The World Economic Forum (WEF) in Davos, Switzerland, ended yesterday with a significant mark on the cryptocurrency market. On the last day, WEF announced the first global consortium focused on designing a framework for the governance of digital currencies, including stablecoins.
The World Economic Forum for 2020 took place at Davos the past week, and cryptocurrencies received a lot of attention.Yesterday, during its last day, the Forum announced the creation of the first Global Consortium for Digital Currency Governance. It will consist of financial institutions, government representatives, academics, international organizations, leading companies, technical experts, NGOs, and members of the Forums communities on a global level.
The report indicates that if digital currencies are to receive proper financial inclusion, they need to be paired with good governance. Therefore, the Consortiums purpose will be to establish a framework of regulations by implementing innovative approaches. To achieve their goal, the participants will use efficiency, speed, inter-operability, inclusivity, and transparency.
The Consortium will work with both the public and the private sectors to explore the presented opportunities.
According to Klaus Schwab, Founder and Executive Chairman of the WEF, digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum.
Mark Carney, Governor of the Bank of England, also spoke on the matter:
Governance is the core pillar of any form of digital currency. It is critical that any framework on digital currencies ensures security, efficiency, and legitimacy of payments while ensuring fair and open competition. We welcome the WEFs platform to help develop a robust governance framework for inclusion through digital currencies.
As CryptoPotato recently reported, the efforts of establishing regulations on the cryptocurrency market are getting more and more serious. As of January 10th, the European Union introduced an updated version of its 5th Anti-Money Laundering Directive (5AMLD) with increased regulatory focus.
All cryptocurrency-related businesses operating from Europe have to follow the rules. They include a more in-depth Know-Your-Customer process, transaction monitoring, and filing suspicious activity reports (SARs) with law enforcement.
One of the aftermaths came shortly, as the popular exchange Deribit announced its upcoming relocation from the Netherlands to Panama.
With the creation of the Global Consortium, world watchdogs will try to establish a framework of regulations on cryptocurrencies. Its particularly interesting to see whether this will be beneficial for the space as a lot of the market participants remain unregulated.
Enjoy reading? Please share:
See more here:
Regulating Bitcoin: WEF2020 Announced A Global Consortium For Cryptocurrency Governance - CryptoPotato
- Bitcoin Just Did Something It Has Only Done 3 Times Before. The Cryptocurrency Usually Does This Next. - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Market News: Bitcoin Halving Steadies Price, Network Transaction Fees Spike - Investopedia - April 25th, 2024 [April 25th, 2024]
- Bitcoin Just Did Something It Has Only Done 3 Times Before. The Cryptocurrency Usually Does This Next. - Yahoo Finance - April 25th, 2024 [April 25th, 2024]
- 10 Best Cryptocurrencies To Buy In April 2024 - Forbes - April 25th, 2024 [April 25th, 2024]
- Movement Labs raises $38 million to build layer 2 blockchain on Ethereum with Facebook tech - Fortune - April 25th, 2024 [April 25th, 2024]
- Cardano Founder Charles Hoskinson Reiterates Core Purpose of Cryptocurrency Here's What You Need to Know - Cryptonews - April 25th, 2024 [April 25th, 2024]
- From Cryptocurrency to Cannabis: 7 Penny Stocks on the Rise - InvestorPlace - April 25th, 2024 [April 25th, 2024]
- South Carolina: Cryptocurrency scams on the rise in Upstate - WYFF4 Greenville - April 25th, 2024 [April 25th, 2024]
- Binance BNB Memecoin Traders Join 100X New Cryptocurrency On Uniswap - Yahoo Finance - April 25th, 2024 [April 25th, 2024]
- The Future of Real Estate: Investing in Tokenized Properties with Cryptocurrency - ForexLive - April 25th, 2024 [April 25th, 2024]
- The Current Position with Cryptocurrency Regulation in the United States - Latest Cryptocurrency Prices & Articles - April 25th, 2024 [April 25th, 2024]
