Davos Forum to Discuss Crypto with BoE Governor in Panel

Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term have made their way into the 2021 Davos Agenda with two sessions discussing the various impact of digital currencies on the mainstream economy.

Dubbed Resetting Digital Currencies, the first session will be held on Monday, the opening day of the virtual forum discussion, while the second one has been scheduled for Thursday.

“COVID-19 has accelerated the long-term shift from cash. Meanwhile, central bank digital currencies are emerging, potentially transforming how people use money worldwide,” the prospectus for both the sessions read.

“What policies, practices, and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?”

The speakers’ panel on the topic drew the most attention as the first session listed the name of Bank of England Governor, Andrew Bailey and Western Union’s president and CEO, Hikmet Ersek, among others.

The prominent names for the second session include Singaporean Minister, Tharman Shanmugaratnam.

Crypto Cannot Be Ignored

The yearly Davos forum is seen as one of the most prestigious business forums that attract businesspersons and politicians alike. Usually happening in the Swiss town of Davos, the ongoing pandemic has pushed the five-day conference to virtual platforms this year.

Cryptocurrencies and the overall Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technologies found mentions earlier in the Davos sessions as well. However, with a couple of separate sessions this year, the discussions are expected to be more comprehensive.

As the prospectus detailed, the discussions will revolve around the central bank digital currencies (CBDCs) as most of the monetary regulators are considering to launch such alternatives to traditional fiats.

Additionally, Bitcoin might receive significant discussion time with the recent rally and the mass institutional adaptation of the digital currency as an asset and a store of value.