During the World Economic Forum in Davos, two sessions on cryptocurrencies and digital currencies of the Central Bank (MNBC) will be organized.
The Geneva-based organization has even set up a task force focused on cryptocurrencies and blockchain.
Two sessions on cryptocurrencies
The Davos World Economic Forum, which opens on Monday, will include two separate sessions on cryptocurrencies that show the interest of policy makers.
The sessions entitled « Resetting Digital Currency » will take place today and Thursday. The first session will be attended by five speakers, including Bank of England Governor Andrew Bailey and Hikmet Ersek, President of Western Union.
Four speakers will intervene at Thursday’s meeting, including Tharman Shanmugaratnam, Minister for the Government of Singapore, and Zhu Min, President of the National Institute for Financial Research based in Beijing.
Both sessions will focus on the declining role of cash and the emergence of central bank digital currencies, particularly in the context of the pandemic.
The World Economic Forum is devoting more resources to understanding blockchain technology and cryptocurrencies. The organization, which is based in Geneva, has even set up a working group to deal with these two issues.
In December, it also released its first report focusing on the various use cases of digital assets « beyond price and speculation ». In research, blockchain was named as the main driver for « sustainable digital finance ». The researchers say the technology could « add value to existing digital systems ».
Central Bank Digital Currencies (MNBCs) are one of the areas of research the forum has focused on over the past 18 months. In January 2020, the organization announced that it had developed a framework to help banks « evaluate, design and potentially deploy an MNBC. » This framework was developed in collaboration with central banks, financial institutions and academic researchers.