The World Economic Forum has created a consortium comprised of a number of international institutions to establish a framework for cryptocurrencies governance , including stablecoins.
The newly established consortium is about to join forces with financial institutions, tech firms, government representatives, technical experts and members of the global community including Non-Government Organizations to determine the best cryptocurrencies governance framework which will be able to enforce the goal of financial inclusion.
WEF Founder and Chairman Klaus Schwab said:
“Digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum. Building on our long history of public-private cooperation, we hope that hosting this consortium will catalyse the conversations necessary to inform a robust framework of governance for global digital currencies.”
A number of central banks welcomed the new consortium of Crypto Governance , as well as the Bank of England’s Mark Carney and several non-government entities.
Mark Carney, Governor of the Bank of England, says:
“It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition. We welcome the World Economic Forum’s platform to help develop a robust governance framework for inclusion through digital currencies.”
David Marcus, Head of Calibra, Facebook, Libra Association Board Member praised this effort:
“We agree that good regulation is important for the success and safe adoption of digital currency platforms and are looking forward o continuing to engage in this constructive conversation.”
Last week, 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.
WEF said that it is trying through this toolkit to help central banks’ policy-makers understand potential deployment of CBDC and guide them during design phase amid the growing interest towards cryptocurrencies.