Commonwealth Central Bankers to Discuss Bitcoin’s Role in Remittances

Central bankers and senior finance officials from the Commonwealth are set to discuss bitcoin and digital currencies within the context of global remittances during a meeting tomorrow.

The event is part of a two-day gathering of officials from the intergovernmental organization on 6th and 7th October.

Comprised of 53 member-states, the Commonwealth is among a growing number of intergovernmental bodies to conduct work on digital currency issues. In late August, the Commonwealth Secretariat’s Virtual Currency Working Group advocated that member nations move toward regulating the technology.

Bitcoin and digital currencies will be discussed within the context of a meeting on “maximising the potential of remittances, a significant source of external finance for many developing countries”, according to the Commonwealth.

Bangladesh Central Bank governor Aitur Rahman is set to chair tomorrow’s meeting, according to Commonwealth Secretariat spokesperson Hannah Murphy.

Murphy told CoinDesk:

“Commonwealth central bank governors will meet on 6th October to consider a number of policy recommendations to increase and protect remittance flows including the potential of virtual currencies to decrease costs and improve the efficiency of transfers.”

The organization said in a press statement that other topics up for discussion include tax evasion, money laundering and terrorist financing during the two-day event.

A statement from the group is expected to be released after the conclusion of the meeting.

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