Commonwealth Virtual Currencies Working Group

Governments urged to consider legislative response to virtual currencies

This was one of several recommendations issued today by a Commonwealth working group set up to address  these currencies.  

After a three-day conference in London, the newly-formed Commonwealth Virtual Currencies Working Group concluded that virtual currencies have the potential to benefit countries and drive development.

Lack of regulations likely to increase crimes linked to virtual currencies

These include terrorism financing, money laundering and trade in illicit goods and services.

Research carried out in eight member countries indicates that legitimate use of virtual currencies is widespread across a spectrum of different industries ranging from selling handbags in Nigeria to providing plumbing services in New Zealand. But findings also demonstrate an absence of legal and regulatory frameworks is increasing the threat of criminal exploitation.