Coindesk Logo

Commonwealth Governments Urged to Regulate Bitcoin

Commonwealth Governments Urged to Regulate Bitcoin

Commonwealth Governments Urged to Regulate Bitcoin

Commonwealth governments should regulate bitcoin, according to the Commonwealth's Virtual Currencies Working Group.

Commonwealth governments should regulate bitcoin, according to the Commonwealth's Virtual Currencies Working Group.

Commonwealth governments should regulate bitcoin, according to the Commonwealth's Virtual Currencies Working Group.

AccessTimeIconAug 27, 2015, 11:20 AM
Updated Aug 18, 2021, 4:08 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Commonwealth governments should regulate bitcoin to address the risks associated with digital currencies without stifling innovation.

This was one of the recommendations put forward by the Commonwealth's Virtual Currencies Working Group during a three-day conference held in London this week.

After hearing from the banking sector, academia, virtual currency operators, users and law enforcement agencies, the group urged governments to re-consider their legislative response to virtual currencies such as bitcoin and strengthen law enforcement to counter criminal use.

The group, which noted that virtual currencies have potential benefits and could help drive development, concluded:

"Member states should consider the applicability of their existing legal frameworks to virtual currencies and where appropriate they should consider adapting them or enacting new legislation to regulate virtual currencies."

Additionally, the group asked governments to provide education on digital currencies and funding for training law enforcement agents, prosecutors, judges, regulatory authorities and the financial sector.

The group is expected to prepare a report on the prevalence and impact of virtual currencies and plans to reconvene in early 2016 to consider drafting technical guidance on the subject for member states.

View the full conclusions and outcomes from the event here:

Commonwealth flags image via Kiev.Victor / Shutterstock.com

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.