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

[Kprawn]

Add them to the "Fools" bucket.

Some governments try anything, even fear, to get what they want. In this case, their economy is failing and they trying to protect the corrupt fiat currency, with bad laws.

I feel sorry for the poor people of that country, who has to suffer for the bad decisions made by their governments. 

[collinstar]

"Central Bank has said that it would jail anyone"

Interesting. The bank has executive powers in Bangladesh?
Are they going to use an existing law or did the Bank just make a new law because banks in Bangladesh also have legislative power?
It seems you don't need a government anymore when you can just as well have a central bank instead.

[proofofarat]

This is just another example of what makes them a repressive 3rd world country!

[niothor]

This is just another example of what makes them a repressive 3rd world country!

Everytime I look at the map here:

http://bitlegal.io/

I understand why there is so much difference between the west and the east when it comes to standard of living and real freedom.

I wish all those idiots here that criticize the US and EU try to live for 6 months and do business in Bangladesh and Vietnam. Also voice their opinion against the government in a trip to North Korea.

[sdersdf3]

getting your land and population raped by foreign interests is welcome...
if you want to manage your own money = 12 years

something is wrong here..  

They've been jailed for decades in a dysfunctional country under a corrupt government. Bitcoin is a threat to this.

[Neotox]

i m buying BTC of Bangladesh users if they are afraid of this
i will buy their BTC and pay them cash
offcourse price much lower then current market price and if you won't agree i will tell your central bank that you have BTC

Lol
just joking

i think it will increase people's interest in bitcoin there

[Sindelar1938]

Douchebags, ignorant beyond belief
Hope they wake up soon and Bangladeshis ignore the law regardless

[dompsairs]

Lol thats fucking nuts. Laws in some countries are pathetic.

[ajareselde]

All 3 bitcoin users from Bangladesh dissaproove theese actions.
Srsly, does even anyone care, seams like some trash news, just to make headlines somewhere.

[MoneyGod]

Lol thats fucking nuts. Laws in some countries are pathetic.

Specially in sub continent they are really suckers because they want to control peoples with power which is now not possible

[blatchcorn]

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

The foundation has nothing to do with the government.

[counter]

This makes me glad the community was/is extremely focused on anon transactions.  Some said it was just a fad but there is clearly a need for privacy concerns with governments trying to track everything and "regulate" the freedom out of the market.

[jbreher]

"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

Interesting turn of phrase. So if Bitcoin is adopted by some country -- any country anywhere -- would that void this declaration of punishable offence?

[zorke]

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.

It is, in theory possible to eradicate poverty however bitcoin is not gong to be the reason or the way this will happen.

The fact that Bangladesh is trying to go to these lengths to restrict any kind of economic activity means that they will likely have a high rate of poverty because if they are willing to try to ban this kind of economic activity they are likey not friendly for other types of economic activity as well

[bitcoinbear]

This is something I am painfully aware. We like bitcoin, and we use them, and expect them to take over the world (or so we hope). But the side effect of this would be to take away the power of governments to print money. Many people like this. Printing money has always been used (also) to fund wars. You take this away, and wars will be harder and smaller. More like the middle ages wars, were a war was not a global nation effort. Although of course technology is also responsible for the global nature of war. So if bitcoin takes away some power from the us or russia or china... Well that's ok.

But printing money is generally a tax, and it is a tax that hits especially the people who hoard the money, and do not put it to any use. If your money is invested, and there is inflation, you will likely get your money back. But keep it under the mattrass and it will lower its value. And where has this value gone? In a sense it has gone to the government that printed the money.

It is easy to say that the money printed has not been put at good use. But if you just look at the difference between countries with double digit inflation and failed states you will notice that failed states do not have a working government. There are warlords. Rape and violence are rampant, double digit inflation are terrible places to be, but are better than failed states, as somehow are still working.

So, as I am worried for Italy that with the Euro has lost the power to print money to get out of debt, so I think that bitcoin is great.... but might force governments to be good administrators of their digital gold. And politicians (elected or otherwise) statistically are NOT good administrators. So I am worried, and I understand Bangladesh.

[MightyStorm]

"Central Bank has said that it would jail anyone"

Interesting. The bank has executive powers in Bangladesh?
Are they going to use an existing law or did the Bank just make a new law because banks in Bangladesh also have legislative power?
It seems you don't need a government anymore when you can just as well have a central bank instead.

They forgot that they're supposed to keep their shadow government in the shadows.

[arxwn]

Of course Bangladesh  should punish those dirty terr'ist wannabes bitcoiners.
All your coin are now (and forever) belong to us.

[krishatnet]

Are they mad! worst decision by bangladesh government.

[polynesia]

This is just another example of what makes them a repressive 3rd world country!

Everytime I look at the map here:

http://bitlegal.io/

I understand why there is so much difference between the west and the east when it comes to standard of living and real freedom.

I wish all those idiots here that criticize the US and EU try to live for 6 months and do business in Bangladesh and Vietnam. Also voice their opinion against the government in a trip to North Korea.

I guess Bangladesh has to be updated as 'hostile' now.

[arxwn]

This is just another example of what makes them a repressive 3rd world country!

Everytime I look at the map here:

http://bitlegal.io/

I understand why there is so much difference between the west and the east when it comes to standard of living and real freedom.

I wish all those idiots here that criticize the US and EU try to live for 6 months and do business in Bangladesh and Vietnam. Also voice their opinion against the government in a trip to North Korea.

You criticize to retain your freedoms and expand them, I hope you see the difference.