Bitcoin Rises as World Economic Forum Plans Crypto Standards Effort

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Cryptocurrency is being embraced by the Davos set, and some Bitcoin fans are excited.

The World Economic Forum said on Friday that it is putting together a consortium made up of public and private-sector leaders to write guidelines for cryptocurrency governance. The announcement was light on specifics, but it signified that the people who keep watch over the traditional banking system—central bankers, in particular—are willing to be associated with digital assets, and even promote them.

Entrepreneurs in the industry have expressed frustration about how widely governance standards for cryptocurrencies vary throughout the world. The consortium will try to bring order to this “fragmented regulatory system,” the announcement said.

The price of Bitcoin rose after the announcement, which came just after noon…