The World Economic Forum (WEF) has launched a global consortium for digital currency governance, bringing together tech firms, financial institutions, governments, technical experts and NGOs.
The emergence of digital currencies in a myriad of different forms - from Bitcoin to Facebook's Libra to central bank-issued alternatives - has left the international community scrambling to build a suitable, integrated regulatory system.
Unveiled at Davos, the new consortium aims to tackle the challenge with an international, multi-stakeholder approach involving both the public and private sectors.
The consortium will look to find ways to tackle a fragmented regulatory system, focussing on efficiency, speed, inter-operability, inclusivity and transparency. The partners will look to design a set of guiding principles to support public and private actors working to unleash the potential of digital currencies.
Mark Carney, governor of the Bank of England, says: “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.”
David Marcus, head, Calibra, Facebook, Libra Board Member, adds: “We agree that good regulation is important for the success and safe adoption of digital currency platforms and are looking forward to continue to engage in this constructive conversation.”