- 3 Must-Know Facts About Ethereum, Before You Buy the Cryptocurrency - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency: 3 Meme Coins To Watch In May for Exponential Gains - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- EOS Falls 14% In Bearish Trade By Investing.com - Investing.com - April 25th, 2024 [April 25th, 2024]
- The UItimate Cryptocurrency to Buy With $1,000 Today - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Romance scams involving AI images, cryptocurrency on the rise in Chicago - CBS Chicago - April 25th, 2024 [April 25th, 2024]
- Bitcoin Halving Event Of 2024: The Aftermath Forbes Advisor Australia - Forbes - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Ethereum Classic Down More Than 4% Within 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency: Top 3 Coins To Buy Now For 10X Gains In 2024 - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- What's going to be different with the halving of Bitcoin this time? - Euronews - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency OKB Decreases More Than 3% Within 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency OKB Decreases More Than 3% Within 24 hours - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Kaspa Falls More Than 3% In 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- BRICS To Replace US Dollar With Cryptocurrency for Trade - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- Bitcoin Halving Sparks Unprecedented Transformation in Cryptocurrency Market - West Island Blog - April 25th, 2024 [April 25th, 2024]
- Influential Analyst on YouTube Shares High-Potential Cryptocurrency That Could Beat Shiba Inu (SHIB) and Dogecoin (DOGE) Gains in This Bull Run -... - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Uniswap Up More Than 3% In 24 hours By Benzinga - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- Bitcoin is halving again what does that mean for the cryptocurrency and the market? - The Conversation - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Ethereum Classic Down More Than 4% Within 24 hours By Benzinga - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- RackNerd Expands Cryptocurrency Payment Options with Coinify Integration, Accepting Over 30 Cryptocurrencies - PR Web - April 25th, 2024 [April 25th, 2024]
- What Meltdown? Crypto Comes Roaring Back in the Philippines. - The New York Times - March 18th, 2024 [March 18th, 2024]
- Chinas cryptocurrency investors made gains of US$1 billion in 2023 - South China Morning Post - March 18th, 2024 [March 18th, 2024]
- 1 Super Cryptocurrency Could Soar to $200,000 by 2025, According to a Wall Street Analyst - The Motley Fool - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency Miners Need to Report their Energy Use - Earthjustice - March 18th, 2024 [March 18th, 2024]
- Understanding the Fundamental Differences Between Cryptocurrency and Fiat Currency - FinSMEs - March 18th, 2024 [March 18th, 2024]
- SOL Flips BNB, Becoming 4th Largest Cryptocurrency as Ethereum Becomes Next Target - CCN.com - March 18th, 2024 [March 18th, 2024]
- Prosecutors seek from 40 to 50 years in prison for Sam Bankman-Fried for cryptocurrency fraud - The Associated Press - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency: 3 Meme Coins That Could 15x This Bull Season - Watcher Guru - March 18th, 2024 [March 18th, 2024]
- Can the Bitcoin surge push India to overcome its cryptocurrency hurdles? - The National - March 18th, 2024 [March 18th, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 Today - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency laundryman gets hung out to dry - The Register - March 18th, 2024 [March 18th, 2024]
- Bitcoin price predictions: How much more could it rise in 2024? - Euronews - March 18th, 2024 [March 18th, 2024]
- Shiba Inu Is Skyrocketing: Is It a Top Cryptocurrency to Buy Right Now? - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- 1 Top Cryptocurrency to Buy Before It Soars 1,328%, According to Cathie Wood of Ark Invest - The Motley Fool - March 18th, 2024 [March 18th, 2024]
- The other Bitcoin rally: How scams are cashing in on the cryptocurrency fever - EL PAS USA - March 18th, 2024 [March 18th, 2024]
- Kalshi Prediction Market To Introduce Cryptocurrency Betting (Payouts In USD) - Blockchain Magazine - March 18th, 2024 [March 18th, 2024]
- Bitcoin Hits Record $72,000, Emboldening Crypto Industry - The New York Times - March 18th, 2024 [March 18th, 2024]
