Bangladesh says Bitcoin users could be jailed for up to 12 years

[Coinbuddy]

Dhaka: Bangladesh's central bank warned against dealing in bitcoin, saying anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws.
The Bangladesh Bank, which regulates the impoverished country's banking industry, said it issued the order after reports in local media of Bitcoin transactions through various online exchange platforms.
"Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto currency is a punishable offence," the bank said in a statement

Bank officials told AFP separately that anyone found guilty in Bangladesh of using Bitcoin could be sentenced to up to 12 years in jail.
Launched in 2009, Bitcoin is a virtual payment system launched in 2009 that can be used to pay for goods from a computer or mobile device.
Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.
But virtual currencies, most famously Bitcoin, have come under increasing scrutiny by financial regulators as their popularity has grown.
Several countries have warned users of the risks associated with Bitcoin, such as their susceptibility to fraud because of the difficulty of tracing transactions.
Last Friday, Europe's top banking regulator called on the region's banks not to deal in virtual currencies until rules are developed to stop them being abused.

SOURCE "http://ibnlive.in.com/news/bangladesh-says-bitcoin-users-could-be-jailed-for-up-to-12-years/499445-11.html"

[spazzdla]

We should pay anonymous to DDOS them for a year.

Shame we can't use old miners to do this, ban BTC we attack you.

[djangocoin]

This doesn't surprise me  

[libivan]

Meanwhile the corrupt politicians are so free do continue f#ck1ng our lives...

[arxwn]

TOR and BTC enabling the citizens of the world,
screw these arbitrary laws !!!

[niothor]

Of course , that's the way the economic growth of Bangladesh will resume.

In a country with half of the children under 7 years old are underweight and 17% of all are suffering from malnutrition , prosecuting bitcoin usage is the key.

[arxwn]

Of course , that's the way the economic growth of Bangladesh will resume.

In a country with half of the children under 7 years old are underweight and 17% of all are suffering from malnutrition , prosecuting bitcoin usage is the key.

Yes , a proper allocation of capital 

[BallOOner]

thats pretty rough..
There's going to be an anti-bitcoin law in Russia that will also make using bitoins (or any other cryptos) illegal. You can tell which country has a corrupt government when it issues a law to fight bitcoin

[niothor]

thats pretty rough..
There's going to be an anti-bitcoin law in Russia that will also make using bitoins (or any other cryptos) illegal. You can tell which country has a corrupt government when it issues a law to fight bitcoin

Don't mention that here. The russian propaganda machine will call you a nazi in matter of seconds.

They won't be able to stop it and no one will fear it unless a task force is made. Some nations are just backwards.

Poverty alone and the view of jails in Bangladesh are enough to keep people from using something they an really get.

[RodeoX]

Sounds like a great place to do business. No wonder their economy is setting the world on fire. 

[niothor]

thats pretty rough..
There's going to be an anti-bitcoin law in Russia that will also make using bitoins (or any other cryptos) illegal. You can tell which country has a corrupt government when it issues a law to fight bitcoin

Don't mention that here. The russian propaganda machine will call you a nazi in matter of seconds.

They won't be able to stop it and no one will fear it unless a task force is made. Some nations are just backwards.

Poverty alone and the view of jails in Bangladesh are enough to keep people from using something they an really get.

So Bangladesh is void of laws being broken?

No , it means that the guys who have the brain to use bitcoins and are wealthy enough to afford  mining equipment will take no chance at being thrown in the jail.
99%  will rather emigrate as they are just doing right now.

[oceans]

Such a shame to see that some Countries will do anything to ensure that public in their Country will follow their laws and rules. I have seen worse laws though and worse reasons for jailing so this is not a surprise to me to be honest.

[tzortz]

Poor people.

I am not spending my btc to Bangladesh if I ever visit.

[Skrillex]

Shitty countries keeping it classy as always.

[wasserman99]

Of course , that's the way the economic growth of Bangladesh will resume.

In a country with half of the children under 7 years old are underweight and 17% of all are suffering from malnutrition , prosecuting bitcoin usage is the key.

Any country that threatening their citizens with this kind of harsh sentences for a very minor offense is bound to have a low standard of living and low economic growth. The fact that bitcoin is involved is not relevant, the fact they are willing to jail someone for over a decade for a nonviolent crime that could not possibly have a victim is what is key to their economic growth, or actually the lack thereof

[BADecker]

Bangladesh used to be controlled by the British. Formerly it was called Bengal.
https://en.wikipedia.org/wiki/Bangladesh

The important part about this is that Bangladesh is an English common law country. This means that the people have the power to individually use Bitcoin without adverse governmental restrictions or punishment, if they pick up and use their rights, that is.

A link about how English common law is being used right now: http://www.unkommonlaw.co.uk/ .

[MoneyGod]

Poor people.

I am not spending my btc to Bangladesh if I ever visit.

Its best thing you are doing during visit of Bangladesh because jails not good enough and law system is also very slow to perform all things

[newIndia]

Dhaka: Bangladesh's central bank warned against dealing in bitcoin, saying anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws.
The Bangladesh Bank, which regulates the impoverished country's banking industry, said it issued the order after reports in local media of Bitcoin transactions through various online exchange platforms.
"Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto currency is a punishable offence," the bank said in a statement

Bank officials told AFP separately that anyone found guilty in Bangladesh of using Bitcoin could be sentenced to up to 12 years in jail.
Launched in 2009, Bitcoin is a virtual payment system launched in 2009 that can be used to pay for goods from a computer or mobile device.
Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.
But virtual currencies, most famously Bitcoin, have come under increasing scrutiny by financial regulators as their popularity has grown.
Several countries have warned users of the risks associated with Bitcoin, such as their susceptibility to fraud because of the difficulty of tracing transactions.
Last Friday, Europe's top banking regulator called on the region's banks not to deal in virtual currencies until rules are developed to stop them being abused.

SOURCE "http://ibnlive.in.com/news/bangladesh-says-bitcoin-users-could-be-jailed-for-up-to-12-years/499445-11.html"

How come this be true ? I have read that they have their own Bitcoin Foundation which has Roger Ver as adviser on board !!!

http://www.bitcoinbd.org

https://www.facebook.com/BitcoinFoundationBangladesh

[john641]

This is why everyone on earth should use Bitcoin. It will eradicate this group of bankers who enslave entire countries. This is what the Bitcoin revolution is really about, and why anyone who uses Bitcoin is buying into a future without POVERTY, because the bankers will not exist.

[niothor]

This is why everyone on earth should use Bitcoin. It will eradicate this group of bankers who enslave entire countries. This is what the Bitcoin revolution is really about, and why anyone who uses Bitcoin is buying into a future without POVERTY, because the bankers will not exist.

How is going bitcoin to eradicate poverty?
Utter nonsense. There are going to be poor people , starving people even in a bitcoin economy.