The World Economic Forum (WEF) has reviewed what happened in 2022 in crypto and made some predictions about the future of the ecosystem. In an article published for the WEF, Circle CSO Dante Disparte said that 2022 was a terrible year, but that the building blocks of the industry will remain an “integral part” of the modern economic toolkit.
WEF believes in Crypto’s resilience
The World Economic Forum (WEF) believes the disastrous year that 2022 represents for the cryptocurrency industry will lead to ecosystem growth and recovery.20} Written byArticleDante Disparteon WEF’s weforum.org, Dante Disparteexplains that the recent downfall of FTX and the demise of the terra blockchain will affect millions of consumers in 2022 and the market lost $2 trillion during that period, but this does not change the core of these technologies and is currently being tested around the world financial institutions are testing them, he explains.
On this subject, Disparte explains.
While the underlying technology of cryptography and blockchain is generalizable to all industries and coordinating activities (collectively the building blocks of Web3), experimentation in the core of financial services among other sectors continues unabated.
Moreover, Disparte cites JPMorgan as an example of this, a company that publicly pivoted from being explicitly opposed to crypto and blockchain to adopting the technology in some of its experimental products and offering crypto to some customers .
Cryptography and the Internet
Disparte uses an oft-used metaphor by comparing cryptography to ubiquitous technologies such as the Internet and email; according to Disparte, the burden of malicious activity is borne not by the technology itself but by the tools Disparte says the key to cryptography at this time is to put the burden of malicious activity on the people who use the tools, not the technology itself.
For the WEF, the best course of action to perpetuate crypto and blockchain is to “put the technology (like all tools) in the hands of responsible actors and net out its harmful effects by encouraging its responsible use.”
In this sense, the author believes that crypto will remain the protagonist of the financial world, no matter what, and while regulation is certainly necessary, countries that can provide it while maintaining a competitive approach will shape the future of this industry. disparte believes that irresponsible use of these technologies We conclude that these technologies will continue to be implemented despite what we see as significant harm by their irresponsible use.
The WEF is an active organization when it comes to crypto, having launched the Crypto Sustainability Coalition last September with the goal of using Web3 technology to fight climate change.
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