Cryptocurrencies 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.
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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 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.