By Kikasa - 30.01.2020
How to create bitcoin account in bangladesh
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The warning included caution towards transacting in any artificial how to create bitcoin account in bangladesh 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 read article is not approved by a central payment system, link such, people may be financially harmed by it.
While how to create bitcoin account in bangladesh recent notice reiterates the laws mentioned in the first notice, it added the Anti-Terrorism Act, as another law that use of bitcoin could how to create bitcoin account in bangladesh.
Moreover, citizens were asked to refrain from performing, assisting and advertising all kinds of transactions through the virtual currencies such as Bitcoin, Ethereum, How how to create bitcoin account in bangladesh create bitcoin account in bangladesh and Litecoin to avoid financial and legal risks.
It could be 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 crime 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 how to create bitcoin source in bangladesh make it illegal.
The Foreign Exchange Regulation Act and Money Laundering Prevention Act contain provisions for punishment how to create bitcoin account in bangladesh criminal liability, for trading, importing, and exporting currencies how to create bitcoin account in bangladesh authorisation of the Bangladesh or if please click for source performed through an authorised dealer, and for illegally laundering proceeds of crime how to create bitcoin account in bangladesh foreign currency.
That being the case, criminal offences relating to 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 please click for source d of the Foreign Exchange Regulation Act.
The warnings also how to create bitcoin account in bangladesh to the Anti-Terrorism Act which criminalises funding of terrorism, but the Act how to create bitcoin account in bangladesh 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 authorities are adamant to stop the use of bitcoin and are reportedly hunting bitcoin traders 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 the global discussion on regulating cryptocurrency immediately and participate in concerted efforts to ensure that the use of this new technology is only for the good of the society and economy.
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