Global Consortium for Digital Currency Formed by WEF
For the adoption of digital currencies, the first Global Consortium which focussed on creating a framework for Governance of Digital Currencies was announced on Friday, 24th January 2020 by the World Economic Forum. The announcement was made during the last day of the 50th annual meeting of WEF, held in Davos, Switzerland. Over the last year from the annual meeting of the forum in 2019, the forum has worked on such an initiative in which all the central banks can converge to form a global community for designing a framework based on certain policies that will be adopted globally in accordance with the use and adoption of digital currency.
This initiative is the first-of-its-kind to create a global platform for financial institutions, government representatives and technical experts in the field. The consortium is announced with the objective of increasing access to the financial system through inclusive policies. The Governance of Digital currencies, including cryptocurrencies and stable-coins would also be focussed.