I was invited on BBC World News to discuss the positive potential of currency innovations yesterday. In light of this week’s US Senate debates on the regulation of Bitcoin, it’s important to look at the wider picture and consider how other new currencies, including digital retail barter platforms, timebanks and local money schemes, have clear and open goals to build economic resilience in the communities they serve.This is what NEF and international partners are demonstrating with the CCIA EU project.

Here’s what you need to know about Bitcoin for now:

• Bitcoin is currently used more as a speculative asset than a currency – people aren’t actually buying much with it yet

• Policy makers need to stay open minded about regulation – the payment technology from Bitcoin holds revolutionary potential, for other community currencies and the traditional payment industry alike

• New regulation should not be driven by individual use-cases – current regulatory frameworks are already out-dated in the face of technology. A new understanding of what is money, currency or payment system is required to stay compatible with current and future development.

• Bitcoin is just one of many community currencies – the attention may be on Bitcoin this week, but it’s important to remember there are loads of others. Follow the CCIA project to learn more about them.

From NEF website