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The World Economic Forum (WEF) has reviewed what happened in 2022 in crypto, and makes several predictions about the future of the ecosystem. Dante Disparte, CSO of Circle, states in an article published for the WEF that although 2022 has been a terrible year, the building blocks of the industry will continue to be “integral parts” of the modern financial toolkit.
The World Economic Forum (WEF) believes that the catastrophic year that 2022 represented for the cryptocurrency industry could lead to growth and recovery of the ecosystem. An article written by Dante Disparte, published on the WEF’s weforum.org, explains that although the recent decline of FTX and the demise of the Terra blockchain affected millions of consumers in 2022 – with the market losing $2 trillion in that period – this has not changed itself the core of these technologies, which are currently being tested by financial institutions worldwide.
On this subject, Disparte explains:
While the underlying technology of cryptography and blockchain can be generalized to all industries and coordinating activities (collectively the building blocks of Web3), experimentation in the core of financial services, among other sectors, continues unabated.
Furthermore, Disparte cites JPMorgan as an example of this, as a company that has publicly turned from being clearly opposed to crypto and blockchain, to adopting the technology in several of its experimental products and offering crypto to selected customers.
Disparte exploits a commonly used analogy, comparing crypto to other ubiquitous technologies such as the internet and email, which have also been used for illegal and criminal purposes by bad actors. Putting the weight of the malicious actions on the people using the tools, and not the technology itself, is key in this period for crypto, according to Disparte.
For the WEF, the best course of action to sustain crypto and blockchain is to “net out their harmful effects by placing technologies (like all tools) in the hands of responsible actors and encouraging their responsible use.”
In this sense, the author believes that crypto, no matter what, remains a protagonist in the financial world, and that even if regulation is indeed a necessity, countries that are able to offer it while maintaining a competitive approach will shape the future of the industry. Disparte concludes that these technologies will continue to be implemented despite what he sees as the great harm done by using them irresponsibly.
The WEF has been an active organization when it comes to crypto, launching the Crypto Sustainability Coalition last September, with the goal of using Web3 technology to combat climate change.
What do you think about the vision WEF has for the future of cryptocurrency and blockchain? Tell us in the comments section below.
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