Lovers of cryptocurrency are better off in Europe and North America. They have fewer worries which are basically the exchange rates, whether to sell off or hold and the ongoing up-and-down of crypto prices.
This is not the case of cryptocurrency advocates in Bangladesh, as the law enforcement is actively hunting down users of Bitcoin as the use and trading of the cryptocurrency is still illegal on their soil.
The central bank of Bangladesh, known as Bangladesh Bank warns other commercial banks to be leery of people using the daddy of cryptocurrency. Despite the number of people using digital currencies in Bangladesh, such practice is still illegal in Bangladesh.
According to a high-ranking official of the central bank, a report dealing with cryptocurrencies will soon be sent to the Home Affairs. While waiting, the use of digital currencies is being controlled by the Foreign Exchange Police Department and other government agencies.
People in Bangladesh are being warned by the government not to make use of Bitcoin for their transactions, and the central banks add to that warning by saying that the virtual currency is not legal tender anywhere in the world. Japan, however, has recognized Bitcoin as a legal means of transaction.
The main enforcement against Bitcoin users comes from the Bangladesh Financial Intelligence Unit (BFIU). Together with the Foreign Exchange Police Department and BTRC, BFIU has held four meetings on hunting down cryptocurrency users.
“Banks and other financial organizations of the country have been ordered to maintain a strict vigil on cryptocurrency trading. A circular will soon be sent out detailing the matter.”
There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter,” as stated by an official with the BFIU.
On cybercrime investigators, Nazmul Islam, the Assistant Deputy Commissioner of the Cyber Crime Unit says: “We have already located a few bitcoin users, and are on the hunt for more, along with a few web pages which are being checked for authenticity. Investigating cryptocurrency trading is a complex matter.”
The illegality of cryptocurrency in Bangladesh does not in any way dampen enthusiasm for it, as the country is planning to actually implement its own virtual currency later in the future.
An advisor to the Bangladesh Bank commented on it during the Digital World 2017 conference. He said: “A combined committee will be formed with officials from the central bank as well as government and non-government financial organizations. It will figure out how to create and implement Bangladesh’s digital currency.”
In the meantime, lovers of cryptocurrency in Bangladesh are advised to stay away from digital currencies, lest they are scooped up by the police.