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Author Topic: [2015-08-31] Commonwealth States Urged To Explore Benefits And Regulate Bitcoin  (Read 223 times)
Denker
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August 31, 2015, 02:19:56 PM
 #1

http://bravenewcoin.com/news/53-commonwealth-states-urged-to-explore-benefits-and-regulate-bitcoin-and-blockchain-technology/

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In addition to extolling virtues such as helping the unbanked, fee reductions, and enabling micropayments, bitcoin was mentioned for its use as a common global currency.

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Bitcoin functions as a global currency that can avoid exchange fees, is currently processed with lower fees/charges than traditional credit and debit cards, and may potentially provide benefit to existing online payment systems, like Paypal. Virtual currency may also facilitate micro-payments, allowing businesses to monetise very low-cost goods or services sold on the Internet, such as one time game or music downloads.


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The Commonwealth of Nations is an intergovernmental organization composed of 53 Nations that are or used to be part of the extended British Empire. Nearly one-third of the Earth's population belongs to a Commonwealth nation, including the United Kingdom, India, Canada, Australia, Malaysia, and many African, Caribbean, and Pacific Islands nations. Although they work closely with the UN, the IMF, and the World Bank, the United States is not typically represented at Commonwealth meetings.

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September 01, 2015, 06:19:58 AM
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This Commonwealth meeting seems to be a good thing overall as it shows that they are taking note of bitcoin and that they know its here to stay.

I'm glad about the fact that they at the very least get experts in to discuss bitcoin with them before just haphazardly putting regulations togethers.

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Several experts were invited from academia, the banking sector, virtual currency operations, and law enforcement agencies to explain the pros and cons of virtual currencies including Bitcoin.

Personally think this is a big positive for bitcoin.Before it was ignored but more and more are coming around in that they realise that bitcoin is here to stay and as such they need to plan on how to deal with it. Hopefully it will be with a light touch and not going overboard on regulations.
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