Crypto Regulations in Bangladesh
Despite this emerging stance, Bangladesh has historically taken a hostile view toward cryptocurrencies. In 2017, the Central Bank of Bangladesh warned that cryptocurrencies are considered illegal in Bangladesh.
Source: Freeman Law
Bitcoin and all cryptocurrencies remain illegal in Bangladesh to date. In March 2020, the ICT Division of Bangladesh published a detailed paper on blockchain technology. The paper highlighted many advantages of blockchains in different sectors such as agriculture, commerce, finance and supply chain
Source: Straits Times
Bangladesh Bank has once again asked all to refrain from trading any kind of virtual coin or cryptocurrency in the country. The banking regulator made the call as the definition of “currency” given by the Foreign Exchange Regulation Act, 1947 does not recognize virtual currencies.
Source: The Daily Star
Bangladesh Bank has once again said today that it does not allow the holding or trading of any kind of virtual coin or cryptocurrency in the country. The central bank’s announcement came as confusion built after it sent a letter to the Criminal Investigation Department of police that trading cryptocurrencies cannot be considered apparently as a crime although virtual coins are illegal under the laws of the country.
Source: The Daily Star
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Bangladesh has historically taken a hostile view toward cryptocurrencies. In 2017, the Central Bank of Bangladesh warned that cryptocurrencies are considered illegal in Bangladesh. According to a news report, the notice states that “[t]ransaction [sic] with this currency may cause a violation of the existing money laundering and terrorist financing regulations. The notice states that bitcoin transactions “are not authorized by the Bangladesh Bank or any regulatory agencies, and do not conform with the provisions under the Foreign Exchange Regulation Act, 1947; Anti-Terrorism Act, 2009; and the Money Laundering Prevention Act, 2012.
Source: Freeman Law
Bangladesh’s draconian attitudes towards the rapidly expanding cryptocurrency space are hardly a recent development. Back in September 2014, the government made it illegal to transact in any form of digital currency. The maximum penalty for doing so is an unfathomably strict 12 years of jail time. Late last year, the inefficacy of the threat of such harsh sanctions was revealed. A notice from the Bangladeshi Central Bank entitled “Caution on Bitcoin Transaction: Warning against online transactions in Cryptocurrency (eg. Bitcoin, Litecoin)” proved that the rampant use of digital currency in the nation was still a concern for the central financial institution.
Source: News BTC
Law enforcement in Bangladesh is actively hunting down users of Bitcoin as the use and trading of cryptocurrency is still illegal in that particular country.
Source: Bitcoinist
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