Commonwealth Governments to Start Bitcoin Regulation?
In the Commonwealth's Virtual Currencies Working Group conference held in London, participants agreed that there is a need for governments to start bitcoin regulation. Among most countries included in the group, there is still very little bitcoin regulation to speak of yet the industry sees strong growth in several Commonwealth nations. The group garnered insights from the banking sector, academia, virtual currency operators, users and law enforcement agencies then urged governments to reconsider their lack of legislative oversight on the cryptocurrency industry. Bitcoin Regulation....
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Commonwealth governments should regulate bitcoin to address the risks associated with digital currencies without stifling innovation. This was one of the recommendations put forward by the Commonwealth's Virtual Currencies Working Group during a three-day conference held in London this week. After hearing from the banking sector, academia, virtual currency operators, users and law enforcement agencies, the group urged governments to re-consider their legislative response to virtual currencies such as bitcoin and strengthen law enforcement to counter criminal use. The group, which noted....
A two-day event that brought together representatives from the Commonwealth Secretariat has ended with agreement that member states draft a formal report on virtual currencies. The main intergovernmental body behind the Commonwealth of Nations, the Commonwealth Secretariat represents 53 states, mainly in the developing world. The final report will be presented at the Commonwealth Heads of Government Meeting to be held in Malta from 27th to 29th November. A spokesperson for the organisation provided further details of potential subject matters the report might discuss, telling CoinDesk: "At....
The Commonwealth Secretariat, the executive arm of the 53-member Commonwealth of Nations, has launched a blockchain-powered secure communication tool geared for governments and law enforcement. Developed in partnership with UK-based startup Digital Identity Security Company (DISC), the project is designed to offer a secure means of communication for government and law enforcement agencies within the Commonwealth. The move comes more than a year after the Secretariat first waded into investigating cryptocurrencies by way of commissioning a report on the topic. That report, released in....
According to MIT Media Lab director Joi Ito, governments have a role to play in regulating bitcoin but they shouldn't overstep their boundaries. He suggests that governments should still have a voice in the process in order to increase the confidence of the general public when it comes to transacting using cryptocurrencies. "I'm not sure that we need an ICANN for Bitcoin, but I think that what would be good is some sort of way for all of the governments to voice their concerns and then become comfortable with how the community interprets their concern," he explained. Bitcoin Regulation....
The Commonwealth Bank of Australia (CBA), the country’s biggest bank, is providing customers with the ability to buy, sell, and hold crypto assets directly through its app. The bank has partnered with crypto exchange Gemini and blockchain analytics firm Chainalysis to provide crypto services.
Commonwealth Bank Begins Offering Crypto Services
Commonwealth Bank (CBA), also known as Commbank, announced Wednesday that “it will become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets,” which will be directly through....