Announced Friday, following extensive consultation with the global community the consortium seeks to bring together financial institutions, government representatives, developers and other members of the global community to determine what sort of governance around cryptocurrencies can best further the goal of financial inclusion. Cited as a tool for financial inclusion, but this opportunity can be realised only when paired with good governance.
Digital currencies are "a key area of interest for the Forum," and a Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and inter-operable said WEF Founder and Chairman Klaus Schwab. The area "requires input across sectors, functions and geographies."
“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," he said.
Opportunities for financial inclusion will be only unlocked if the space is regulated properly “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," which includes public-private cooperation across developed and high-growth markets
The new consortium has buy-in from a number of central banks from developing nations and brings together leading companies, financial institutions, government representatives, technical experts, academics, international organisations, NGOs and members of the Forum’s communities on a global level.
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Bank of England's Mark Carney said “Governance is the core pillar of any form of digital currency, 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 Board Member praised the effort in a press release and said, “We welcome the dialogue the World Economic Forum is facilitating about digital currencies. We agree that good regulation is important for the success and safe adoption of digital currency platforms and are looking forward to continue to engage in this constructive conversation.”