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Key Takeaways from WEF’s crypto report

Photo of: Nathan VDH
by Nathan VDH

The voice of the World Economic Forum (WEF) is always listened to. The Swiss-based organization reflects each year on topics aimed at improving the state of societies. Recently, the WEF published a report that was of great interest to the cryptosphere since it discussed the future of cryptos. Back to the main lines of this report.

The WEF report was published on December 17. It’s enough to say right away that it takes a rather positive look at cryptos and their future! The report focuses on Bitcoin, Ethereum, Ripple, Tezos, and Litecoin. It discusses some factors that could prove decisive in the future of these cryptocurrencies.

The report suggests that cryptocurrencies have the potential to create new markets. Thus, the WES highlights the example of the UNICEF crypto fund. Created with the United Nations, this fund has currently invested 1,225 Ethereum and one Bitcoin in start-ups located in eight different countries.

In addition, the WEF discusses the significant importance for the future of innovative technologies such as the blockchain and the likely use of electronic fiat coins. The interest of the blockchain for a common good is illustrated in the report with the example of the WFP, the World Food Program. This blockchain program has so far provided food to more than 106,000 Syrian refugees in Jordan. In all, the aid granted to refugees under this program amounted to $23.5 million. Thanks to the blockchain, this aid has been able to bypass traditional banking systems and their fees.

To further explore the subject, the WEF has announced the creation of a committee on cryptocurrencies. This committee will aim to identify new opportunities and risks that will arise. To lead this committee, the WEF has appointed Meltem Demirors, Chief Strategy Officer at CoinShares and Cuy Sheffield, Head of Cryptography at Visa.

“Cryptocurrencies have the potential to create new markets and new trading value that will benefit the growth of the global economy. Most of the conversations you will hear about cryptocurrencies and the work we do on this committee are not about cryptocurrency technology. Rather, we are conducting a relevant analysis of Bitcoin and other cryptocurrencies to imagine what the future might look like with this new technology that creates new social, political, and economic tools. ยป said Meltem Demirors, co-director of the cryptocurrencies committee at the WEF

Sheila Warren, Head of Blockchain, Data and Digital Assets at the WEF also commented on the published report. She took the opportunity to reaffirm the WEF’s ambition regarding cryptos. She reminded the audience that the WEF is fully focused on preparing for the arrival of cryptos on the market so that their benefits can be enjoyed by all.