Forex and Crypto News

Davos Forum participants create a cryptocurrency management consortium

17:25 24 January /2020

In Davos, participants of the World Economic Forum created the first-ever consortium to develop a mechanism for regulating digital currencies. This was reported by the CoinTelegraph portal and noted that the consortium members will develop political and economic measures to regulate relations in the cryptocurrency industry.

The measures that will be presented will apply to both developed and developing states.

Note that the question of regulating the cryptosphere was raised in Davos in previous years. Only then, most of the forum participants believed that at this stage of development the role of digital currencies is so small that there is no need to regulate them.

It is expected that the consortium will include traditional financial institutions, representatives of governments, large corporations, international organizations, and the expert community.

The purpose of this structure will be not only an assessment of the potential of cryptocurrencies but also an increase in the transparency of this segment of the economy.

Supporters of the consortium were Mark Carney, head of the Bank of England, Klaus Schwab (chairman of the Davos forum), head of the Monetary Authority of Singapore Tarman Shanmaugaratnam and representatives of central banks of Egypt and Bahrain.

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