Many hope the use of virtual currencies like bitcoin will encourage shoppers to spend more online. This week the Indian chamber asks how realistic that is.
There are nearly 14.2m bitcoins currently in circulation worldwide (according to blockchain.info) worth a total of nearly €3bn (using figures from btc-e.com). Can use of this cryptocurrency boost the global e-commerce market that is estimated (by the consultancy AT Kearny) to hit almost $1tn this year?
That is the topic of a talk hosted by the Indian Business Chamber of Luxembourg this week. “Bitcoin is a digital currency which allows transactions to be performed without banks or any other centralized system. It enables [anyone] to transfer money without any transaction fee,” the chamber stated. “This conference will focus on how bitcoin can really drive e-commerce and analyse the advantages and disadvantages of bitcoin if it is being used in e-commerce in place of real money.”
Speaking at the IBCL summit are Patrick Murck, executive director of the Bitcoin Foundation, a Washington-based not-for-profit group that promotes standards and usage of the virtual currency; and Nadia Manzari, head of innovation, payments, markets infrastructure and governance at the Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulator.
Registration begins at 6pm and the conference starts at 6.30pm, with networking cocktails at 8pm.
Lux Future Lab, 59 boulevard Royal, Luxembourg-Centre
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