What an average cryptocurrency investor worries, in the countries of Europe and North America, is about exchange rates, whether to sell off or hold and the prevailing ups and downs in the prices of these virtual currencies. Such is not the case in Bangladesh where the police are hunting Bitcoin users. At least, in the rest of the countries, we do not have to worry about the police coming down and knocking on our door, why? Because we have engaged in cryptocurrencies.
The officials of the central bank have warned all other commercial banks in the country to be wary of bitcoin users.
The Foreign Exchange Police Department and some other departments are being considered to be monitors of the currency, and a report will soon be sent to the Ministry of Home Affairs regarding cryptocurrencies, said a high-ranking official of Bangladesh Bank.
Investigators from Bangladesh Financial Intelligence Unit (BFIU) have already begun to look for bitcoin traders, and even the BTRC are involved. Officials from the aforementioned three organizations have already held four meetings on the matter.
Since Bitcoin is traded through an open source cryptographic protocol, negating the need for any financial organization or ban, there is no governing body for the currency anywhere in the world.
Previously, the government has warned people not to make any transactions with bitcoin. According to Bangladesh Bank, bitcoin is neither accepted nor considered legal tender anywhere in the world, and it is risky to use this currency. The trading of this currency might cause infringements of laws regarding money laundering or funding terrorism.
Amongst the statements we have:
An official of BFIU said: “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.”
At a recent seminar called “Digital World 2017” conference, advisor to the Bangladesh Bank S K Sur Chowdhury 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.”
Catch the circular and related news here: http://www.dhakatribune.com/business/banks/2017/12/27/bangladesh-bank-ban-bitcoin/
Even though it hasn’t been accepted as a currency yet, the popularity of bitcoin continues to rise meteorically. As a result, the central banks of many countries are beginning to implement policies to control it.
But the bottom line is simple: Law enforcement must prioritize better. Before we start worrying about digital currency and its merely suggested potential for crime, let us fix the actual crimes which continue to plague our nation.