The World Economic Forum inaugurates a council for digital currency governance

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The World Economic Forum inaugurates a council for digital currency governance

 

A part of the World Economic Forum activities

 January 25, 2020 2:05 PM

 

Direct: The World Economic Forum in the Swiss city of Davos announced, during its fiftieth annual meeting, the inauguration of a world council for digital currency governance.

A statement issued by the Egyptian Ministry of International Cooperation issued today, Saturday, said that the Governance Council will focus on designing a framework for managing digital currencies, with the aim of increasing their access to the financial system through innovative solutions that have efficiency, speed, interoperability, inclusiveness and transparency, and enhancing cooperation between the public and private sectors in each of Developed countries and emerging economies.

Rania Al-Mashat, Egyptian Minister of International Cooperation, stressed that the issuance of digital currencies will have far-reaching effects on local financial stability until it reaches the level of stability in international trade transactions, and as such it is possible that efforts made to organize digital currencies are informed, cooperative and global in nature.

A statement by the World Economic Forum stated that this first initiative depends on the work accomplished by the forum over the past year through meetings with a number of central banks in the world to participate in designing a policy framework for the adoption of digital currencies.

The statement indicated that this step came after extensive consultations with those interested in digital currency issues, as a tool for financial inclusion, provided that it is associated with good management, and this file will be within the activities of the Global Forum for Technology Management in San Francisco, USA, from 21 to 22 April This year.

According to the statement, the council will include international institutions, financial institutions, government representatives, technical and academic experts, international organizations, NGOs and members of the World Economic Forum communities.

"Digital currency is a major area of concern for the forum, and based on our long history of cooperation between the public and private sectors, we hope that hosting this world council will stimulate the development of a strong framework for governance of digital currencies," said Klaus Schwab, founder and CEO of the World Economic Forum.

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