Commonwealth urged member countries to speak out about bitcoin’s legal status

Regulation | February 5, 2016 By:

The Commonwealth is urging member countries to confirm the legal status of Bitcoin and other digital currencies.

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 said: “Member countries should be encouraged to foster an awareness of virtual currencies within their jurisdictions and the potential risks involved in their use and to consider the application of their existing legal frameworks to virtual currencies and, where appropriate, should adapt them or enact new legislation to regulate virtual currencies.”

The Commonwealth of Nations comprises of 59 countries spread across several continents such as Africa, Asia, Europe and North America (the Caribbean).