Crypto Industry Gains Traction as WEF Sees it as Integral Part of Modern Economy

• The World Economic Forum (WEF) believes that the technology underpinning cryptocurrencies and digital assets will continue to be an “integral” part of the modern economy.
• The organization noted that the crypto industry is not risk-free, similar to any other sector involving money.
• The WEF compared the adoption of cryptography and blockchain technologies to the embrace of cybersecurity and digital transformation.

The World Economic Forum (WEF) recently released a report that discussed the future of the cryptocurrency and blockchain industries. The organization believes that the technology underpinning cryptocurrencies and digital assets will continue to be an “integral” part of the modern economy.

The report acknowledged that the crypto industry is not risk-free, similar to any other sector involving money. It noted that the transparent nature of crypto gives bad actors few places to hide. As reported, a couple was arrested by federal law enforcement officials in New York City earlier this year after officials gained access to files within an online account controlled by Lichtenstein that contained the private keys to BTC 94,000 (USD 4.1bn) that had been stolen from Bitfinex.

The organization further highlighted the widespread applications of cryptography and blockchain technologies, adding that their use in the financial services sector is already notable. The WEF compared the adoption of cryptography and blockchain technologies to the embrace of cybersecurity and digital transformation. It stated, “The embrace of crypto technology is equally inevitable, even if the term feels like a bad word.”

The WEF particularly mentioned the leading role that JPMorgan has taken in the crypto sector. The bank is no longer alone in Web3 and crypto adoption, as more financial institutions are embracing the technology.

The report concluded that digital assets and blockchain technology is here to stay, and that many of the world’s leading companies and financial institutions are already taking steps to incorporate the technology into their operations. The organization noted that it is clear that the crypto industry is gaining traction and that it will only continue to grow in the years to come.