World Economic Forum discloses its future vision for crypto

Share This Post

The World Economic Forum (WEF) recently published an article outlining its future vision for crypto.

It mentioned JPMorgan and other “major financial institutions” in the context of 180’ing from their initial skepticism on digital assets. While also advocating for “breakthrough technologies” to be handed over to “responsible actors.”

“The more enduring approach with all breakthrough technologies is to net out their harmful effects by placing technologies (like all tools) in the hands of responsible actors and encouraging their responsible use.”

Crypto needs to be governed by “steadier hands”

The article devoted a significant proportion of word count to a high-level summary of what went wrong in crypto last year.

“By any measure, 2022 was a terrible year for crypto. In all, more than $2 trillion in largely speculative market value evaporated.”

It stated that the events of 2022 were damaging as the belief in crypto to take on and usurp the broken monetary system had taken a substantial hit.

Further, policymakers, who were warning of impending disaster, had been proven correct across multiple instances of large-scale failures.

Drawing parallels with the dot-com bust of the early 2000s and the subsequent “hand over” of the internet to “more durable companies,” the author championed a similar approach with crypto, saying recent dramas call for blockchain infrastructure to move to steadier hands.

While not directly saying “big banks and mature financial services firms” were those steadier hands, the article did mention those institutions were actively experimenting with crypto technology and to watch what they do, not what they say.

According to the WEF, crypto needs oversight from “responsible actors,” who encourage its use in responsible ways.

Community feedback

Commenting on the article, @cardano_whale insinuated that an element of 2022’s crypto disasters was caused by WEF insiders while sarcastically approving of oversight by JPMorgan.

if we all just hand control of this space to JPMorgan all will be well. Lmao, get rekt.”

Replying to @cardano_whale, Twitter users voiced general skepticism of the WEF, with one user pointing out that getting into crypto is all about escaping JPMorgan in the first place.

@Coachjv_, the CEO of crypto education platform 3T Warrior Academy, mentioned the quote, “watch what the big banks and mature financial services firms do, not what they say,” from the article is evidence that, despite authorities publically bashing digital assets, they intend to move forward with them in a big way.

The post World Economic Forum discloses its future vision for crypto appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Kraken to Delist Monero (XMR) Across Europe

Kraken has announced the delisting of Monero (XMR) across the entire European Economic Area (EEA) due to regulatory changes Effective October 31, 2024, at 15:00 PM UTC, trading and deposits for all

Bonk ‘In Prime Position For Turbo Green Week’ As Price Recovers Key Level

Bonk continues its bullish rally as ‘Uptober’ begins, sparking a bullish sentiment among investors after the recent fear of a major pullback The memecoin sensation kickstarted its Q4 journey

Bitcoin To $90,000 In 2 Months If It Mirrors This Trend?

Bitcoin is back to red at press time, looking at the performance in the daily chart After the close of the unexpectedly bullish September bar, the coin started on a weaker footing in October,

Aussie Bank Joins MAS’ Digital Asset Interoperability Project

The Australian financial institution ANZ Bank has joined Project Guardian, a Monetary Authority of Singapore (MAS) initiative exploring the digitization of financial markets In partnership with

XRP Open Interest Climbs To $1 Billion: What’s Driving Interest In The Token?

Ripple’s XRP token amassed close to $1 billion in open interest over the weekend, while its price hovers around $061 at press time, data from CoinGlass shows What’s Different About XRP Price

Bitwage CEO: Stablecoins Have Been a Lifesaver for Argentines

Jonathan Chester, CEO of Bitwage, has detailed how the company has been serving Argentine remote workers who prefer collecting payments from employers abroad in stablecoins Chester stated that 70% of