The World Economic Forum (WEF), an international organization committed to improving the state of the world, has set up a consortium to design a “robust” governance framework for digital currencies, including stablecoins.
The consortium aims to bring together private and public sector organizations to help achieve financial inclusion goals through digital currencies.
“Digital currency […] is a key area of interest for the Forum,” said Klaus Schwab, founder and executive chairman of the WEF, adding that he hopes the consortium will “catalyze the conversations necessary to inform a robust framework of governance for global digital currencies.”
Several central banks, including the Bank of England (BoE), will help the WEF to develop a governance framework. “Governance is the core pillar of any form of digital currency,” said Mark Carney, governor of the BoE. “It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition.”