Commonwealth Encourages Member Nations to Deem Bitcoin Legal
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....
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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....
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....
Central bankers and senior finance officials from the Commonwealth are set to discuss bitcoin and digital currencies within the context of global remittances during a meeting tomorrow. The event is part of a two-day gathering of officials from the intergovernmental organization on 6th and 7th October. Comprised of 53 member-states, the Commonwealth is among a growing number of intergovernmental bodies to conduct work on digital currency issues. In late August, the Commonwealth Secretariat's Virtual Currency Working Group advocated that member nations move toward regulating the technology.....