The cryptocurrency industry may be gaining worldwide recognition from top regulators and financial institutions. The global community, represented at WEF 2020, seems to be warming up to the crypto industry and steps are now taken to shape the sector and help it grow.
The 2020 World Economic Forum that took place in Davos announced the commencement of the Global Consortium for Digital Currency Governance. The consortium comprises of leading financial institutions, central banks, NGOs, large international companies and academics from all over the globe. The goal of the Consortium is to monitor the different opportunities that the digital currency sector presents in the future. The group will be in charge of properly integrating cryptocurrencies in the financial systems around the world – an idea that was long condemned by many regulators and political bodies.
Some of the proponents of the establishment are none other by the Governor of the Central Bank of Kenya, Senior Minister of the Monetary Authority of Singapore, the Governor of the Central bank of Bahrain, Neha Narula of MIT and the Chief Economist of the Inter-American Development Bank, among others.
In addition to the positive news coming from WEF on the development of the crypto industry is also coinciding with the results of a survey conducted by the Bank of International Settlements that found that central banks around the world are already testing different crypto innovations. Some 66% of central banks participated in the study.
In 2019, WEF announced that Africa is undeniably the next big blockchain destination.