Commonwealth Secretariat Commissions Bitcoin Report for Developing Nations

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

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