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 currencies were unlawful, and that even after this declaration, such activity continues unabated.
With this in mind, it concluded that member countries make a “positive determination on the legality of virtual currencies” given its conclusion that the “prohibition of virtual currencies is unlikely to be effective.”
The report reads:
“Financial regulators and central banks should consider making public statements on the legality of virtual currencies and the applicability of any existing legislative frameworks. Education and funding should be provided for training for law enforcement.”
Overall, the report provides a comprehensive overview of developments in the bitcoin and blockchain ecosystem, with sections ranging in coverage from its more