The central bank of Bangladesh issued a new statement which suggests that the use of digital currency in the country is now illegal.
Bangladesh Bank, as originally reported
In its advice, Bangladesh Bank said that those who use digital currency can be subjected to harsh penalties,
AFP also reportedly spoke to a representative from the bank who had said that the use of a digital currency could be punishable for 12 years in jail.
Popularity leads to announcement
In particular, the bank's decision to exclude digital currency transactions from local residents in connection with the use of the battle by increasing reports in local media
While other central banks around the world have issued warnings about the use of digital currency, potential dangers and the risk of fraudulent applications, many have avoided outright restrictions.
A full transation of the statements can be found below:
This is hereby to caution everyone not to transact any online artificial currency (such as bitcoin).
It has come to the Bangladesh Bank's attention that there is some news of exchanging online artificial currency (cryptocurrency) such as bitcoin. According to online news reports, we came to know that various platforms (exchange platform) are buying and selling bicoins.
As a matter of fact, bitcoin is not a legal currency (legal tender) issued by any country. Bangladesh Bank or any organization of Bangladesh government does not approve any transaction of bitcoin or any other artificial online currency.
Bitcoin and it's transactions operate mainly through online network and it does not depend/approved by a central payment system, as such, people can be financially harmed. Transactions of these kind of currency could involve unapproved matters stated in Foreign Currency Control Act, 1947 and will be punishable by it. Moreover, users of these kind of currency will also be punishable by Money Laundering Control Act, 2012 for disobeying the stated act.
So all people, from all walks of life are hereby requested not to transact/help transactions and spread information about it to avoid financial or legal risk.
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