Bangladesh Promises to Imprison Citizens Holding Bitcoin

By Inside Bitcoins Sep 15, 2014 1:52 PM EST


NEW YORK (InsideBitcoins) — Bitcoin is unwelcome in Bangladesh. The country’s central bank warned today that anyone caught using the digital currency will be jailed.

The destitute South Asian country has strict anti-money laundering laws and is looking to shut down bitcoin exchanges which allow trading of the cryptocurrency.

The Bangladesh Bank issued the stern statement through local media: “Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto currency is a punishable offence,” the statement said, according to the Agence France-Presse. Bank officials told AFP violators could be sentenced to up to 12 years in jail.

Bangladesh has been roiled by social unrest, poverty, climate change and famine.

Last month, a Bangladesh bitcoin group became the first Asian affiliate to join the Bitcoin Foundation. The affiliate stated a goal to offer “bitcoin education and resources in Bengali, the official language, and encourage adoption among merchants and consumers.”

Facebook Comments

  • Benedict

    Interesting how the central bank suddenly seems to make up the law there, and decides who goes to jail. This is exactly the kind of shit why we need independent money, instead of being monopolized by banks.

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