World Economic Forum
|World Economic Forum|
|Founded||1971 (as "European Management Forum")|
|Key People||Klaus Schwab, Founder and Chairman; Sheila Warren, Head of Blockchain and Distributed Ledger Technology|
|Website||World Economic Forum Homepage|
The World Economic Forum (WEF or "Forum") is an independent, international organization incorporated as a Swiss not-for-profit foundation. It believes that economic progress and social development are inextricably tied. It holds an annual meeting each January in Davos, Switzerland that brings together economists, political leaders, business leaders and journalists in a dialog on issues that threaten or concern economies all over the world.
The Forum aims to be the foremost organization which builds and energizes leading global communities; the creative force shaping global, regional and industry strategies; the catalyst of choice for its communities when undertaking global initiatives to improve the state the world.
In January 2020, the Forum released a framework to help central banks around the world figure out if central bank digital currencies (CBDCs) could potentially benefit them. The framework was dubbed the "CBDC Policy-Maker Toolkit," and included 28 pages of information about the retail sale of digital currencies, cross-border CBDCs, and "hybrid" CBDCs - AKA "synthetic CBDC" or "reserve-backed private tokens." ("Hybrid CBDCs" is a term used in the document referring to privately-created and managed digital assets tied to monetary reserves.) The document includes cost-benefit analyses, current challenges related to CBDCs (regulatory, technical, etc.), and other important factors the WEF and associated authors of the Toolkit deemed necessary to consider before adopting a CBDC. For example, the document points out that in some economies, CBDCs have the potential to reduce the costs associated with cross-border payments; however, in countries where "efficient" systems already exist, CBDCs may not add much value. In situations where CBDCs could potentially be a valuable tool for a given financial system, the document said, that system may need to invest heavily in cybersecurity measures. It was developed by the WEF in association with more than 40 banks, academic researchers, and financial institutions.
The Forum announced the formation of a Global Consortium for Digital Currency Governance. According to WEF Founder and Chairman Klaus Schwab, "Building on our long history of public-private cooperation, we hope that hosting this consortium will catalyze the conversations necessary to inform a robust framework of governance for global digital currencies." he said.“ The Forum's announcement indicated support from the Bank of England's Mark Carney and a number of developing nation central banks. David Marcus of the Libra Association, Joe Lubin of ConsenSys and Neha Narula of MIT's Digital Currency Initiative expressed support for the effort in a press release.
On April 27, 2020, in the middle of the coronavirus pandemic which had upended global supply chains, the Forum published Redesigning Trust: Blockchain Deployment Toolkit. The document provides a framework for designing s more transparent and resilient blockchain based supply chain.
The supply chain project was initiated a year before the pandemic began, and it gained in significance as the pandemic exposed serious vulnerabilities in global supply chains both for industrial and medical supplies. According to the Forum's Nadia Hewett, one of the the toolkit's authors, blockchain "“is not a silver bullet. It's not going to solve it all, but it absolutely has features that can help with issues that's typical in epidemics and pandemics.”
- About Us. World Economic Forum.
- World Economic Forum issues framework for central bank digital currencies. The Block.
- Central Bank Digital Currency Policy‑Maker Toolkit. World Economic Forum.
- Governing the Coin: World Economic Forum Announces Global Consortium for Digital Currency Governance. World Economic Forum.
- WEF Launches Global Consortium for Crypto Governance. CoinDesk.
- Executive Summary. World Economic Forum.
- World Economic Forum Shares Roadmap for Deploying Blockchains in Real World. CoinDesk.