Binance will be delivering support to the Official Monetary and Financial Institutions Forum (OMFIF) on its annual Future of Payments Report in a recent partnership.
Binance has formed a partnership with the Digital Monetary Institute (DMI) of the Official Monetary and Financial Institutions Forum (OMFIF), as it receives an opportunity to provide insight on the global think tank’s annual report on the Future of Payments.
OMFIF has positioned itself as one of the most reliable independent think tanks globally, providing a platform for engagement from the public and private entities in central banking, public investment, and private investment.
Binance’s recent partnership with OMFIF has integrated the world’s largest exchange into the think tank, as it secures a position as a member. This gives Binance a seat on the table of discussion on matters arising in the areas covered by OMFIF, especially as included in its annual Future of Payments report.
The development was disclosed by the DMI of OMFIF and Binance through their respective Twitter handles.
“Binance partners with the @OMFIFDMI Digital Monetary Institute! As a member of OMFIF, an independent think tank, we will support their Future of Payments annual report, which covers Digital Assets Regulation,” Binance noted in a tweet Thursday.
As a member of OMFIF, an independent think tank, we will provide support for their Future of Payments annual report which covers Digital Assets Regulation.
Read the full report here ⤵️
— Binance (@binance) November 3, 2022
The exchange further shared a link to an official OMFIF report which addressed global regulatory frameworks for digital assets as the asset class gets more intertwined with traditional finance.
The report also highlights the significance of cryptocurrencies as the asset adoption rate sees a massive surge, pointing out ways businesses and individuals can benefit from digital assets.
Conclusively, the OMFIF also noted the importance of regulatory clarity for cryptocurrencies to implement better consumer protection measures and mitigate risks of a repetition of the Terra debacle, which precipitated a wave of deleveraging in the space. Discussions on these emerging issues will be held in the upcoming Future of Payments report.
Binance’s involvement in this year’s Future of Payments report is immensely crucial, as discussions will highlight the emergence of digital assets, their role in the financial scene, and global regulatory efforts. Resolutions reached are likely to influence how cryptocurrencies are received on the global scene.
The global event slated for December 8 seeks to open discussions on the growing challenges faced across different countries regarding the emergence of cryptocurrencies, their utilities and risks, and how to reach harmonized clarity on their outlook.
“As new digital assets, mobile banking and other fintech initiatives gain traction, the panel examines if these have the potential to make cross-border payments faster, cheaper and more transparent,” OMFIF says in an official article.
According to the article, discussions on the issue of interoperability of digital assets will be held in the upcoming event. This will also help address modes in which the asset class can be included in the financial scene of emerging economies.
OMFIF remains actively involved in the cryptocurrency scene, providing insight into risks and rewards associated with the asset class. Mid-October, the think tank released a report highlighting the importance of CBDCs in addressing fraud and disputes.
Additionally, in April, OMFIF noted the growing rate of cryptocurrency adoption and how global regulatory clarity can contribute to a propitious environment for the assets.