Commonwealth Secretariat Commissions Bitcoin Report for Developing Nations

A two-day event that brought together representatives from the Commonwealth Secretariat has ended with the commission of a formal bitcoin report.

Feb 26, 2015 at 6:15 p.m. UTC
Updated Sep 11, 2021 at 11:34 a.m. UTC
CoinDesk - Unknown

Commonwealth Secretariat

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 end of the two days, representatives of member governments issued a set of recommendations – these included preparing technical guidance for member states on effective legislative, regulatory and criminal justice responses to virtual currencies.”

Reports from the organisation itself indicate that the Virtual Currencies Round Table saw representatives from 10 member states present a variety of views on the subject of bitcoin and digital currencies over its two-day run.

A representative from Singapore, for example, explained that the country’s approach has been one of embracing new technologies, including bitcoin, while a representative for India reportedly described the technology as “very concerning”.

The official summary suggests all members recognized the need for “a broad range of legislation” to “prevent the exploitation” of digital currencies and related technologies.

The agency declined to release the formal recommendations formulated at the meeting, cautioning that discussion is “still in very early stages”.

Flag image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
CoinDesk Cardano Price Index (ADX)

CoinDesk - Unknown
2
CoinDesk - Unknown
CoinDesk Smart Contract Platform Select Index (SCPX)

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: KuCoin Plans to Bolster DeFi Activity on Its Blockchain After $150M Raise; Cryptos Gain

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

The crypto exchange will add technical features to support developers and build on KuCoin's public blockchain; bitcoin outperforms ether.

CoinDesk - Unknown
4
CoinDesk - Unknown
CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

Sam Ikkurty and Ravishankar Avadhanam are accused of using YouTube videos to dupe would-be clients into investing in various crypto funds.

CoinDesk - Unknown