World Economic Forum: crypto technologies are integral part of modern economy

The World Economic Forum (WEF) emphasized the numerous uses of blockchain and cryptography, noting that these technologies are already widely used in the financial services industry.

In a recent post, the non-governmental organization WEF decried that 2022 was a terrible year for cryptocurrencies, with over $2 trillion evaporating from the market. It claimed it resembled the crypto ice age instead of the crypto winter. However, the WEF stated that a Cambrian explosion for responsible finance could follow this ice age.

The recent FTX debacle vindicated policymakers who have been sounding the alarm on the excessive risk associated with crypto investments. Financial watchdogs worldwide urged to clamp down on crypto proliferation through regulations. 

WEF stated that the crypto winter and the scams might seem like an eroding of the hopes people had in dotcoms during the wake of the global financial crisis in 2008. Just as every technology that has ever played a significant role in people’s lives has, at some point, been influenced by bad actors, crypto was no exception.

For this reason, regulations shouldn’t be about repressive measures but rather about netting out the negative by leaving crypto use and management in the hands of responsible parties.

WEF concluded that the bursting of the dotcom bubble in 2000 led to the handover of the future of the internet to more durable hands. 2022 might be, accordingly, the year when blockchain and cryptocurrencies move on to their future.