CAPE TOWN – The World Economic Forum on Friday announced the first global consortium focused on designing a framework for the governance of digital currencies in an effort to increase financial inclusion.
The initiative, which is the first to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, non-governmental organisations (NGOs) and members of the Forum’s communities on a global level, was made at the WEF 50th annual meeting currently taking place in Davos, Switzerland, following extensive consultation with the global community.
Digital currencies are often cited as a tool for financial inclusion, but this opportunity can only be realised when paired with good governance, according to WEF.
To tackle the challenge ahead, an international, multistakeholder approach with the public and private sectors working alongside civil society is needed. This consortium would focus on solutions for a fragmented regulatory system.
Efficiency, speed, inter-operability, inclusivity and transparency would be at the heart of this initiative.