This week, the Commonwealth Virtual Currencies Working Group comprised 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 must think about the applicability of their existing legal frameworks to virtual currencies and where suitable they must think about adapting them or enacting new legislation to manage virtual currencies.”
The group has actually created the agreement because it acknowledges the advantages and the disruptive nature of bitcoin and other digital currencies in the monetary sector. The conference was joined by professionals from the banking sector, academic community, virtual currency operators, users and law enforcement agencies, to go over the distinct applications and the dangers of criminal abuse.
One of the main members of the Commonwealth Virtual Currencies Working Group, Aminiasi Kefu, Tonga’s acting attorney general of the united states described:
“From Tonga’s viewpoint, virtual currencies are a phenomena that has actually currently arrived. Today, realty, structures and companies held or had by people resident in Tonga are being marketed for sale on the Internet for virtual currency, particularly bitcoin.”
The Working Group received presentations from 9 groups involved with virtual currencies, consisting of the U.K. Digital Currency Association, BitPesa, Bitt, Bankymoon, Ripple Labs and Minku.
Many professionals and agents described to other member states that the decentralized nature of virtual currencies, specifically bitcoin, has been the option to economic inequality and remittances worldwide.
Bankymoon CEO Lorien Gamaroff described the importance of virtual currencies in significantly underbanked regions such as Africa.
“In Africa, around 80 percent of the population does not have access to banks and are primarily engaged in a money economy,” stated Gamaroff.
Image The Commonwealth / Flickr (CC)
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