{"id":2157,"date":"2023-06-20T04:15:54","date_gmt":"2023-06-20T04:15:54","guid":{"rendered":"https:\/\/prendergast.net\/?p=2157"},"modified":"2023-06-20T04:15:54","modified_gmt":"2023-06-20T04:15:54","slug":"crypto-regulations-the-wef-want-in-recommending-a-global-approach-for-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2157","title":{"rendered":"Crypto Regulations: The WEF Want In Recommending A Global Approach For The Crypto Industry"},"content":{"rendered":"

Crypto Regulations: The WEF “Want In” Recommending A Global Approach For The Crypto Industry <\/span><\/span><\/h1>\n

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The World Economic Forum (WEF)<\/strong> is notorious for having a far-reaching and perplexing influence over companies and institutions in many countries worldwide. This influence extends to the crypto industry and crypto regulations. The WEF published a crypto regulation white paper in May 2023, which is significant, so we’ll take a look at what they have to say and how it could influence the crypto legislation being proposed worldwide. We’ll also examine how it could affect the crypto market if implemented.<\/span><\/span><\/p>\n


\nImage source: Weforum.com<\/a><\/span><\/em><\/p>\n

The WEF white paper<\/u><\/a> summarized in this article is titled “Pathways to the Regulation of Crypto-Assets: A Global Approach.” The white paper begins with a brief preface by a member of WEF’s Center for the Fourth Industrial Revolution. For context, WEF founder and chairman Klaus Schwab conjured up the Fourth Industrial Revolution. This concept involves replacing all of us so-called serfs with AI and Automation. Another component of the Fourth Industrial Revolution is controlling the population with technology. <\/span><\/p>\n

In the preface, the question is asked of how governments can control a borderless, open-source, and decentralized technology. Naturally, the only solution is a globally coordinated approach to regulation. The author of the preface reveals that the WEF has been engaging in “multi-stakeholder consultations”<\/em> to understand how to roll out global crypto regulations. <\/span><\/span><\/p>\n

For reference, a stakeholder is a term the WEF uses to describe powerful individuals and institutions, not ordinary people like us. In this case, the author of the preface specifies that the white paper was put together with “significant contributions from members of the Digital Currency Governance Consortium.”<\/em> (DCGC)<\/span><\/span><\/p>\n

For those unfamiliar, the DCGC was formed<\/u><\/a> in January 2020, including multiple crypto companies. The complete list of DCGC members is private. Still, research on the WEF reveals that Ripple, also the Ethereum company, Consensus, and USDC issuer Circle are all part of the DCGC, as are dozens of prolific personalities in the crypto industry. <\/span><\/span><\/p>\n

The DCGC has published five reports so far, and the WEF website notes<\/u><\/a> that it is currently in phase two of its master plan, which involves assessing the economic effects of crypto, stablecoins, and central bank digital currencies. (CBDCs) <\/span><\/span><\/p>\n

The Key Takeaways<\/span><\/span><\/h2>\n

The next section of the white paper<\/strong> provides a summary of the key takeaways. Here, the authors argue that global crypto regulations are not only desirable but “necessary.” They seem to suggest this is because of the increasing connections between crypto and traditional finance. The authors explain that many things are standing in the way<\/u><\/a> of global crypto regulations, including: <\/span><\/span><\/p>\n