Bitcoin Dialogue at WEF Requires an Open Mind Davos 2023

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The World Economic Forum (WEF) meets annually in Davos and takes over the Swiss ski town. The main promenade is packed with events and businesses renting out properties, with a growing presence of businesses in the cryptocurrency and blockchain space.

Entrance to the WEF compound is restricted by cement barriers and security personnel, drawing an invisible line between the conference and the rest of Davos. Curiously, the last building on the sidelines of the conference was marked with familiar logos, that of Polygon and the ever-recognizable bitcoin (BTC) symbol.

Cointelegraph came across Pietro Poretti while shooting images of the Bitcoin logo emblazoned on the Tech Lodge booth. Poretti is the director of the economic development department of Luganos. This Swiss city has opened up BTC and crypto payments for various municipal accounts for its residents through its Lugano Plan B project.

Bitcoin was not on the official WEF agenda in 2023. Crypto and blockchain featured in various breakout sessions during the week, but those conversations focused more on web3, metaverse, digital currencies central banks and blockchain payment systems rather than decentralized cryptocurrency adoption.

Pietro Poretti talks to Cointelegraphs Gareth Jenkinson outside the World Economic Forum compound in Davos in January 2023.

2023 is the second year Luganos Plan B has moved to Davos as it seeks to meet new people, make connections, and share its story by driving real-world BTC adoption and use cases. The project has been operational since March 2022 and Poretti says while still in its infancy, it’s all about educating and demonstrating the utility of cryptocurrencies:

This is to promote crypto payments throughout the city by the city administration. Soon in Lugano you will be able to pay taxes, fines, everything you pay to the municipality.

Lugano Plan B merchants accept payment in native LVGA tokens, Bitcoin, Lightning Network and Tether (USDT). This year, sharing experience with other industries, policy makers and civil servants was the focus. Poretti says payments innovation has been approached with small but very concrete steps focused on providing different but complementary payment gateways.

I think at the end of the day, if people see the benefits of having an alternative, it’s not necessarily something that will replace or will replace.

The Luganos cryptocurrency payment initiative could serve as a tangible case study for the adoption of decentralized payment options around the world, including within the WEF. That hasn’t happened yet, but representatives from other cities have asked Lugano about the how and why of their Plan B initiative, which Poretti describes as progress:

We believe that it is not a question of reproducing exactly the same approach elsewhere in the world, but perhaps of drawing inspiration directly from what we have done and learning something also from our experience. I think that in this respect, Lugano is still a bit of a precursor.

While Ripple and Circle were prominent participants in the cryptocurrency ecosystem involved in the WEF workshops, Poretti thinks a more open-minded approach will be needed for Lugano to sit down at the table to outline its efforts. adoption of cryptocurrency.

Related:TradFi and DeFi come together Davos 2023

This requires many moving parts, including financial and legal involvement and political support for similar initiatives. Perhaps more importantly, Poretti thinks users will drive the discourse and adoption of solutions like Bitcoin:

If your citizens are on board and they say, let’s try, we’re curious, we’re open, then when we start to see the benefits.

Poretti believes this spurs job creation, boosts economic growth, and ensures technology and digital adoption.

Bitcoin Suisse was another Swiss-based cryptocurrency industry player that Cointelegraph managed to connect with in Davos. CEO Dirk Klee highlighted the company’s role in founding Crypto Valley and its early work to drive adoption of BTC in Switzerland, which has become a leader for global cryptocurrency adoption over time. respects.

I would call it the global headquarters for wealth management and early adopters, wouldn’t I? Were partially crypto natives, but became wealthy individuals early on.

Klee said Switzerland’s reputation as a well-regulated and safe place to do business has also helped the local cryptocurrency ecosystem grow over time while admitting it’s a a continuous journey.

We have boots on the pitch in Davos! Our reporter @gazza_jenks talks to @BitcoinSuisseAG CEO Dr Dirk Klee about Switzerland and cryptocurrency adoption at @wef. #CTWEF23 pic.twitter.com/ka00dvWpVz

— Cointelegraph (@Cointelegraph) January 18, 2023

Highlighting the difficult market conditions over the past year, Klee suggested that the industry is at a point where confidence needs to be established before considering greater participation in events like the WEF:

A lot of trust has been destroyed and eroded over the past year and we want to be kind of the focal point for the next stage of institutionalization, making the place more accessible, easier to use, but also safer.

Klee also wants to see Bitcoin Suisse potentially involved in cryptocurrency workshops at future WEF conferences and described mainstreaming as the ultimate goal.

The likes of Lugano and various parts of Switzerland are prime examples of the potential for cryptocurrency adoption for everyday payments. Moreover, the presence of Plan B and Bitcoin Suisse in Davos proves that the industry is conducting its own conversations with interested parties outside the walls of the World Economic Forum.

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