- Solana (SOL) Flips BNB to Become 4th Largest Cryptocurrency - Watcher Guru - March 18th, 2024 [March 18th, 2024]
- Predicting which Cryptocurrency will Boom in 2024 - ForexLive - March 18th, 2024 [March 18th, 2024]
- Nigeria's Cryptocurrency Crackdown Will Have Consequences, Experts Say - Voice of America - VOA News - March 18th, 2024 [March 18th, 2024]
- Crypto ETN providers head for UK but urge rethink on retail ban - Financial Times - March 18th, 2024 [March 18th, 2024]
- Trump Signals Positive Stance on Cryptocurrency If Elected to the White House - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- Bitcoin Bulls vs. Bubble Bears: A Cryptocurrency Clash - Crypto Times - March 18th, 2024 [March 18th, 2024]
- Imprison crypto fraudster Bankman-Fried 40 to 50 years, say feds - New York Daily News - March 18th, 2024 [March 18th, 2024]
- Is This The Best Cryptocurrency to Buy With $1,000? - Analytics Insight - March 18th, 2024 [March 18th, 2024]
- How Immortalboost.com Connects Gamers and Cryptocurrency - TheXboxHub - March 18th, 2024 [March 18th, 2024]
- Avalanche (AVAX) Created Millionaires, Here's The New A.I Exchange Cryptocurrency Predicted Huge Gains In 2024 - Analytics Insight - March 18th, 2024 [March 18th, 2024]
- Solana volume leapfrogs Ethereum as memecoin frenzy seen sending price to $415 - DLNews - March 18th, 2024 [March 18th, 2024]
- Bitcoin alternatives, from Ether to Dogecoin - Quartz - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency Price on March 12: Bitcoin trades near $72,000; Toncoin, Avalanche jump up to 34% - The Economic Times - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency: 3 Coins To Watch Under $1 as Bitcoin Hits $56,000 - Watcher Guru - February 27th, 2024 [February 27th, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 Today - The Motley Fool - February 27th, 2024 [February 27th, 2024]
- The vast Ponzi scheme that is cryptocurrency - The Pasadena Star-News - February 27th, 2024 [February 27th, 2024]
- Exploring the World of Global Cryptocurrency Exchanges - Indiana Daily Student - February 27th, 2024 [February 27th, 2024]
- Cryptocurrency Prices And News: Bitcoin Price Hits 27-Month High Above $57000 - Investor's Business Daily - February 27th, 2024 [February 27th, 2024]
- 7 Best Cryptocurrency Investing Strategies | Investing | U.S. News - U.S News & World Report Money - February 27th, 2024 [February 27th, 2024]
- Cryptocurrency fraud costs: $1.56 billion in 2023 - Accounting Today - February 27th, 2024 [February 27th, 2024]
- Expanding Horizons: WDC Quantify's 2024 Plan to Revolutionize Cryptocurrency Trading and Investment - Morningstar - February 27th, 2024 [February 27th, 2024]
- BC Court Upholds Temporary Freeze on Cryptocurrency Mining Connections to BC Hydro Grid - BlockTribune - February 27th, 2024 [February 27th, 2024]
- Texas Blockchain Council and Riot Platforms Win Temporary Restraining Order Against DoE Cryptocurrency Mining ... - BlockTribune - February 27th, 2024 [February 27th, 2024]
- Bitcoin price passes $57,000 to hit 2-year high - Quartz - February 27th, 2024 [February 27th, 2024]
- More from Fed's Schmid: Would be a mistake to consider cryptocurrency as a currency - ForexLive - February 27th, 2024 [February 27th, 2024]
- 1 Top Cryptocurrency to Buy Before It Soars 4,500%, According to Cathie Wood's Ark Invest - The Motley Fool - February 27th, 2024 [February 27th, 2024]
- Cryptocurrency: 3 Coins That Could Surge in March - Watcher Guru - February 27th, 2024 [February 27th, 2024]
- Blockchain Unveiled: Beyond Cryptocurrency Lies a World of Opportunity - AutoGPT Official - AutoGPT - February 27th, 2024 [February 27th, 2024]
- Updated Bitcoin prices outlook for 2024 By Investing.com - Investing.com - February 27th, 2024 [February 27th, 2024]
- Suspicious Activity Surrounds BitForex Cryptocurrency Exchange The Merkle News - The Merkle Hash - February 27th, 2024 [February 27th, 2024]
- Donald Trump's Cryptocurrency Portfolio Tops $5M, Thanks to $2.9M in Trump-Branded Tokens Bitcoin News - Bitcoin.com News - February 27th, 2024 [February 27th, 2024]
- Matthew Perry's X account hacked and soliciting cryptocurrency donations through fraudulent site - MSN - February 27th, 2024 [February 27th, 2024]
- Bitcoin: Here's why the flagship cryptocurrency keeps soaring - Cointribune EN - February 27th, 2024 [February 27th, 2024]