The World Economic Forum (WEF) hosted in Davos marks an event important not only for finance, world trade, and politics but for the cryptocurrency and blockchain industry as well. According to statements from a few experts who attended the event, the traditional financial system will fall behind if they do not adopt disruptive technologies like blockchain and crypto.
When asked to compare WEF 2020 to WEF 2019, the former lead maintainer at Monero Riccardo Spagni stated that he still notices the ‘old school’ financial and regulatory spirit represented by many participants. In a recent interview with Cointelegraph, Spagni stated:
“I think by a lot of events like this one and some of the other blockchain events, we’re starting to show them that if they don’t adapt, if they don’t change, they’re going to end up losing. They’re going to end up on the losing side because new finance is going to replace old finance.”
Blockchain technology as the leader of financial innovation
Several enterprises, institutions, and governments decided to experiment with blockchain pilot projects since the crypto bull run in 2017. Following analysis, experimentations and deployment, blockchain technology proved to be useful in numerous use cases and environments.
IBM, Microsoft, JPMorgan Chase, Amazon, and several other companies spearheaded blockchain adoption, which was revealed by their enthusiastic announcements during 2019. In 2020, projects such as the JPM coin, a stablecoin developed by JPMorgan Chase, should reach their final phases.
Blockchain, CBDCs, and stablecoins to be discussed at Davos WEF
The WEF 2020 at Davos started today on Jan 21 and cryptocurrency enthusiasts expect numerous speakers to highlight the importance of old-guard institutions to adopt innovative technologies and become part of the fintech space. Experts should reveal their opinions regarding several key-topics such as central bank digital currencies (CBDC), stablecoins, and global sustainability.
The day already started great for the industry seeing that the Bank of England released a document stating that six central banks formed a research group for digital currencies. Another major milestone was hit when Consensys revealed a document titled ‘Central banks and the future of digital money.’
Founded by Joseph Lubin, the new document from Consensys showcased several use cases and benefits of CBDCs on platforms such as Ethereum’s blockchain network. The organization describes the document by stating that it ‘provides an overview of the history and current state of CBDC as well as an example of how a CBDC could be designed and built on the Ethereum blockchain