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The Commonwealth Working Group on Virtual Currencies Report

The Commonwealth Working group produced a report of the prevalent virtual currencies in eight member countries, as well as research into the regulatory responses in some economies within the Commonwealth, to provide a cross-section of Commonwealth experience of virtual currencies. The results of the surveys and the research, which are included in this report, have disclosed that member countries have adopted a diverse range of approaches to virtual currencies, from that of Bangladesh, which has declared them illegal, to that of Canada which, although recognising their legality, has sought to regulate the high risks involved in their use.  Although some jurisdictions have yet to formally appreciate the nature and impact of virtual currencies, those that have done so demonstrate a variety of disparate responses, including some which are limited, uncoordinated and fragmentary. To deepen their understanding of virtual currencies, the Working Group received presentations from experts  from the banking sector, academia, virtual currency operators and users and law enforcement during the first half of its meetings held on 24–26 August 2015. Although this report is primarily concerned with the development of legislative and regulatory responses to mitigate risk, it also seeks to confirm the express recognition of members of the Round Table that virtual currencies have the potential to accrue significant benefits for Commonwealth member countries.

Cleo Turner
Cleo is DFI's CDFP coach and helps our students with the apply section of the Certified Digital Finance Practitioner (CDFP) program. As part of her role Cleo shares useful resources and insights from a wide variety of sources and authors with our community.

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