Commonwealth Pushes Member Countries to Declare Bitcoin Legal

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 the 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 round table event convened last February by the Commonwealth Secretariat, its main governmental body.

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.”

Regulation was notably not recommended for distributed ledger use cases of the technology, as the report read:

“Any regulatory and legislative frameworks should focus on interactions with fiat currencies and avoid attempting to regulate the underlying decentralised ledger technology.”

More unique to the report was its attempt to quantify how widely used the technology is in Commonwealth member countries. Using public sources, researchers ultimately found evidence that the basic Bitcoin Core wallet had been downloaded in 46 member states, though use varied sharply.

Click here to read more.

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