Published on August 19th, 2015 | by bitcoin0
Commonwealth Virtual Currency Meeting Will Discuss Bitcoin
The Commonwealth Virtual Currencies Working Group will meet first time next week to discuss the management of cryptocurrencies, such as bitcoin.
The specialist group, formed by the Commonwealth – a voluntary association of 53 independent countries, almost all of which were formerly under British rule – is made up of members from the Commonwealth Secretariat, Australia, Barbados, Kenya, Nigeria, Singapore, Tonga and the UK.
A spokesperson for the Commonwealth Secretariat commented on the purpose of the meeting, telling CoinDesk:
“Recognising both the associated benefits and risks, the group will meet to design technical guidance for member states on potential regulatory and legislative measures to effectively respond to virtual currencies.”
She continued: “The meeting will also be an opportunity to hear from a range of experts about the latest developments in the sector.
Participants will also share findings from a recent Commonwealth survey which shows innovative use for legitimate business opportunities but also warns an absence of regulations is exacerbating criminal exploitation.”