Commonwealth Central Bankers to Discuss Bitcoin's Role in Remittances

Finance officials from the Commonwealth are set to discuss bitcoin and digital currencies within the context of global remittance flows.

AccessTimeIconOct 5, 2015 at 9:01 p.m. UTC
Updated Aug 18, 2021 at 4:14 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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.

    Image Credit: Kiev.Victor / Shutterstock.com

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    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.