World Economic Forum 2020: Overview

At the World Economic Forum 2020 in Davos we’ve seen world leaders and major figures come together to discuss the challenges, aims and the future of financial technology. In comparison to WEF 2019, where the crypto asset industry and blockchain technology was bashed from all sides, this event has seen a wild change in how global companies begin to view cryptocurrencies. According to a number of high-profile individuals in the industry, many traditional institutions will be taking advantage of blockchain in their operations.

The most important news for the crypto asset industry has come out recently, as the WEF Consortium has created a central bank digital currency policymaker toolkit. This toolkit is a step forward in helping regulators understand the design and possible advantages of deploying a central bank digital currency. According to the official press release, it has been developed in conjunction with international finance organizations and banking institutions, such as the Bank of Thailand and the Central Bank of Bahrein, who are already making use of the toolkit. Bank’s active involvement in CBDC development is vital, as the public today demands cheap and instant cross-border payments.   

On par with this news, cryptocurrency sector has been receiving a lot of attention. Japan seems to become even deeper engaged in blockchain & cryptocurrency technologies as Japanese industry leaders advise the use of blockchain to prevent falsification of digital documents and forecast an overall increasing demand for regulated cryptocurrencies. 

WEF 2020 in Davos has taken a good course to discuss and understand how emerging technologies such as cryptocurrencies can be integrated into society for good reasons. We at Nimbus aim to offer blockchain technology as a lifestyle and we are happy with the fact that more world leaders are starting to recognize the potential and utility of this tech. And while the regulators might support transition to blockchain, it's only our duty to create an honorable living and generate wealth together!
Stay tuned! More news incoming soon!