Commonwealth member states to draft a report on bitcoin

A two-day event that featured spokespersons from the Commonwealth Secretariat has concluded with an agreement that member states will draft an official report on digital currencies. The final report will be unveiled in Malta at the Commonwealth Heads of Government Meeting scheduled to take place from 27th to 29th November.

"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", a representative said while speaking to CoinDesk.

The representatives from the ten member states offered diverse views on bitcoin and cryptocurrencies. The formal summary indicates that all members accepted the need for "a broad range of legislation" to "prevent the exploitation" of digital currencies and related technologies.