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The World Economic Forum or WEF has recently issued a positive statement about the state of blockchain and cryptocurrency technologies. With the growing concerns around regulatory clarity and economic setbacks, the crypto stakeholders are growing more concerned about the stability of the DeFi markets.
However, as per WEF analysts, Blockchain and cryptocurrencies are likely to remain an integral part of economic and financial development in the future.
The statement was published as part of a new blog post on the WEF official site. The blog post was directed at discussing the matter of prospects for the crypto sector. In the article, WEF analysts explained the greater utility and demand for blockchain-related technologies such as cryptography.
Furthermore, the publication also reflected positively on the role of financial innovations made possible by DLT.
The blog post shared by WEF encouraged cryptocurrency stakeholders to focus their observation on the conduct of major financial firms rather than adhering to their statements.
The article also noted that financial moguls like JP Morgan have earned a positive endorsement from traders on account of their crypto participation.
However, several financial firms are accelerating their crypto integration and venturing into the Web 3.0 industry. As per WEF analysts, the largest portion of crypto adoption is driven by cybersecurity innovations and digital transformation. The blog post also exclaimed that the greater adoption of cryptocurrency technology is an inevitable phenomenon.
WEF Discusses Positive and Negative Aspects of Crypto Technology
WEF has not ignored the risk affinity of the cryptocurrency market. However, it maintained that the transparency of crypto technology offers greater benefits than its drawbacks.
At the same time, the WEF report touted 2022 as a terrible time for the crypto market. During this year, crypto experienced more than 50% retracement.
WEF has attributed the current state of crypto to the aftermath of the FTX explosion. According to the blog post, the regulators who were pushed to the back seats for questioning the integrity of crypto have hidden their failure to regulate the crypto markets under the debris of several large-scale debacles.
In the end, WEF did not hesitate to compare the ongoing crypto downfall with the dot com bubble and projected that it will refine the crypto markets and take the sector for mainstream adoption.
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