Bitcoin Up For Discussion at Commonwealth Virtual Currency Meeting / Yessi Bello Perez (@yessi_kbello) / August 19, 2015 at 18:26 BST

The Commonwealth Virtual Currencies Working Group will meet for the first time next week to discuss the management of cryptocurrencies, such as bitcoin.

The specialist group, formed by the Commonwealth – a voluntary association of 53 independent countries, almost all of which were formerly under British rule – is made up of members from the Commonwealth Secretariat, Australia, Barbados, Kenya, Nigeria, Singapore, Tonga and the UK.

Along with the International Monetary Fund (IMF), the World Bank, intergovernmental organisation Interpol and the United Nations Office on Drugs and Crime (UNODC), members at the event held in London will explore the risks associated with virtual currencies, the existing legal frameworks, regulatory responses and potential benefits of use in developing countries.