Commonwealth of Nations Focuses on Virtual Currencies Solutions
From previously being dismissed as a medium of exchange in criminal markets, virtual currencies have been one of the highlights of the latest Commonwealth of Nations meeting. Senior finance officials and central bank governors from Australia, India, Singapore and the United Kingdom discussed how virtual currencies can be used to address current global financial issues. Advantages of Virtual Currencies. One of the major applications of virtual currencies was in the remittance sphere, which has been acknowledged as a growing industry in some of the members of the Commonwealth of Nations.....
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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....
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....
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 of Nations has released a new report that calls on its 53 member countries to speak out about the legality of bitcoin and other digital currencies. Published on 3rd February, the report is the result of nearly a year of research conducted by the Commonwealth through its Working Group on Virtual Currencies. The group was commissioned following a roundtable event convened last February by the Commonwealth Secretariat, its main governmental body. The report found that of the countries under its mandate, only Bangladesh had deemed that bitcoin and alternative digital....
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....