WEF 2022, May 23: Latest updates from the Cointelegraph Davos team

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

This year’s World Economic Forum marks the first in-person event since the start of the pandemic. Cointelegraph team is on the ground in Davos, Switzerland to bring in the latest updates from one of the most significant global events of the year. The topics of discussion among world leaders include blockchain technology, the role of central bank digital currencies (CBDCs), Web3 and nonfungible tokens (NFTs).

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

• 9:30 am UTC

Ripple CEO Brad Garlinghouse shared his views on the recent collapse of the Terra ecosystem and its subsequent impact on the rest of the crypto market. He noted that while the LUNA crash is not a good thing, that’s not a clear indication of failure for algorithmic stablecoins:

“Who’s to say algorithmic stablecoins don’t succeed in 5-10 years. The industry is here to stay and will find more and more interesting real-world use cases.”

Garlinghouse went on to discuss the state of regulations in the United States and said:

“The industry lacks clarity and certainty. The overwhelming majority of people working in crypto are good actors, however, when the rules are not clear it is very difficult to manage within that for investors.”

• 9:00 am UTC 

Filecoin’s green project lead Alan Ransil explained the key difference between fiat money and cryptocurrencies. He said:

“Fiat money only has the ability to add and subtract. Programmable money, in comparison, offers real-time solutions and fast response mechanisms.”

• 8:30 am UTC

Ripple senior vice president Brooks Entwistle shared his views on the current debate around crypto winter. He told Cointelegraph:

“Crypto winter has happened before and it will happen again, but we are focused on building into it. I think it’s an opportunity for projects to build more. A lot of this is noise, and we’ve got to reduce the noise and focus on the signal.”

• 8:00 am UTC

Cointelegraph editor-in-chief Kristina Lucrezia Cornèr got in touch with PayPal vice president Richard Nash to get an insight into the leading payment processor’s blockchain and crypto plans.

Nash told Cointelegraph:

“We are already doing a lot in the blockchain space and just working slowly in the crypto space and looking to work with others to embrace everything we can, be it digital wallets or CBDCs in the future.”