WEF Launches Global Consortium for Digital Currency Governance

Announced on Friday, after thorough discussions with the global community, the consortium aims to unite financial entities, government officials, developers, and other global stakeholders to establish governance structures for cryptocurrencies that effectively promote financial inclusion. While digital currencies are recognized as a vehicle for financial inclusion, this potential can only be achieved when accompanied by sound governance practices.

Digital currencies represent “a significant area of focus for the Forum,” and the Global Consortium for Digital Currency Governance strives to enhance access to the financial system through innovative and inclusive policy solutions, as stated by WEF Founder and Chairman Klaus Schwab. The initiative “needs insights across various sectors, functions, and regions.”

“Leveraging our extensive experience in public-private collaboration, we anticipate that hosting this consortium will stimulate the discussions necessary to establish a solid governance framework for global digital currencies,” he added.

The opportunities for financial inclusion will only be realized with proper regulation. “Building on our long-standing history of public-private cooperation, we aim for this consortium to catalyze discussions essential for creating a comprehensive governance framework for global digital currencies,” which emphasizes collaboration between public and private sectors in both developed and emerging markets.

The newly formed consortium has garnered support from several central banks across developing countries and unites prominent businesses, financial organizations, government officials, technical specialists, academics, international bodies, NGOs, and members of the Forum’s global communities.

Mark Carney from the
Bank of England emphasized, “Governance stands as the cornerstone of any digital currency initiative. It is vital that any digital currency framework guarantees safety, efficiency, and the integrity of payments while promoting equitable and open competition. We appreciate the World Economic Forum’s initiative to create a strong governance framework for inclusive digital currencies.”

David Marcus, Head of Calibra and a Libra Board Member, commended the initiative in a press statement, stating, “We welcome the dialogue that the World Economic Forum is fostering regarding digital currencies. We concur that effective regulation is crucial for the successful and secure integration of digital currency platforms, and we look forward to continuing this constructive dialogue.”