Commonwealth Secretariat to Explore Bitcoin in the Developing World

The Commonwealth Secretariat is set to hold a hearing on digital currencies to discuss how the technology might benefit the developing world.

AccessTimeIconFeb 16, 2015 at 11:20 p.m. UTC
Updated Sep 11, 2021 at 11:33 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
Commonwealth of Nations
Commonwealth of Nations

The Commonwealth Secretariat is set to hold a hearing on digital currencies from 17th to 18th February to identify how the nascent technology might benefit consumers in the developing world.

Called the Virtual Currency Round Table, the two-day event will feature representatives from Europol, the International Monetary Fund (IMF), Interpol and the United Nations Office on Drugs and Crime.

Deputy secretary general of the Commonwealth Secretariat Josephine Ojiambo indicated in statements that the intent of the meeting is to highlight the benefits of bitcoin and other digital currencies, while also noting the risks involved.

Ojiambo said:

“This meeting will help member countries guard against risks and identify ways virtual currencies can contribute to future social and economic development.”

At the end of the two-day event, the Commonwealth Secretariat indicated it will issue recommendations that would inform a “next phase” of research in the area.

The main intergovernmental organisation behind the Commonwealth of Nations, the association includes 53 states in Africa, Asia the Caribbean, Europe and the Pacific, including such notable markets as New Zealand, India and South Africa.

Risks and rewards

Ojiambo went on to note, that while bitcoin does post risks, the meeting is meant to focus on both the positive and negative attributes of the technology.

In particular, she noted that digital currencies can provide certainty of payment, improved transaction times and reduced transaction fees.

Further, Ojiambo indicated that such benefits “will need to be considered” when the body reviews existing national regulatory and criminal law framework. The full release went on to suggest that participants could discuss using mutual legal assistance, agreements between countries that would enforce laws related to the technology.

Virtual currencies are being considered under the Commonwealth Cybercrime Initiative, a collaborative effort created in 2011 by member nations to address cybercrime.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.