- Two kinds of digital currency - central bank digital currency and stablecoins - have caught the attention of policy-makers and the private sector
- The way global leaders develop, coordinate and regulate such digital currencies will have profound implications on markets, social inclusion and privacy
- To help inform policy-makers, financial institutions, digital currency issuers and others of the key risks and benefits of these digital currencies, the World Economic Forum partnered with 85 organizations from around the world
- They produced a state of the art governance resource for leaders to faster assess and evaluate key policy and regulatory actions
- Learn more and access the tools
Geneva, Switzerland, 19 November 2021 - A new digital currency resource suite aims to help leaders better understand and action new policies and regulations around the rapidly evolving topics of central bank digital currency and stablecoins.
Created by the World Economic Forum's 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 sector and civil society. The nearly 200 members of the consortium are from over 30 countries.
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. They are broken up into 8 white papers, which can be read here.
Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum 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 policy-makers, payment providers, banks, civil society organizations and start-ups to identify and address critical gaps in research and policy guidance."
Anne Richards, Chief Executive Officer of Fidelity International 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."
Sheila Warren, Deputy Head of the Centre for the Fourth Industrial Revolution Network, World Economic Forum said, "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. 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 calls for cross-sector cooperation and a focus on greater interoperability, inclusivity and transparency in the deployment of central bank digital currencies and stablecoins.
It outlines the critical contributions the private sector can make in the areas of design and distribution, as well as provides much needed technical advice to policy-makers.
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