Global Forum on Law Justice and Development
Generating Innovative Legal Solutions to Development Challenges

Virtual Currencies: Legal, Regulatory and Policy Implications

Event Date: 
Tuesday, May 27, 2014
<p>The World Bank Legal Vice Presidency and The World Bank Payment Systems Development Group</p>

Uncertainty and confusion surround virtual currencies owing to the unclear regulatory framework thereof, the lack of a commonly accepted typology and terminology, the multitude of virtual currency applications and exchanges, virtual currencies' volatility in value and their technical complexity. This situation is further aggravated by the challenges in overseeing and supervising the service providers participating in the eco-systems that are developing around these schemes. How are policy makers, regulators and overseers approaching this? What are the threats and opportunities associated with virtual currencies? A stocktaking roundtable of experts will discuss the challenges associated to this phenomenon.


  • Massimo Cirasino, Manager Financial Infrastructure and Remittances, The World Bank


  • Wiebe Ruttenberg, Head of the Market Integration Division, European Central Bank
  • Gopalaraman Padmanabhan, Executive Director, Reserve Bank of India
  • James P. Jalil, Chair, Cybercurrency Practice, Thompson Hine LLP, New York
  • James G. Gatto, Partner, Pillsbury Winthrop Shaw Pittman LLP, Northern Virginia
  • Sayee Srinivasan, Chief Economist, U.S. Commodity Futures Trading Commission
  • Peter Messitte, US District Court Judge, District of Maryland

This event is co-organized by World Bank’s Legal Vice Presidency and Payment Systems Development Group and leverages on the infrastructure established within the framework of the Global Forum on Law, Justice and Development (GFLJD) and the CPSS- World Bank Forum on Retail Payments (RPF). The GFLJD ( is a permanent forum that seeks to connect experts and stakeholders from around the world and to provide a mechanism for continual and efficient knowledge exchange and for the cogeneration of innovative legal solutions to development challenges based on efficiency, equity and justice. The RPF is a joint forum on Retail Payments convened by the Committee on Payment and Settlement System of the Bank for International settlements and the World Bank, to provide a platform for ongoing discussions amongst central banks, other public authorities and the private sector on contemporary topics in retail payments.

World Bank Headquarters, Washington DC

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