGOs). The inspiration behind the creation of the organization, the WEF reportedly said, is the realization that well-designed worldwide governance is crucial to having cryptocurrency realize its promise of facilitating financial inclusion by bringing un- and underbanked populations access to financial offerings.

The WEF notes per the outlet that it will home in on developing trust and encouraging groundbreaking thinking on regulatory policies that can bolster private as well as public actors in the worldwide cryptocurrency industry. “Creating an inclusive, integrated global digital currency system requires dialogue across stakeholders ranging from finance ministers to open source developers,” Neha Narula, director of the Digital Currency Initiative at Massachusetts Institute of Technology (MIT), said in the report.

As previously reported, the range of topics under discussion at the World Economic Forum in Davos this week have been diverse, ranging from trade accords to climate change as well as Big Tech and digital taxes. Sovereign debt and high-tech initiatives, with the inclusion of artificial intelligence (AI), have been more recent topics.

In an interview on the second day of the World Economic Forum, JPMorgan Chase CEO Jamie Dimon warned that sovereign debt presents a risk, saying it is among the “only” areas where financial bubbles have formed. The total of U.S. public debt outstanding has topped $23 trillion, by way of example, and, per a report, debt held by the public stands at $17 trillion.