A new digital currency resource suite that aims to help leaders better understand and action new policies and regulations around rapidly evolving topics of central bank digital currency (CBDC) and stablecoins has been launched.
Created by the World Economic Forum’s (WEF) Digital Currency Governance Consortium, the new tool was created following 18 months of research and analysis with more than 85 member organizations across the public and private sectors and civil society.
The nearly 200 members of the consortium are from over 30 countries. They produced a state of the art governance resource suite for leaders to faster assess and evaluate key policy and regulatory actions.
The Consortium’s research and findings cover three key topics: regulatory gaps, the value of digital currencies for financial inclusion and aid disbursement, and technology choices.
Analysts believe that the way global leaders develop, coordinate and regulate such digital currencies will have profound implications on markets, social inclusion and privacy
This body of work illustrates where opportunities exist and challenges remain to the establishment of a responsible, equitable, and thriving global financial future in which digital currencies play a significant role.
Commenting, Founder and Executive Chairman, WEF, Prof. Klaus Schwab, said: “This consortium has built on our long history of public-private cooperation to accelerate necessary and timely conversations for responsible digital currency deployment.
“It has convened the world’s leading policymakers, payment providers, banks, civil society organizations and start-ups to identify and address critical gaps in research and policy guidance.”
On her part, Chief Executive Officer, Fidelity International, Anne Richards, said: “Investor and consumer protections continue to be imperative for cryptocurrency and stablecoins, and the Digital Currency Governance Consortium focuses on this important topic, making a valuable contribution in mapping consumer risks and regulatory gaps to inform future policy-making.”
Similarly, Sheila Warren, Deputy Head, the Centre for the Fourth Industrial Revolution Network, WEF, believes “This body of work illustrates where opportunities exist and challenges remain to the establishment of a responsible, equitable, and thriving global financial future in which digital currencies play a significant role.”
In her opinion, “The consortium exemplifies public-private collaboration and includes experts from civil society and academia, reflecting the largest and most diverse set of stakeholders ever to convene on these topics.”
The Consortium therefore calls for cross-sector cooperation and a focus on greater interoperability, inclusivity and transparency in the deployment of CBDCs and stablecoins.
It outlines critical contributions the private sector can make in the areas of design and distribution, as well as provides much needed technical advice to policymakers.