Crypto and its underlying technology namely Blockchain have been approved and appreciated by World Economic Forum (WEF). Despite, crypto market conditions in 2022, WEF believes that crypto has great potential for offering a promising future.
WEF Appreciates Crypto and Technology
WEF said recently that the crypto industry would continue to flourish and would soon rebound even after facing the worst year.
The cryptocurrency industry has proven to be extremely resilient to any kind of beatdowns the mainstream had to throw at it.
The industry has continued growing larger and a downfall in 2022 would not bring the crypt industry down entirely.
WEF’s forum has published an article on the subject originally written by the Chief Strategy Officer of Circle Internet Financial, Dante Disparte.
The article writer explains that though 2022 was full of disbelief for the crypto industry, the very foundation of crypto technology remains intact.
Disparte further acknowledges that crypto technology’s evolution continues without being affected by crises such as FTX or Terra Luna.
He also appreciated crypto technology for being so beneficial that even the global banking sector is adopting it. They have realized that they cannot avoid the crypto market sector and technology anymore.
Their customers and clients have been demanding their financial service providers adopt the crypto-blockchain technology. Therefore, they have to adopt these technologies to benefit from them as much as possible.
Disparte commented that the technology blockchain/cryptography is tailor-made for catering not just to the crypto industry but to global industries in general.
For supporting his argument, Disparte also referred to JPMorgan. He said that JPMorgan was the first to realize the crucial aspect of adopting the technology and then testing it in ‘experimental products’.
‘Misuse’ Cannot Be Attributed To Technology
In the article, Disparte also suggested that misuse cannot be attributed to technological breakthroughs. What the author meant was that blockchain and crypto have been both accused of being misused for criminal activities.
He then compared blockchain and cryptography with the internet and email. He argued that internet and email communication were technological breakthroughs but they too have been often misused for criminal activities.
Disparte hence denied labeling cryptography or blockchain as tools of cyber-crimes.
He advised that if WEF wants to derive benefits from this technology then subtracting harmful effects is the only way forward.
He suggested that if technology is placed into the right hands and prevented from getting into the wrong ones, then it could be enormously beneficial.
Blockchain Adoption Benefits
On this basis, the authority concluded his article with the statement that crypto holds an important place in the financial world.
He insisted that regulation is a must so as to enable states to utilize the full potential of blockchain for obtaining maximum benefits.
Disparte believes that technologies like blockchain will continue to merge into the global system irrespective of how harmful they could be. However, harm is done when somebody was using the technology irresponsibly, stated Disparte.
WEF’s Role in the Crypto Industry
WEF has been playing a very crucial role in the expansion and growth of the crypto industry since it came into being.
It was WEF that successfully executed the initiative called the ‘Crypto Sustainability Coalition’ which was introduced in September 2021.
The objective of the initiative was to utilize the technology of Web3 in countering cybercrimes and climate change.
On various occasions, WEF has come in aid of the crypto industry and blockchain technology. It maintains a solid stance that blockchain is the technology of the future and its merger into the financial world is inevitable.
By publishing the article Disparte, WEF has once again proven that it supports and acknowledges the importance of blockchain technology.
The Forum also took notice of the bad market conditions with which the crypto industry has to deal with in 2022. However, WEF believes that whether market conditions are good or bad, the industry would continue to flourish.