Here’s what the World Economic Forum (WEF), predicts for crypto in 2023
Dante Disparte, a representative of the World Economic Forum’s Digital Currency Governance Consortium, stated that the current economic climate in crypto can be compared with that of 1995’s dotcom bubble. The majority of businesses were destroyed and only the most powerful survived that period.
The WEF’s Position on Crypto
According to the World Economic Forum (WEF), 2022’s “crypto winter” could be a turning point in the industry. The WEF warned that the regulatory frameworks created by a country’s government will determine the future of cryptocurrency. This is despite the many failures experienced by top crypto companies last year.
The large-scale failures of multiple policymakers have vindicated those who raised alarm about crypto’s excessive risk while failing to create sensible regulations.
The World Economic Forum (WEF), in a blog post, stated that jurisdictions that regulate the developing sector are more likely to be able to determine the future. The WEF noted, however, that the industry can and will be exploited by unscrupulous players as it grows.
The Uses of Crypto are Growing
Independent international organization stressed that experimentation in financial services is something to be noted while stating that cryptography and blockchain have wider applications. JPMorgan, a banking giant, was also highlighted by the forum as an organization that is rapidly adopting blockchain technology in this passage.
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The World Economic Forum noted, however, that some unscrupulous actors could potentially co-opt the emerging technology for nefarious purposes, as is the case with any financial industry. The forum also emphasized the fact that banning this industry might not be the best option, comparing it with vices associated the wider internet, despite financial losses in the crypto market.
We didn’t ban email or the internet. It is better to eliminate any harmful effects from all new technologies by encouraging responsible use and putting technology in the hands responsible actors.
The Geneva-based forum stated that these technologies could cause significant damage if they are misused. However, it said that the modern economic toolset would continue to use blockchains and cryptocurrency as an essential component in the future.
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