The Commonwealth, a voluntary association of 53 independent and equal sovereign countries, has formed the Commonwealth Virtual Currencies Working Group that will meet for the first time next week to investigate the opportunities and challenges presented by virtual currencies, such as bitcoin.



The specialist group is made up of members of the Commonwealth Secretariat, Australia, Barbados, Kenya, Nigeria, Singapore, Tonga and the UK, together with the IMF, World Bank, Interpol and the United Nations Office on Drugs and Crime (UNODC).



A spokesperson for the Commonwealth Secretariat told CoinDesk:



"Recognising both the associated benefits and risks, the group will meet to design technical guidance for member states on potential regulatory and legislative measures to effectively respond to virtual currencies."



She continued: "The meeting will also be an opportunity to hear from a range of experts about the latest developments in the sector. Participants will also share findings from a recent Commonwealth survey which shows innovative use for legitimate business opportunities but also warns an absence of regulations is exacerbating criminal exploitation."



The meeting will be held from 24 -26 August in London with focus on combating cybercrime and developing more robust measures to manage these currencies.