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Sessions devoted to âresetting digital currenciesâ are scheduled at this weekâs Davos Agenda.
The World Economic Forumâs upcoming Davos Agenda will feature two separate sessions on cryptocurrency, offering another compelling sign that digital assets have permeated mainstream consciousness.Â
The sessions, titled Resetting Digital Currencies, will be held on Monday and Thursday. The first session will feature five public speakers, including Bank of England Governor Andrew Bailey and Hikmet Ersek, president and CEO of Western Union.
Thursdayâs group features four speakers, including Tharman Shanmugaratnam, a senior minister for the government of Singapore, and Zhu Min, chairman of the Beijing-based National Institute of Financial Research.
âCOVID-19 has accelerated the long-term shift from cash,â reads the prospectus for both sessions. âMeanwhile, central bank digital currencies are emerging, potentially transforming how people use money worldwide.â
It continues:
âWhat policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?â
Davos Agenda is a five-day summit featuring some of the worldâs leading figures in finance and government. The cryptocurrency series falls under the summitâs âFairer Economiesâ theme. Other themes include âTech for Good,â âHow to Save the Planetâ and âHealthy Futures.â
The World Economic Forum is devoting more resources to understanding blockchain technology and cryptocurrency. The Geneva-based organization has even created a cryptocurrency working group, which only last month published its inaugural review focusing on the various use cases for digital assets âbeyond price and speculation.â
The Forumâs research has cited blockchain technology as a key driver of âsustainable digital finance.â Blockchain and smart contract capability, its researchers argue, can unlock âhidden values of legacy digital systems.â
Central bank digital currencies, or CBDCs, are one area of research the Forum has delved into over the past 18 months. In Jan 2020, the organization announced it had developed a framework to help banks âevaluate, design and potentially deploy CBDC.â The framework was developed in conjunction with over 40 central banks, financial institutions and academic researchers.
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