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 complete report can be downloaded here. [PDF]
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 instances of the Bitcoin Core client downloaded in the country, after the ban.
The Working Group called for member countries to address the legality of virtual currencies by stating:
Member countries should be encouraged to make a positive determination on the legality of virtual currencies in their respective jurisdictions.
Furthermore, the report encouraged the 53 member nations to “foster an awareness of virtual currencies,” with the conclusion that such innovation has