Bitcoin and other Crypto currencies Legality Urged by the Commonwealth to its Member Countries
Bitcoin and other Crypto currencies – Commonwealth Nation Speaks on Legality
The Commonwealth of Nations has been studying bitcoin and other crypto currencies for a year now. Recently they released a report calling 53 countries that are member of it to discuss about the legality of Bitcoin, other crypto currencies and digital currency. The Commonwealth is not only up to discussion on crypto currencies but they are urging each nation to make it legal in their countries.
Last year of August 24-26, Commonwealth Working Group had a meeting about crypto currencies and Bitcoin in Particular which was held in London, UK. The Representatives (Representatives of 6 Commonwealth State Members), the Commonwealth Secretariat Representatives, World Bankard US Government, International Monetary Fund and Commonwealth Telecommunications Organization are all present in the said event. Mr. Colin Nicholls, QC presided the meeting. The result of the event is that all the party’s present agreed to conduct a study about bitcoin and other crypto currencies.
Bitcoin and other Crypto currencies – Result of Study
The meeting that took place last August was the result of the roundtable happened last February, 2015. The working group explored the popularity of Bitcoin and other crypto currencies within the Commonwealth. The working group also reported to the member states about the impact of the said crypto currencies like bitcoin to the lives of the people. They also developed technical guidelines for each member states.
The Working Group of the Commonwealth Nation got facts from different institution of the commonwealth to assist them in studying crypto currencies. The group also invited other people internationally to learn more about the benefits of the bitcoin and other crypto currencies with regards to their experiences. Aside from the benefits, they also wanted to know what kind of challenges they are face using it. The working group received responses from the following:
- Bankymoon, a South African virtual currency utilizing business
- UK Digital Currency Association
- Minku, a Nigerian virtual currency utilizing business
- British Banking Association
- Prof Alan Woodward, University of Surrey
- BitPesa, a Kenyan remittance service utilizing virtual currencies
- Dr Sarah Meiklejohn, University College London
- Bitt, a Barbadian virtual currency exchange and
- Ripple Labs, a US based provider of decentralised payment services.
After they have studied the presentations submitted they came up with a conclusion that bitcoin, crypto currencies and other digital currencies should be legalize within the states that are members of the Commonwealth.
Out of all the State Members of the Commonwealth Nation, it is Bangladesh that shows disapproval with the legalization of the crypto currencies. However, Commonwealth Nation is firm with their decision. According to their report:
“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.”
The working group agreed that all the members of the Commonwealth Nation will benefit with bitcoin and other crypto currencies because it will drive development in the countries. There are always risks and therefore awareness and education about bitcoin and crypto currencies should be implemented.