World Economic Forum Blockchain led by Estonia
The World Economic Forum Blockchain created a new working group focused on the distributed ledger with the Estonian President.
This so-called “Global Futures Council on Blockchain Technology” will be met for the first time during an event held in Dubai later this week. According to the World Economic Forum Blockchain the group will be focused on the development of governance models related to the distributed ledger.
Toomas Hendrik Ilves, president of Estonia for 10 years, will co-chair together with Jamie Smith, chief communications and marketing officer for bitcoin mining and blockchain services firm BitFury and a former official in the Obama White House.
Members of the group are: Ma Jun (chief economist for the People’s Bank of China’s research outfit) and Claire Sunderland Hay (head of the Bank of England’s fintech startup accelerator).
The group also include representatives from bitcoin-related startups such as BitPesa, Everledger, Ripple and Chain; and institutions such as Barclay’s and Deutsche Bank.
Here you can read the full list of the “World Economic Forum Blockchain” members.
“The distributed ledger or blockchain system of preserving data integrity and security is one of the most promising new technologies to emerge in the past decade. Its full potential is only now beginning to be realized. This Council will play a leading role exploring how blockchain can be used to improve security on the internet.”
The WEF counducted an internal research about the blockchain since 2015 and this new working group is part of a broader network of Global Agenda Councils, focused on problems such as climate change, AI and cybersecurity.
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AirBnB wants to use the blockchain
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European Union wants to monitor virtual currencies
In fact, a few days ago Europol concluded that there is no connection between Bitcoin and terrorism: “Despite third party reporting suggesting the use of anonymous currencies like Bitcoin by terrorists to finance their activities, this has not been confirmed by law enforcement”, said Europol.“Virtual currencies and their underlying technologies can provide faster and cheaper financial services, and can become a powerful tool for deepening financial inclusion in the developing world,” said IMF Managing Director Christine Lagarde, who presented IMF paper at the World Economic Forum, in Davos, during the panel Transformation of Finance.
A conclusion of the report is that virtual currencies fall short of the legal concept of currency or money. While acknowledging that there is no generally accepted legal definition of currency or money, the authors note that both are associated with the power of the state to issue currency and regulate the monetary system.
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