Bangladesh bans Bitcoin, violators face up to 12 years jail time

Bangladesh's central bank has reportedly banned the use of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, saying:

"Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto currency is a punishable offence."

Officials told AFP that anyone found guilty of using Bitcoin in the country can face up to 12 years in prison.

The bank says that Bitcoin use violates existing Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term laws, which are considered to be relatively strict in the country. They moved to enact the ban after local media reports of increased Bitcoin activity.

Bangladesh has the 8th highest population in the world of over 150 million. While it has a rapidly growing market-based economy, it has a long way to go. GDP per capita is only $899, ranking it 150th in the world. The local currency is the Taka (BDT).

Bangladesh joins Bolivia, Ecuador and possibly soon, Russia, as the only countries in the world to have banned it outright.