Bangladesh Bank, the central bank of Bangladesh, has issued a clear statement that it does not allow any form of holding or trading of virtual coins or cryptocurrencies in the country. This announcement comes after some confusion was created when the bank sent a letter to the Criminal Investigation Department of the police stating that while virtual coins are illegal under the laws of the country, trading in them could not be considered as a crime. The bank has now clarified that any form of trading in cryptocurrencies, including buying, selling, and mining, is illegal in Bangladesh and those found to be involved in such activities will be subject to legal action.
The Bangladesh Bank, the central bank of Bangladesh, has reiterated its stance on the trading of virtual currencies. In a circular and statement released on December 24, 2017, the bank clearly stated that it does not allow or support the trading of any kind of cryptocurrency, including but not limited to Bitcoin, Ethereum, Ripple, and Litecoin. This statement serves as a reminder to the public that the bank’s position on this matter has not changed and it continues to prohibit any form of trading in virtual currencies in the country.
Cryptocurrencies are digital assets that are built on a decentralized network of computers. They are not dependent on any central authority or institution and are instead based on complex mathematical algorithms that are designed to ensure their security and integrity. Cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin can be traded, stored, and used for transactions, and they are becoming increasingly popular as a means of payment and a store of value.
Due to their decentralized structure, cryptocurrencies exist independently of government and central authority control. This means that they are not subject to the regulations and oversight that traditional financial institutions are, and transactions made using them can be conducted without the need for intermediaries. This feature of decentralization is one of the key characteristics that sets cryptocurrencies apart from traditional forms of currency and assets.
Bangladesh Bank, the central bank of Bangladesh, has issued a public notice stating that any transactions made through virtual currencies will not be permitted in accordance with the Foreign Exchange Regulation Act 1947, the Money Laundering Prevention Act 2012, and the Anti-Terrorism Act 2009. This notice serves as a reminder that the bank does not recognize or support the use of virtual currencies as a legitimate form of currency or asset, and any individuals or entities found to be involved in virtual currency transactions may be subject to legal action
In a statement today, the Bangladesh Bank, the country’s banking watchdog, has clarified that no financial transaction made through virtual coins can be considered legitimate as no legal authority in the world currently permits such trading. The bank emphasized that it does not recognize or support the use of virtual currencies and warned that any individuals or entities found to be involved in virtual currency transactions may be subject to legal action.
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