Another Headline that is misleading the public Look at the official statement that I read on their pdf link. Given in their
Twitter Page:
Further, Banks/ DFIs/Microfinance Banks and Payment System Operators (PSOs)/ Payment Service Providers (PSPs) have
been advised not to facilitate their customers/account holders to transact in Virtual Currencies/ Initial
Coin Offerings (ICOs) /Tokens vide BPRD’s Circular No. 03 of 2018.
It is just a common understanding "Advised" is different from being disallowed, they just merely gave a suggestion to the banks. This kind of headlines intended to increase their audience is really not a good read not unless you do your own research to it. But reading the whole pdf file I am furious to see that even this level of government is still having bad reasons on why they are against cryptocurrencies for the main reason of:
Virtual Currencies/Coins/Tokens provide high degree of anonymity and potentially can be used for
facilitating illegal activities.
This in itself is something that the government can handle without even cutting out Bitcoin or any other cryptocurrencies. Because if cryptocurrencies is the source of crimes then they must cut out their own Fiat currency as it is doing the same effect as well.