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

Bangladesh’s central bank has reportedly banned the use of Bitcoin, saying: “Bitcoin is not a legal tender of any country.

Bangladesh’s central bank has reportedly banned the use of Bitcoin, 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.

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The bank says that Bitcoin use violates existing money laundering 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.

 

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