Cryptocurrencies knocking on the door of the World Economic Forum: Perspectives from Davos

The World Economic Forum (WEF) event concluded on Friday, May 27 in Davos, Switzerland. Nearly 3,000 people from more than 110 countries travel by plane, train and helicopter to Europe’s tallest towns, lobbying leaders and pushing and pushing the World Economic Forum agenda.

And, while the Ukrainian war took center stage during the World Economic Forum, climate change played a major role, and the economic recovery was the troubled teenage girl. At the same time, blockchain and cryptocurrencies have at least played a supporting role.

As Soramitsu CEO Makoto Takemiya described during the Global Blockchain Business Council (GBBC) panel discussion on the World Economic Forum promenade, industry bigwigs and “financial elites” gathered in Davos. ‘Barbarians’ on the doorstep of the World Economic Forum 2022 A form of cryptocurrency and blockchain enthusiast.

This is the first face-to-face WEF since the start of the COVID-19 pandemic, and the presence of many of the participating blockchain companies is large. On Davos Boulevard, shops and cafes have temporarily turned into showrooms for corporations and big business, and cryptocurrency companies stand out.

Alex Fazel, chief partner officer at Swissborg, told Cointelegraph, “At the 2018 World Economic Forum, there was only one major pro-crypto event, while many other talks were highlighting the dark side of cryptocurrencies.”

In 2022, world leaders and currency disruptors rub shoulders at Crypto House, Blockchain Hub, Polkadot Hub, LAN Space, NFT Store, GBBC Central, and the Filecoin Foundation — the latter of which transformed a former Catholic church into a crypto conference hall. At best, the encryption is hard to miss.

WEF’s Davos blockchain location map.

Even the World Economic Forum itself now has a website dedicated to blockchain technology. add, Bankers openly discuss digital currency During a panel discussion on the main stage of the World Economic Forum. In a video interview with Cointelegraph from Davos, Ripple Labs CEO Brad Garlinghouse, explain While crypto used to be a dirty word, trend lines are now “positive.” Garlinghouse told Cointelegraph, “Cryptocurrencies exist very differently.

Swissborg’s Fazel sums up the bubbling cryptocurrency sentiment as newbies and coinless (those who haven’t yet invested in cryptocurrencies) take their first steps into the space. “The Web3 pavilion has more attendance than Web2 like Meta:”

“In addition to dozens of crypto conferences, events and parties during WEF 2022, crypto space takes up 10-20% of the entire private sector promenade, excluding government pavilions.”

Finally, researchers and crypto enthusiasts went public when Mastercard’s CEO appeared on a blockchain panel next to the BIS Debating the demise of SWIFTand the dawn of Central Bank Digital Currencies (CBDCs), clearly digital currencies have gone mainstream.

For AgAu CEO Thierry Aryz Ruiz, blockchain as the focus of the WEF is self-evident: the question revolves around how the world’s elite manage innovation. Ruiz told Cointelegraph, “With CBDCs and more and more regulation, we may see darker applications of blockchain as a control tool.”

Daniela Barbosa, general manager of Hyperledger and WEF veteran, agrees with Ruiz. WEF is definitely fascinated by blockchain technology. However, she also believes that we should not be “frightened” of CBDCs. Barbosa deciphered this sentiment in an upcoming Cointelegraph Youtube interview. Subscribe here.

Daniela Barbosa, general manager of Hyperledger, talks to Cointelegraph.

Cryptocurrencies such as Bitcoin (bitcoin) is motivated by a desire to separate currency from the state – not to encourage fiat currency. However, the World Economic Forum, blockchain and cryptocurrencies are increasingly intertwined. Ruiz further elaborated on this at the World Economic Forum: “Great minds collide, with real good intentions”. However, given the looming regulatory issues, he said “if unchallenged, they could also pave the way to hell.” Ruiz warned:

“The pandemic has proven that people often sacrifice their freedom for a false sense of security. We will never forget that such deals can result in losses for both parties.”

On the regulatory front, during a Decentralized Finance (DeFi) panel hosted by Cointelegraph, 1inch network advisor and former banker Sam Yim explained that regulation is a speeding train. “Climb aboard or get out of the way.” For better or worse, regulation in the crypto space is coming.

On the plus side, regulation can reassure the curious and the shy about the rigidity and longevity of the space. In fact, for some WEF attendees, this was their first interaction with cryptocurrency. Davos Coin stole the show at Cointelegraph’s farewell party in partnership with Polygon.party goers can Spend Davos in barsenjoy a “seamless checkout experience,” thanks to a pilot program pioneered by Ammer technology.

Whether regulation hinders or stimulates growth, the theme bitcoin Cryptocurrencies are for everyone.exist All-female group Moderated by Cointelegraph editor-in-chief Kristina Lucrezia Cornèr, it asked questions such as “Bitcoin creator Satoshi Nakamoto, still under a pseudonym, most likely a woman.”

For some WEF attendees, regulators close to power and participating in the WEF may have the upper hand. Nas Daily, Youtuber, social media influencer and most recently a cryptocurrency convert told Cointelegraph that he wants to join the World Economic Forum to get closer to regulators.

related: UN agency chief sees ‘huge opportunity’ in crypto: WEF 2022

“The real influencers are here. They’re not on your Instagram newsfeed,” he told Cointelegraph.he shared his Bitcoin Investment Strategy Partnering with Cointelegraph starting in March – take his Youtube channel for a ride.

All in all, whether cryptocurrencies are the “savages” at the door, the tools of the future at the disposal of the WEF, or the means of economic empowerment for all, Davos’ view is that cryptocurrencies are here to stay. When the World Economic Forum resumes normal winter services in January 2023, regulation may become a priority. The question is, what face will it wear?