Commonwealth Virtual Currencies Working Group Issues Statement about Bitcoin's Potential

The Commonwealth is a voluntary association of 53 independent and equal sovereign nations that has formed a Commonwealth Virtual Currencies Working Group to discuss bitcoin and its potential impact on their economies. Most of the nations in this group were formerly under British rule, but it includes some of the world's largest, smallest, richest and poorest countries, spanning five regions. Commonwealth countries are supported by an active network of more than 80 intergovernmental, civil society, cultural and professional organisations. The virtual currencies specialist group is made up....

In a new report, the Commonwealth of Nations has called for the acknowledgement and legislation of virtual currencies by its member nations. A new Commonwealth report – the result of research conducted by the Commonwealth Virtual Currencies Working Group – has broadly spoken toward the impact of virtual currencies like Bitcoin and called for member nations to acknowledge and legislate virtual currencies. The report also reveals that Bangladesh is the only country out of the 53 Commonwealth collective where its central bank declared virtual currencies illegal. Still, there were at least 60....

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....

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....

The Commonwealth Virtual Currencies Working Group will meet for the first time next week to discuss the management of cryptocurrencies, such as bitcoin. The specialist group, formed by the Commonwealth - a voluntary association of 53 independent countries, almost all of which were formerly under British rule - is made up of members from the Commonwealth Secretariat, Australia, Barbados, Kenya, Nigeria, Singapore, Tonga and the UK. Along with the International Monetary Fund (IMF), the World Bank, intergovernmental organisation Interpol and the United Nations Office on Drugs and Crime....