World Economic Forum Report: Four Factors Stimulating The Global Cryptocurrency Wave

The World Economic Forum said cryptocurrencies will provide the opportunity to create a more transparent economy while eliminating financial corruption.

In a recent report, the World Economic Forum (WEF) identified four key factors that have impacted the global adoption of crypto technologies. The International Organization for Migration (IAEA) has reported that interest in cryptocurrencies has increased due to the interconnection of many industries.

First, the WEF said that "before the spread of COVID-19, especially when COVID-19 was ubiquitous, fiscal policy, hyperinflation and macroeconomic instability had increased. Easier to volatility and devaluation local fiat currencies against other global currencies BrotherStrategy, companies like Tesla and Square hold Bitcoin and other digital currencies, this also promotes more user publicity and understanding than US policymakers in El Salvador were around cryptocurrencies to create new rules. "

Second, the WEF believes that the ratio of return rates in the industry exceeds the best ratio. This may explain the growing interest in peer-to-peer (P2P) relationships found in many cryptocurrencies.

Again, the WEF notes that another key driver of interest in crypto assets is the rapid development and expansion of fixed assets as a medium of exchange. “For example, the USDC, a stable currency pegged to the US dollar, has a market value of over $ 25 billion and an annual growth rate of over 6100%. Based on Cryptocurrency and Central Bank Digital Currency (CBDC) competition. "

Finally, the WEF added that efforts to become more environmentally friendly and reduce energy consumption, along with the many applications provided by various digital assets, are leading people to turn to the crypto industry. cash. “This development is motivated by the use of decentralized finance applications (DEFI). The rapid and rapid growth of these new developments is largely due to the opening of design institutes that support developing cryptocurrency networks and communities across the globe.

The World Economic Forum said cryptocurrencies will provide the opportunity to create a more transparent economy while eliminating financial corruption. For more information on blockchain, please download the Block Sky Eye app and the Global Blockchain Supervision Inquiry app.

According to the report, "the administration has made it clear that the anonymity and impartiality of the cryptocurrency process is potentially laundered and financially dangerous, but a violation of the law." lower compared to traditional financial systems. In other words, cryptocurrencies can be completely transparent and give regulators time to expand trade, from illegal trade to legal trade. "