WEF creates Central Bank Digital Currency Framework

The World Economic Forum (WEF) has created, in cooperation with some of the world’s major central banks, a central bank digital currency (CBDC) policymaker toolkit.

Amid the growing interest towards cryptocurrencies, WEF is trying through this toolkit to help central banks’ policy-makers understand potential deployment of CBDC and guide them during design phase.

The development of the framework is the outcome of collaboration between WEF, regulators, and seasoned experts representing more than 40 institutions.

The head of blockchain and distributed ledger technology (DLT) at the World Economic Forum Sheila Warren explained:

“Given the critical roles central banks play in the global economy, any central bank digital currency implementation, including potentially with blockchain technology, will have a profound impact domestically and internationally. […] It is imperative that central banks proceed cautiously, with a rigorous analysis of the opportunities and challenges posed.”

“The Bank of Thailand has made good progress on a wholesale CBDC project, called Project Inthanon,” said Veerathai Santiprabhob, Governor, Bank of Thailand.

“We will pilot the new toolkit developed by the World Economic Forum,” said Rasheed al Maraj, Governor, Central Bank of Bahrain. “We hope that it will be an opportunity to learn, grow, and to adapt to the changes in the Fourth Industrial Revolution.”

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