Microsoft, Cisco and others join forces to secure Bitcoin and other altcoins

Microsoft, Dell, Cisco, Intel and others have signed a memorandum of understanding (MOU) to work together to protect the value of Bitcoin, according to a report.

The MOU, signed on Tuesday by the governments of Australia, Canada, Denmark, France, Germany, India, Israel, Japan, Netherlands, Norway, Poland, Portugal, Russia, Singapore, Spain and Switzerland, aims to make it easier for financial institutions to accept Bitcoins as a form of payment.

The signing comes a week after the Federal Reserve Board said it would start exploring whether to launch a Bitcoin futures market.

The move was welcomed by Bitcoin supporters, who said it could lead to an expansion of the digital currency’s use as a payment method, though others have raised concerns that the move could hamper a nascent industry.

The signatories include Microsoft, eBay, Fujitsu, Intel, IBM, Intel Corporation, Intel Open Source Technology Group, Intel Xpress, IBM Open Source Solutions, LinkedIn, Microsoft Azure, Nokia, Oracle, Pinterest, PayPal, RIM, Twitter, and Yahoo.

The agreement also commits the governments to ensuring that Bitcoin transactions are processed in accordance with international law and regulations.

The memorandum of agreement signed by the US, UK, Australia, Belgium, Canada and Denmark was first reported by The Financial Times.