Encryption fall in Davos? These events prove otherwise

While the most important representatives from politics and business advise on the war, the climate crisis and the precarious inflation situation at the 2023 world economic summit at an altitude of 1,600 meters, Davos and Zurich also offer a stage for tech executives, suits and developer geniuses from the crypto space. The “longest-running high-quality crypto conference in Europe” takes place at the same time: Crypto Summit. The motto of the event: “Regain trust and advance technology”.

Charles Hoskinson introduces – Cardano presents new project

Cardano founder Charles Hoskinson opened the first day of the conference. In his keynote, the 35-year-old talked about the development of Bitcoin and Ethereum, Layer 2 scaling solutions, DeFi, Web3 and applications in the banking sector.

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Cardano is taking advantage of the moment and presents a new project: the world’s first car protocol on the internal blockchain – eTukTuks in Sri Lanka. The three-wheeled motor vehicles are powered by electricity. Appropriate charging points must be installed across the island. The cheap and fast Cardano blockchain acts as an administrator and wants to make the eTukTuks as economical as possible.

Altcoin dominance and an orange Mercedes

The elite of the crypto industry meet in the small town in the canton of Graubünden. Members of Polygon, Cirlce, but also Meta (Facebook) or Zoom lend each other a hand. Data storage protocol Filecoin, meanwhile, reported with a bang. Together with the US arms and technology group Lockheed Martin, they are working on a mission to “deploy the Interplanetary File System (IPFS) in space”. The mission is scheduled to take place in 2023 aboard the defense satellite LM 400, the release said.

Ripple CEO Brad Garlinghouse shared his views on the SEC dispute at the event. The verdict can be expected in June. However, an agreement is only possible if Ripple’s cryptocurrency XRP is not regulated as collateral, says Garlinghouse. The US Securities and Exchange Commission has accused Ripple of selling unregistered securities since December 2020. It remains to be seen whether a final decision will actually be made within the next five months.

The orange Mercedes was parked along the promenade in Davos. Source: (CNBC).

The show steals bitcoin as always. A Mercedes – in BTC orange – was parked in the mud in Davos. Instead of the iconic star mark, the Bitcoin “B” adorns the cap. The words “in crypto we trust” are emblazoned on the wheels of the sports car, which is adorned with a Ukrainian license plate. Michael Chobanian, founder of Ukrainian crypto exchange Kuna, revealed to CNBC that he owned the vehicle.

World Economic Forum without crypto

Meanwhile, the halls of the World Economic Forum are quiet on the subject of crypto: It was only in May that Bitcoin and Co. was still discussed pompously, but here in January the trend turned. The turbulence of the last few months may well have been a reason for the collapse of the earlier euphemism. Because: The implosion of the Terra ecosystem, the fall of Celsius, and finally the FTX debacle left scratches on the paint. The call for regulation is getting louder. Circle CSO Dante Disparte urges WEF to act.

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James Butterfill counts. The head of research at asset manager CoinShares expressed concern about BTC-ECHO:

I think Davos attendees are missing the point if they think blockchain should be regulated by the government. This goes against the original purpose of creating digital assets on the blockchain in the first place – to mitigate currency depreciation, decentralize calculations and protect against censorship.

Cryptocurrencies could be regulated, Butterfill continued. However, only the centralized components are of regulatory importance, as the problems of the past emanated from them. To what extent the responsible supervisory authorities share this view is another matter.

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