• The World Economic Forum (WEF) recently released a report indicating that despite the “terrible” year crypto had in 2022, with billions of dollars wiped out, crypto is here to stay and is an integral part of the modern economic toolkit.
• The WEF noted the lack of sensible regulations and blamed regulators for failing to create them.
• The report was penned by Circle’s Chief Strategy Officer and Head of Global Affairs, Robert Bench.
The World Economic Forum (WEF) recently released a report on the state of cryptocurrency and its future in the modern economic toolkit. The report comes following one of the worst years in the cryptocurrency industry’s brief history, with more than $2 trillion wiped out in 2022.
The WEF acknowledged the dire situation, labeling it as “terrible” and placing some of the blame on regulators for failing to “create sensible regulations”. The report noted that the lack of regulations have been highlighted by “multiple large-scale failures” in the cryptocurrency market, making the need for regulations ever more pressing.
The report was penned by Robert Bench, Circle’s Chief Strategy Officer and Head of Global Affairs. He believed that despite the calamitous previous year, cryptocurrency will continue to be an integral part of the modern economic toolkit. Bench noted that cryptocurrency has had to overcome challenges in order to become a part of the global economy. He argued that this was a testament to the resilience of the industry and its ability to persist and grow.
Bench also argued that the key to the success of cryptocurrency lies in its ability to build trust between users and the technology, as well as its ability to provide an alternative form of financial infrastructure. He noted that this infrastructure provides a number of benefits, such as greater access to capital, lower transaction costs, and improved financial inclusion.
Bench also highlighted the need for governments and regulators to create sensible regulations that will ensure the safety and security of users and their funds. He argued that this will be necessary in order for cryptocurrency to become a fully integrated part of the global economy.
The WEF report concluded that the future of cryptocurrency is bright and that it will continue to be an integral part of the modern economic toolkit. The report highlighted the need for governments and regulators to create sensible regulations in order to ensure the safety and security of users and their funds. It also noted that the resilience of the industry and its ability to persist and grow was an indication of its potential to become a part of the global economy.