The World Economic Forum in Davos announced, on Friday 24 January, the creation of an international consortium to define a regulatory framework for cryptocurrencies, including stable currencies ('stable coins').
"This is the first initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organisations, NGOs and members of the Forum communities at a global level", the Forum welcomed in a statement.
The initiative complements the ongoing debate in other fora such as the G7 (see EUROPE 12352/14), the G20 (see EUROPE 12353/11) as well as in the European Commission and the Council of the EU (see EUROPE 12365/4).
Recognising that cryptocurrencies are tools for financial inclusion, but that they can only play this role if combined with good governance, the consortium will focus on solutions to a fragmented regulatory system, using "innovative approaches", it said. The discussions should lead to a "set of guiding principles" to help public and private actors explore the possibilities offered by cryptocurrencies.
Several public and private institutions have welcomed the initiative, including David Marcus, in charge of Facebook's much-criticised Libra stable cryptocurrency project (see EUROPE 12277/24). "We agree that good regulation is important for the success and safe adoption of digital money platforms and we look forward to continuing to engage in this constructive conversation", he said.
The governance of cryptocurrencies will be discussed at the Forum's Global Summit on Technology Governance, to be held in San Francisco on 21-22 April. (Original version in French by Marion Fontana)