Bangladesh police hunts for Bitcoin users in the country!

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:

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.


Lloyds bank bans bitcoin purchases on its credit card.

The bitcoin ban, starting today (5th February 2018), applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers.

Bitcoin ended last week down 30% at $8,291.87 – its worst week since April 2013 and far below the $19,000 it reached last November. However, the cryptocurrency is still ahead of the $1,000 it was trading at this time last year.

Police have warned that digital currencies remain popular among criminals as they can use them to evade traditional money laundering checks and other regulations.

Banking group fears cryptocurrencies’ falling value could leave it with huge debt hence issues directives to its credit owners against buying cryptocurrency.

The ban, which comes into effect today across all of the British banking giant’s brands, will mean cryptocurrency exchanges are blacklisted by the bank, preventing customers from taking on debt to buy the volatile assets.

As said by a Lloyds spokesperson, “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

So, as we know, Britain’s biggest bank has become the first to announce a ban on customers using credit cards to buy Bitcoin amid fears they could run up huge losses.

Lloyds Banking Group will on Monday(today) tell its 9 million credit card customers that it will block any attempts to buy Bitcoin after the digital currency lost more than half its value in just two months.

The ban will not cover debit card transactions but will prevent customers from using credit to speculate on the price of cryptocurrencies amid fears the bubble may be bursting.

Check what this announcement has had an effect on Bitcoin prices:

Other British banks are expected to follow suit over the coming weeks after several of the biggest US banks including JP Morgan, Bank of America and Citigroup all confirmed plans to block attempts to buy digital currencies.

A spokesman for Lloyds said the decision was made to “protect customers” in what is thought to be a pre-emptive move to reduce the risks that come with the volatile cryptocurrency.

The news comes amid growing international concerns about how the increasingly popular cryptocurrencies are being used, with fears some people are using them to launder money.

So, is the future of cryptocurrencies still bright?


China bans trading in international cryptocurrency.

China has a long tradition of blocking unwanted foreign websites using the so-called Great Firewall of China and Now, it will add offshore or international cryptocurrency exchanges and ICO websites to its Great Firewall, as said by People’s Bank of China.

“Overseas transactions and regulatory evasion have resumed,” said an article which was published on Sunday (4th February 2018) night by the People’s Bank of China. “Risks are still there, fueled by the illegal issuance, and even fraud and pyramid selling.”

Chinese authorities have decided to block internet access to overseas cryptocurrency exchanges, effectively cutting them off from the market in China like Google or Facebook. This comes after regulators determined that all their previous attempts to stop local investors from taking part in bitcoin trading and Initial Coin Offerings (ICOs) have failed in their mission so far.

Since China canceled out on operations of local exchanges, which was once the world’s most active bitcoin trading venues, the Chinese industry quickly moved offshore to Hong Kong, Singapore, Tokyo and beyond.

The websites offered Chinese language support and users had various ways to fund their accounts. Now the plan is to prevent all access to the sites completely, so none of these bypasses will get a chance to work.

PBoC says that it aims to tighten regulations on domestic investors’ participation in overseas transactions of ICOs and virtual currencies, as risks are still high in the sector, hence this step.

China’s central bank has gone a step further in effectively constructing a firewall to keep domestic traders and investors from using websites of international cryptocurrency exchanges. Implementing the regulatory blockade is done with the ‘spirit of the Notice’, the publication added, confirming its findings that domestic investors had turned to overseas platforms after the local ban.

The Great Firewall works by both targeting individual domains and general forbidden keywords. So will the Chinese government be able to stop its citizens from buying bitcoin this time around?

Read here to know why the value of cryptocurrency market is falling:

cryptocurrencies / bitcoinnewsboards

South Korea has no plans to ban cryptocurrencies.

Worldwide, the cryptocurrencies are increasingly into the spotlight. South Korea is nothing that has refrained from commenting. The country has also come up and announced its views, happenings, regulations on cryptocurrencies. Here goes:

Recently, the country has thrown down the gauntlet on cryptocurrency speculation. In the initial days of this week, the country’s Financial Services Commission enacted a series of rules that it hopes will reduce room for cryptocurrency transactions to be exploited for illegal activities such as crimes, money laundering, and tax evasion.

Learn more about South Korea’s problem of illegal activities here:

In the country, a defense sector did come into the picture:

  • The Defense Ministry has reportedly warned soldiers against trading cryptocurrencies.
  • The military may view cryptocurrency trading as a form of gambling as crypto exchanges have gone largely unregulated in the country.

Earlier this month, the government proposed banning all cryptocurrency trading. The move set bitcoin prices plummeting and caused mass panic. But finally, a disclosure is out which concludes that the country has no plans of banning cryptocurrencies but will closely regulate them.

The announcement follows reports earlier this month that the country was considering shutting down trading because of tax evasion (as mentioned above), which led to massive disruption on trading platforms around the world. However, the government does plan to tighten regulation and crack down on illegal practices within the area.

It’s not yet clear exactly how the government plans to tighten regulation, although it has now imposed new rules that stipulate only real-name bank accounts can be used for trading, which it hopes will help tackle money laundering and other crimes.

The FM’s exact words were, “There is no intention to ban or suppress cryptocurrency” and highlighting that the government’s immediate task is to regulate exchanges.

Reinforcing Seoul’s intent to tighten the screws on a market widely seen as opaque and risky by global policymakers, the country’s customs earlier this week announced it had uncovered illegal cryptocurrency foreign exchange trading worth nearly $600 million.

Therefore in conclusion: Rules in South Korea that tackle anonymity and money laundering in the cryptocurrency space take effect this week.  The rules bring greater legitimacy to the cryptocurrency markets and are positive in the long term, market participants say. Plans to introduce regulations in South Korea had spooked investors earlier this month.

Let’s see whether or not South Korea well with the crypto-world.