Following extensive consultation with the global community, the World Economic Forum has announced the Global Consortium for Digital Currency Governance.

This is the first initiative to bring together financial institutions, government representatives, technical experts, academics, international organisations and members of the forum’s communities on a global level.

The consortium will focus on solutions for a fragmented regulatory system, with efficiency, speed, inter-operability, inclusivity and transparency at the heart of the initiative.

It will call for innovative regulatory approaches to achieve these goals and build trust, and a set of guiding principles will be co-designed to support public and private actors exploring the opportunities that digital currencies present.

Klaus Schwab, founder and executive chairman of the World Economic Forum, explained: “Building on our long history of public-private cooperation, we hope that hosting this consortium will catalyse the conversations necessary to inform a robust framework of governance for global digital currencies.”

Mark Carney, current governor of the Bank of England, stated: “It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition – we welcome the platform to help develop a robust governance framework for inclusion through digital currencies.”

David Marcus, head of Facebook’s Libra digital currency scheme, also welcomed the initiative, commenting: “We agree that good regulation is important for the success and safe adoption of digital currency platforms and are looking forward to continue to engage in this constructive conversation.”

The initiative builds on work done by the forum over the past year, convening a global community of central banks to co-design a policy framework for the adoption of digital currencies.

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