Finally: Global Consortium for Digital Currency Governance Announced at WEF
- A long-awaited global initiative to standardize digital asset governance finally looks like it has been established.
- World leaders expressed their eagerness to work together in establishing a set of guiding principles for the public and private sector.
General Atlantic CEO Bill Ford discussed the framework for valuing high-growth businesses during the event’s “Valuing Unicorns” panel at the 2020 World Economic Forum Annual Meetin in Davos, Switzerland. World Economic Forum
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.
- The WEF used data from over 30 technical standard-setting entities, 185 jurisdictions, and almost 400 industry groups to create its report.
- Called the Global Standards Mapping Initiative, the study notes the gaps, divergence and overlap in the blockchain standard-setting space.
Then President of Ukraine Petro Poroshenko speaks at the World Economic Forum in Davos, Switzerland on January 21, 2015. Shutterstock
- The public toolkit is 244 pages long and is available as a PDF file and as an online service.
- Project lead Nadia Hewett believes that the guide can solve issues that are typical in epidemics and pandemics.
- L3COS will give detailed presentations during WEF which will take place between January 21 and 24, 2020.
- The blockchain is based on three layers that serve separate purposes under separate consensus mechanisms.