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World Economic Forum (WEF) Includes Cryptocurrencies on Davos Agenda
Jan 25 2021 · 11:14 UTC | Updated
Jan 25 2021 · 14:43 by Ibukun Ogundare · 3 min read
Photo: World Economic Forum / Flickr Share this article
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As digital currencies begin to gain more recognition in the global financial market, the WEF is focusing more on blockchain technology and the crypto space at large.
The World Economic Forum (WEF) has included cryptocurrencies on its Davos Agenda. According to the schedule, the organization would hold two sessions on cryptocurrency during the upcoming event. Notably, this is the first time cryptocurrency would be a topic for discussion at the World Economic Forum Davos meeting.
Jan 25, 2021 19:12 GMTCrypto News
On January 25, the Bank of England Governor Andrew Bailey discussed several topics, including cryptocurrencies.
Bailey stated that existing cryptocurrencies are unlikely to last in the long-term.
According to the governor, the design and governance of digital currencies are not optimal yet.
Andrew Bailey has just participated in a session focused on the emergence of central bank digital currencies (CBDCs). The Governor stated that existing cryptocurrencies are simply not good enough to last over the long term adding:
Have we landed on what I would call the design, governance and arrangements for what I might call a lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it.
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FILE PHOTO: Chief Executive of the Financial Conduct Authority Andrew Bailey speaks at a press conference at the Bank of England in London, Britain February 25, 2019. Kirsty O Connor/Pool via REUTERS/File Photo
LONDON (Reuters) - No existing cryptocurrency has a structure that is likely to allow it to work as a means of payment over the long term, Bank of England Governor Andrew Bailey told an online forum hosted by the Davos-based World Economic Forum on Monday.
“Have we landed on what I would call the design, governance and arrangements for what I might call a lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it,” he said.