WEF 2022, May 24: Latest updates from the Cointelegraph Davos team

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WEF 2022, May 24: Latest updates from the Cointelegraph Davos team

The third day of WEF 2022 will see the OECD secretary-general share his thoughts on a reimagined global tax system and industry experts discussing DeFi as the future of decentralized governance.

WEF 2022, May 24: Latest updates from the Cointelegraph Davos team

Disclaimer: This article is being updated all day long. All timestamps are in the UTC time zone, with updates in reverse order (the latest update is placed at the top).

WEF 2022, the first in-person World Economic Forum event since the pandemic started, continues to bridge traditional finance with the future of money on its third day.

The Cointelegraph ground team, including editor-in-chief Kristina L. Corner, head of video Jackson DuMont and news reporter Joseph Hall, is deployed in Davos, where the event is held, to get the most recent developments from WEF 2022.

Check out all the important details from May 23 in one easy-to-read page!

The third day of WEF 2022 will see the OECD secretary-general Mathias Cormann share his thoughts on a reimagined global tax system and industry experts discussing decentralized finance (DeFi) as the future of decentralized governance.

Crypto’s Carbon Footprint, one of the most anticipated sessions of the event, will see chief executives from FTX, Stellar Development Foundation, SkyBridge Capital, DataKing and Cambridge Centre for Alternative Finance talk about the environmental sustainability goals of crypto mining operations.

Don’t forget to check this article regularly to get notified about the most recent announcements from the event.

  • 12:00 pm UTC

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr is on stage to moderate a panel, titled “The Future of Money: Where Are We and Where Are We Going.” Joining her on stage is Soramitsu CEO Makoto Takemiya, Oesterreichische Nationalbank treasurer Johannes Duong and Stellar Development Foundation COO Jason Chlipala.

Stellar Development Foundation COO Jason Chlipala compared the possible impact of the LUNA crash to that of Facebook’s Libra. He explained that just like Libra’s stablecoin plans lead to an acceleration in CBDC programs around the globe, Terra’s UST crash would prompt regulators to come up with stricter stablecoin regulations.

Soramitsu CEO Makoto Takemiya talked about the changing perception around WEF and how it is no longer a club of elites. He said:

“The stereotype of the WEF is the entrenched financial elite that is looking to preserve their wealth —that may or may not be true. Blockchain companies are the ‘barbarians at the gate’ of the WEF.”

  • 11:30 am UTC

During a panel discussion on ‘Rules of the Road for Digital Economy,’ Mastercard CEO Michael Miebach talked about the role of regulations in reducing unnecessary noise around a nascent tech like crypto. He said:

“Not everyone is screaming for regulation but it does reduce the noise in the crypto world. Engaging actively with regulators and being principled; I am optimistic.”

Mastercard CEO also believes SWIFT, the leading cross-border fiat payment network would go out of trend in the next five years.

  • 9:00 am UTC

The panel discussion shifted towards quantum computers, their progress, and how they would impact various fields —be it centralized or decentralized. IBM chief Krishna noted that the progress has been significant in the field and when enquired about the world’s first functional quantum computer, Krishna responded: “I think it can be a reality by 2025.”

The expert panel went on to discuss the role of quantum computers in the metaverse and how it would change computing in augmented reality.

Antonio Neri, CEO at Hewlett Packard Enterprise while answering a question on digital and decentralized transformation among traditional enterprises said that web3 and blockchain are definitely one of the key topics of discussion among executives, but it’s more about which would be a more efficient way of data processing and storage.

  • 08.30 am UTC

The ‘Strategic Outlook on the Digital Economy’ panel discussed building socially inclusive and environmentally sustainable economic growth. The panel included the likes of Nicholas Thompson, publisher and CEO of The Atlantic, Arvind Krishna, chairman and CEO of IBM Corporation, and Julie Sweet, CEO of Accenture.

The primary discussion revolved around the evolution of metaverse and its potential at the industrial level. Accenture CEO talked about numerous use cases of the virtual reality world and their future plans of integrating employees into the Accenture metaverse.

“Metaverse has a ton of potential and it could prove to be beneficial in many domains. 100,000 Accenture employees would be integrated into the Accenture metaverse over time.”

She went on to cite the example of the pandemic and how metaverse helped them connect and complete meetings in three dimensions.

IBM CEO Arvind Krishna talked about the role of artificial intelligence and augmented reality (metaverse) in handling tasks that are dangerous for the humans, citing the example of nuclear powerplants, which could be inaccessible in case of a tragedy, and this is where metaverse and AI could be of great help.

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