The circular reads that Bitcoin is not an authorised and legal currency in any other country in the Earth.
Bangladesh Bank has banned the use of Bitcoin, a virtual cryptocurrency, in Bangladesh by issuing a circular on its website.
“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.
“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, Steemit Doller and Litecoin,Dogecoin.”
The circular also said Bitcoin is not authorised by any regulatory authority and thereby its use may cause financial loss of the citizens.
The circular read that Bitcoin is not an authorised and legal currency in any other country in the world.
It’s confusing. According to the Bangladeshi Central Bank's statement, issued September 2017, "anybody caught using the virtual currency could be jailed under the country's anti-money laundering laws". Transacting with Bitcoin or any other cryptocurrency is punishable by up to twelve years in jail. The growing popularity of nationalist, right-wing politics in Bangladesh doesn't leave any hope that this extremist official backlash on the digital economy will be over any time soon.