31 Aug '15, 4pm

Commonwealth Virtual Currencies Working Group Issues Statement about Bitcoin’s Potential

This week, the Commonwealth Virtual Currencies Working Group made up of Australia, Barbados, Kenya, Nigeria, Singapore and Tonga, together with the International Monetary Fund and World Bank, concluded a three-day conference in London with a consensus : “Member states should consider the applicability of their existing legal frameworks to virtual currencies and where appropriate they should consider adapting them or enacting new legislation to regulate virtual currencies.” The group has come up with the consensus because it recognizes the benefits and the disruptive nature of bitcoin and other digital currencies in the financial sector. The conference was joined by experts from the banking sector, academia, virtual currency operators, users and law enforcement agencies, to discuss the unique applications and the risks of criminal misuse. One of the main members of the Comm...

Full article: https://bitcoinmagazine.com/21794/commonwealth-virtual-cu...

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