This week, the Commonwealth Virtual Currencies Working Group made upwards of Australia, Barbados, Kenya, Nigeria, Singapore together with Tonga, together amongst the IMF together with World Bank, concluded a three-day conference inwards London amongst a consensus: “Member states should reckon the applicability of their existing legal frameworks to virtual currencies together with where appropriate they should reckon adapting them or enacting novel legislation to regulate virtual currencies.”
The grouping has come upwards up amongst the consensus because it recognizes the benefits together with the disruptive nature of bitcoin together with other digital currencies inwards the fiscal sector. The conference was joined yesteryear experts from the banking sector, academia, virtual currency operators, users together with constabulary enforcement agencies, to hash out the unique applications together with the risks of criminal misuse.
One of the principal members of the Commonwealth Virtual Currencies Working Group, Aminiasi Kefu, Tonga’s acting attorney full general explained:
“From Tonga’s perspective, virtual currencies are a phenomena that has already arrived. Today, existent estate, buildings together with businesses held or owned yesteryear individuals resident inwards Tonga are beingness advertised for sale on the Internet for virtual currency, namely bitcoin.”
The Working Group received presentations from nine groups involved amongst virtual currencies, including the Britain Digital Currency Association, BitPesa, Bitt, Bankymoon, Ripple Labs together with Minku.
Many experts together with representatives explained to other fellow member states that the decentralized nature of virtual currencies, specifically bitcoin, has been the solution to economical inequality together with remittances worldwide.
Bankymoon CEO Lorien Gamaroff explained the importance of virtual currencies inwards severely underbanked regions such every bit Africa.
“In Africa, around lxxx per centum of the population doesn’t accept access to banks together with are mainly engaged inwards a cash economy,” said Gamaroff.
Photo The Commonwealth / Flickr (CC)
