Do not be afraid of regulation – THE World Economic Forum (WEF), notably known for meeting annually in the Swiss town of Davosis generally not not very crypto-friendly. The organization even goes so far as to prefer to talk about “data center” instead of bitcoin mining farmwhen it presents a company reducing the waste of energy (without ever mentioning also that this one is therefore close to the crypto sector). This time, the WEF issues guidelinessorry, recommendationsto governments for the regulation of digital assets.
A global regulation for the “good framing” of Bitcoin and cryptos
If states around the world start to regulate very seriously (and often strictly) the sector of Bitcoin and cryptocurrencies, this does not yet seem sufficient for the World Economic Forum. Indeed, the WEF published on May 25, 2023 a white paper proposing a regulation of crypto-assets.
The Davos Forum, aided by its Digital Currency Governance Consortium(or DCGC, which he launched in January 2020), thus wants cryptocurrencies to be regulated within the framework of a globalist approachwith a global cooperation authorities around the world.
“The coordination of regulatory frameworks between jurisdictions [de différentes nations] is a complex task for almost every industry. In the case of cryptocurrencies – and given the unique characteristics of their underlying technologies, as well as the limitless opportunities they present – it is often said that global coordination is not only desirable, but necessary. »
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The decentralization of cryptocurrencies does not fit into the boxes of the Davos Forum
I have to say that World Economic Forum understood that Bitcoin and its ilk do withoutintermediarieswhich are almost invariably expensive, slow and possibly censors in the worst case.
“(…) Crypto-assets and their ecosystem do not always fit neatly into the current activity-based and intermediary-centric approach to regulation. Even when activities related to crypto-assets are mirrors of those of the traditional financial sector. »
On the other hand, we are going, for once, to be totally in agreement with a white paper element from the WEF. Indeed, even the Davos Forum admits that in the United States the vindictive hostility of regulators (and Joe Biden’s Democrats) against cryptocurrencies is not the right method!
“Coercive law enforcement measures are necessary to address issues relating to fraud and market manipulation. (…) However, this approach is not recommended to make it a regulatory framework, because [cela] prevents any meaningful discussion of what should be regulated and what should not. »
Thus, in addition to creating a “non-collaborative environment” for innovation between regulators and industry players, the coercive approach of the United States creates a total “lack of certainty and predictability” to develop crypto-related activities. The 2024 US presidential candidate, Ron DeSantiseven asserted that it could go as far as “killing Bitcoin” if the mad regulators of the DRY (Securities and Exchange Commission) do not calm down.
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