World Economic Forum Believes Crypto Will Remain Key Technology – Blockchain Bitcoin News
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The World Economic Forum (WEF) has assessed what happened in 2022 in cryptography and made several predictions about the future of the ecosystem. Dante Disparte, Circle’s CSO, states in an article for WEF that while 2022 has been a terrible year, the industry’s building blocks will continue to be “essential parts” of the modern financial tool.
WEF believes in the sustainability of crypto
The World Economic Forum (WEF) believes that 2022, a disastrous year for the cryptocurrency industry, could lead to growth and revival of the ecosystem. An article written by Dante Disparte on WEF’s weforum.org explains that while the recent collapse of FTX and the collapse of the Terra blockchain affected millions of consumers in 2022 – the market lost $2 trillion in that time – this has not changed. The core of these technologies, which are currently being tested by financial institutions around the world.
On this topic, Disparte explains:
Although the technology behind encryption and blockchain can be generalized to all industries and coordinating activities (collectively the building blocks of Web3), experimentation in, for example, the core of financial services continues steadily.
In addition, Disparte cites JPMorgan as an example of this, which has publicly turned from its clear opposition to crypto and blockchain to adopting the technology in several of its experimental products and offering crypto to select clients.
Crypto and the Internet
Drawing on a commonly used analogy, Disparte compares crypto to other ubiquitous technologies such as the Internet and email, which have also been used by bad actors for illegal and criminal purposes. According to Disparte, focusing malicious activities on the people using the tools, rather than the technology itself, is key for crypto in this period.
For the WEF, the best way to preserve crypto and blockchain is to “offset their harmful effects by placing the technologies (like all tools) in the hands of responsible actors and encouraging their responsible use.”
In this sense, the author believes that crypto, regardless, will remain a protagonist in the financial world and that while regulation is indeed necessary, the countries that are able to provide it while maintaining a competitive approach will shape the future of the industry. Disparte concludes that the deployment of these technologies will continue despite what he sees as the great harm caused by their irresponsible use.
The WEF has been an active organization regarding crypto and launched the Crypto Sustainability Coalition in September of last year with the goal of using Web3 technology to combat climate change.
What do you think of WEF’s vision for the future of cryptocurrency and blockchain? Let us know in the comments section below.
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