By Kagagis - 26.01.2020
Coinbase to bank account bd
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The warning included caution towards transacting in any artificial currency as this could involve unauthorised actions stated in Foreign Exchange Regulation Act, and the Money Laundering Prevention Act, The central bank expressly disapproved any transaction of cryptocurrencies by stating that these virtual currencies were not legal tender issued by any country and it does not depend on and is not approved by a central payment system, as such, people may be financially harmed by coinbase to bank account bd.
While the recent notice reiterates the laws mentioned in the first notice, it added the Anti-Terrorism Act, as another law that use of bitcoin could violate. Moreover, citizens were asked to refrain from performing, assisting and advertising all kinds of transactions through the virtual currencies such as Bitcoin, Ethereum, Ripple and Litecoin to avoid financial and legal risks.
It could coinbase to bank account bd argued that the use of regular currency to commit crimes under the same Acts would be similarly punishable, and as such while bitcoin itself is not illegal, its use to commit coinbase to bank account bd is.
Bangladesh Bank's declaration that it is not legal tender finds resonance with the regulatory response in most countries. However, it could be argued that bitcoin not being accepted or recognised as legal tender does not necessarily agree, sha256 checksum question it coinbase to bank account bd.
The Foreign Exchange Regulation Act and Money Laundering Prevention Act contain provisions for punishment and criminal liability, for trading, importing, and exporting currencies without authorisation of the Bangladesh or if not performed through coinbase to bank account bd authorised dealer, and for illegally laundering proceeds coinbase to bank account bd crime or foreign currency.
That being the case, criminal offences relating trading foreign currency without authorisation, arguably do not explicitly catch bitcoin or cryptocurrencies.
According to section 2 s of the Money Laundering Prevention Act, foreign currency means any foreign exchange defined under section 2 d of the Foreign Exchange Regulation Act. The warnings also refer to the Anti-Terrorism Act which criminalises funding of terrorism, but the Act does not make any reference to bitcoin, cryptocurrency or any other currency whatsoever.
Despite Bangladesh Bank's warnings discussed above, the Acts of Parliament which they apparently are based upon, fall short of criminalising or even banning bitcoin or crytocurrency. However, the fact remains that Bangladeshi coinbase to bank account bd are adamant to stop the coinbase to bank account bd of bitcoin and are reportedly hunting bitcoin coinbase to bank account bd and miners.
In the wake of the global trend in the use of cryptocurrency, it is high time that Bangladesh comes up with a properly formulated regulatory response to bitcoin instead of going after users on an ad hoc basis.
It is also vital for the central bank and lawmakers to join coinbase to bank account bd global discussion on regulating cryptocurrency immediately and participate in concerted efforts to ensure that the use of this new technology is only for coinbase to bank account bd good of the society and economy.
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