Topic: Bangladesh government banned bitcoin ? - page 11. (Read 1514 times)

Just like in Bangladesh, the Indonesian government also prohibits the use of bitcoin and other virtual currencies as a means of payment but they actually do not prohibit ownership of bitcoin.
And as far as I know that gives a circular in Bangladesh about the ban on the use of crypto instead of government but from the central bank.
I think it's natural if there is such a problem. Because in buying and selling bitcoin and banks do not get a profit.

Bangladesh Bank has banned the use of Bitcoin, a virtual cryptocurrency, in Bangladesh by issuing a circular on its website.
The circular read that Bitcoin is not an authorised and legal currency in any other country in the world.
“Transaction with this currency may cause a violation of the existing money laundering and terrorist financing regulations,” the circular further read.
However, the notice does not carry any indication on how the regulation would be enforced.
The circular also said Bitcoin is not authorised by any regulatory authority and thereby its use may cause financial loss of the citizens.
“According to the information received from the internet and different news media, transactions have been taking place using different online-based exchange platforms including Bitcoin, Ethereum, Ripple and Litecoin.”

These virtual currencies are not authorised by any legal authority of any country and thereby no financial claims can be made against such currencies.
Besides, these currencies do not conform to Foreign Exchange Regulation Act, 1947, Anti Terrorism Act 2009 and Money Laundering Prevention Act, 2012, the notice also read.
So, the transaction of virtual currencies online with any unnamed or pseudo named peer may cause a violation of the above-mentioned acts and lead clients to face various financial and legal risks.
Under the circumstances, the citizens have been asked to refrain from performing, assisting and advertising all kind of transactions through the virtual currencies like Bitcoin to avoid financial and legal damages.
Meanwhile, a Facebook page titled “Bitcoin Exchange: Bitcoin Buy and Sell Bangladesh” has been opened in recent times.
A local website named bitcoin.com claims that Bitcoin transaction can be performed in Bangladesh through Bkash, Rocket and other general banking accounts.

Bitcoin is gradually gaining popularity across the world. As a result, central banks of many countries have taken measures to adopt separate policies for Bitcoin.
Bangladesh Bank Deputy Governor SK Sur Chowdhury, in a recent seminar, said: “A committee will be formed by next June, by coordinating with various public and private agencies. The committee will work to find out a way on how to introduce Bitcoin in Bangladesh.
Bitcoins can be used for online purchase like other normal currencies. But governments and central banks work through the general currency system.


https://www.dhakatribune.com/business/banks/2017/12/27/bangladesh-bank-ban-bitcoin/

Great explanation there dude,and besides how can countries banned bitcoin when this is a internet operated currency and until they shut down the whole internet system people can still use bitcoin and those altcoins..

And this is an old issue,i think this is a third old issue of bannung that crosses my eyes since yesterday

no country can ban bitcoin. the only way they could do is by banning internet which is not practical today's world, so what people say countries banning bitcoin is the process of discouraging (or reducing chances of) people buying bitcoin by giving official announcements, banning exchanges, etc. but in reality no one can really ban bitcoin, but developing countries like Bangladesh sometimes tend to try to reduce use of digital currencies like bitcoin due to fear of loosing tax (by money laundering etc.)

Yeah, they banned in 2017 only. The trading and usage of cryptocurrency remain is on rampage in Bangladesh, despite the central bank’s announcement at the end of 2017, revealing the country’s prohibition on bitcoin use. I also heard few months ago that Bangladesh police was hunting down bitcoin traders.

you are correct about every other news about "{blank} banned bitcoin" but in case of Bangladesh and 1 or 2 other countries out of 195 countries have actually banned bitcoin. this law is very old though, it was set back in 2014 and the punishment is imprisonment for up to 12 years!

I think the government of bangladesh has certain rules so they prohibit bitcoin,and I think they are just banning the banks using payments through bitcoin and not forbidding someone to join the bitcoin world, but I am sure slowly in the future banglades will start legalizing bitcoin ...

Many countries asked a bank to not to deal with crypto exchanges but they didn't ban completely or usage of it. But after reading that news it looks Bangladesh has completely banned the cryptos. Some time if country leaders are not technically strong then they can't understand the future use of new technologies until it becomes quite popular in other parts of the world. No one can change these types of leaders.

Yes, Central bank of Bangladesh has proposed a circular announcing that bitcoin transaction is restricted there. So far I think, Bangladesh has banned this in order to avoid corruption, drugs and arms business. I hope like other countries , bangladesh will make a policy regarding cryptos.

I suspect maybe this is related to the law of using bicoin there.
this is normal because some countries apply the same rules.
but after understanding the risks and systems used blockchain technology gradually the government began to provide rules and the public is allowed to use bitcoin.

Yes it is true, but you should not worry too much for it, the bitcoin ban in Bangladesh will not make bitcoin die, and I believe that soon Bangladesh will definitely lift its ban.

again like many other countries. its not a law banning it. its a memo/circular that BANKS wont offer trading currencies from BANKS

you wont find a BTM(bitcoin atm) or a bitcoin cashier desk inside a bank branch. because just like toilet roll and baked beans. its not a banks job to offer bitcoin toilet roll or baked beans.

banks are suppose to only handle fiat
this circular is a reminder of fiat laws that banks have to obide by that go back decades/centuries. again this does not ban citizens holding bitcoin or toilet paper. it just reminds banks to not offer a bitcoin trade desk within a bank branch

This is an old issue and I think they are hunting those people who are using bitcoin and other cryptocurrencies check the article here https://news.bitcoin.com/bangladesh-authorities-hunt-bitcoin-traders/

However, some of my friends from Bangladesh are still accepting bitcoin as payment, but why this news still discussed?

If you are living in Bangladesh better to use a VPN to save your bitcoin or you can exchange it into perfect money and withdraw it in any 3rd party exchange from perfect money.

Bangladesh central bank warned the people not to trade bitcoin and they will be taking strict actions who are dealing with crypto currencies.They have alerted the foriegn exchange to monitor the people who are doing transactions with crypto currencies including bitcoin and take necessary action.

Anyone knew about that

Is it true news