Notes From the WEF: Cash Is Dead, Long Live Digital Cash

Published on by Coindesk | Published on

Israeli historian Yuval Noah Harari - author of the bitcoin community cult classic "Sapiens" - said he's skeptical of bitcoin.

Ask almost any economist, banker or politician at the WEF about financial privacy and they'll scoff.

RegTech expert Diana Paredes, an investment banker turned CEO of the compliance startup Suade Labs, agreed the sentiment among her public- and private-sector clients is "Cash is dead." However, she added, it's the job of policymakers to protect consumer interests.

Fear not, bitcoiners: Not all members of the Davos elite are pushing for e-fiat authoritarianism; some leaders here see a future where bitcoin continues to thrive.

"Bitcoin is a fantastic idea, as long as it is monitored," Kohli said, praising the compliance standards already upheld by bitcoin-friendly Swiss banks.

He said decentralized digital assets will have a role to play in the future of France, as long as organizations like the crypto custody startup Ledger and the bitcoin development startup ACINQ continue to pay taxes and uphold regular compliance standards.

Paredes added the best way to protect bitcoin's usability is to educate regulators about specific use cases so they can make laws and compliance standards without jeopardizing projects of value.

Most crypto veterans at the WEF were just as enthusiastic about central bank digital currencies as the bankers themselves.

Elizabeth Rossiello, CEO of Aza Financial, said she's "Really excited" about the People's Bank of China issuing a CBDC. She sees this as yet another customer onramp that complements the fact bitcoin makes up 7 percent of her company's monthly volume.

Cloudflare CTO John Graham-Cumming said his internet infrastructure company generally takes a proactive approach to promoting censorship-resistance, even as his team supports clients such as banks and similar institutions in the public sector.

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