By Aysu Bicer
DAVOS, Switzerland (AA) – The World Economic Forum (WEF) on Friday announced the first digital currency consortium to tackle the growing debates surrounding the issue.
The Global Consortium for Digital Currency Governance is an initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the WEF's communities.
Digital currencies have been a hot topic at the 50th Davos Summit with financial institutions discussing the opportunities as well as the destabilizing risks due to siloed innovation and a lack of global regulation.
"The opportunities for financial inclusion will only be unlocked if the space is regulated properly and includes public-private cooperation across developed and high growth markets," according to a statement.
The consortium will focus on solutions for a fragmented regulatory system.
Efficiency, speed, inter-operability, inclusivity and transparency will be at the heart of this initiative.
“Digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum,” said Klaus Schwab, founder of WEF.
He said this consortium will catalyze the conversations necessary to inform a robust framework of governance for global digital currencies.
“Governance is the core pillar of any form of digital currency,” said Mark Carney, governor of the Bank of England.
He noted it is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition.
"We welcome the WEF’s platform to help develop a robust governance framework for inclusion through digital currencies," he added.