That World Economic Forum has announced the creation of a global consortium to develop a governance framework for digital assets. In a press release on Friday, the WEF said that the Global Consortium for Digital Currency Governance will work on creating interoperable, inclusive policy solutions to help make the financial system more accessible and inclusive.
The announcement acknowledged claims that cryptocurrencies can improve financial inclusion. However, the WEF noted that achieving that goal will require effective governance. Currently, regulation of the digital asset ecosystem is fragmented, with no uniform standards. The consortium will work to design principles and standards to guide policymakers in the creation of a working regulatory framework for digital currencies.
According to the press release, the consortium will bring together business interests, government, academics, financial entities, international organizations, various technical experts, and other stakeholders to ensure that it considers public policy, business needs, and the different economic environments in countries around the globe.
Bank of England Governor Mark Carney emphasized the importance of ensuring good governance in the digital currency space:
“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 World Economic Forum’s platform to help develop a robust governance framework for inclusion through digital currencies.”