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

[BratinSbazhin]

"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.

It's a scary thought

[arxwn]

Are they mad! worst decision by bangladesh government.

Yes they are famous for the rational thinking, dont even make me start on the red tape over there.

[BADecker]

Bangladesh is an English common law nation. This means that they have Queen's Bench. Queen's Bench means that a man's or a woman's private property rules over all other laws. If the people only understood this, the whole face of government over there would change. I hear that Karl Lentz is going to India. Look at what Karl did in England using English common law.

http://www.unkommonlaw.co.uk/

[arxwn]

Bangladesh is an English common law nation. This means that they have Queen's Bench. Queen's Bench means that a man's or a woman's private property rules over all other laws. If the people only understood this, the whole face of government over there would change. I hear that Karl Lentz is going to India. Look at what Karl did in England using English common law.

http://www.unkommonlaw.co.uk/

Nice content in the site, that said it is very bad designed

[BTCbuisinessman]

this is completely straight bullshit , people should have the right to use bitcoin if they want to , always somone trying to opress others

[BADecker]

Bangladesh is an English common law nation. This means that they have Queen's Bench. Queen's Bench means that a man's or a woman's private property rules over all other laws. If the people only understood this, the whole face of government over there would change. I hear that Karl Lentz is going to India. Look at what Karl did in England using English common law.

http://www.unkommonlaw.co.uk/

Nice content in the site, that said it is very bad designed

Poor design is true. And that is one of its faults. Poor design often scares away the people who need it the most. However, Karl is one guy. His helpers are taking long enough to get up to speed, but they ARE getting there. So, until they are there, poor design might keep Karl from being destroyed by overwork.

[Micky25]

Standing proudly behind in progress for centuries.

[arxwn]

Standing proudly behind in progress for centuries.

dark ages and proud of it !!!

[Vortex20000]

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"

Just wow.

[arxwn]

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"

Just wow.

I believe it is proper to set up complex and expensive mechanisms to capture the terr'ists wannabes that would try to transact in this foul currency.

[BADecker]

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"

Just wow.

I believe it is proper to set up complex and expensive mechanisms to capture the terr'ists wannabes that would try to transact in this foul currency.

You are goofy to think like this.

1. The only evil threat that Bitcoin poses at this stage of the game is, it is a threat to the banking system. It is the banking system that is doing all those things that are evil, way more than Bitcoin could ever think of doing at this stage of the game. Bitcoin is one of the few things that might be able to stop the "terr'ists wannabes" that are using fiat to do what they are doing.

2. The "terr'ists wannabes" are being used by the bankers who run the banking system to do all the terrorism that they do, or attempt to do.

3. The reason that there is freedom in the places like Canada, the USA and the United Kingdom, more than in many other places, has to do with the freedom of the people. Bitcoin is increasing the freedom of the people. If you stop Bitcoin, you slow freedom for the people down.

Let the people become educated so that they can stand up and free themselves from every oppressive government that is trying to take away the freedom of the people!

[arxwn]

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"

Just wow.

I believe it is proper to set up complex and expensive mechanisms to capture the terr'ists wannabes that would try to transact in this foul currency.

You are goofy to think like this.

1. The only evil threat that Bitcoin poses at this stage of the game is, it is a threat to the banking system. It is the banking system that is doing all those things that are evil, way more than Bitcoin could ever think of dong at this stage of the game. Bitcoin is one of the few things that might be able to stop the "terr'ists wannabes" that are using fiat to do what they are doing.

2. The "terr'ists wannabes" are being used by the bankers who run the banking system to do all the terrorism that they do, or attempt to do.

3. The reason that there is freedom in the places like Canada, the USA and the United Kingdom, more than in many other places, has to do with the freedom of the people. Bitcoin is increasing the freedom of the people. If yo stop Bitcoin, you slow freedom for the people down.

Let the people become educated so that they can stand up and free themselves from every oppressive government that is trying to take away the freedom of the people!

I forgot my /sarcastic quotes

[b4basit]

i am from Bangladesh , can u pm me more details i just withdraw btc via payza is there any problem if i use this forum & blockchain and why they says uses btc is a crime?

[arxwn]

i am from Bangladesh , can u pm me more details i just withdraw btc via payza is there any problem if i use this forum & blockchain and why they says uses btc is a crime?

Most 'crimes' are arbitrary political desicions, I doubt they have the infrastructure to track you but you should take precautions.

[bornil267645]

Just another day... One client from elance asked me if I can accept payment via Bitcoin....

[BADecker]

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"

Just wow.

I believe it is proper to set up complex and expensive mechanisms to capture the terr'ists wannabes that would try to transact in this foul currency.

You are goofy to think like this.

1. The only evil threat that Bitcoin poses at this stage of the game is, it is a threat to the banking system. It is the banking system that is doing all those things that are evil, way more than Bitcoin could ever think of dong at this stage of the game. Bitcoin is one of the few things that might be able to stop the "terr'ists wannabes" that are using fiat to do what they are doing.

2. The "terr'ists wannabes" are being used by the bankers who run the banking system to do all the terrorism that they do, or attempt to do.

3. The reason that there is freedom in the places like Canada, the USA and the United Kingdom, more than in many other places, has to do with the freedom of the people. Bitcoin is increasing the freedom of the people. If yo stop Bitcoin, you slow freedom for the people down.

Let the people become educated so that they can stand up and free themselves from every oppressive government that is trying to take away the freedom of the people!

I forgot my /sarcastic quotes

Perhaps you know several languages. Take a look at b4basit in this thread. Somebody from Bangladesh who has almost mastered the English language. The people of Bangladesh are waking up.

[BADecker]

i am from Bangladesh , can u pm me more details i just withdraw btc via payza is there any problem if i use this forum & blockchain and why they says uses btc is a crime?

People of Bangladesh are lucky. The British introduced English common law while they were running Bengal (Bangladesh). English common law is a two-part kind of government.

The first part has to do with all kinds of laws that the government makes.

The second part has to do with the customs of the people. It's called Queen's Bench.

If a person can get into Queen's Bench in the courts, the laws often don't apply.

Karl Lentz is a guy who is helping people in common law countries get back into common law. He has a Talkshoe program on Saturdays at http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=127469&cmd=tc. One of the guys who hosts that program is a guy from India named Bali Maan (India is a common law country for the same reason Bangladesh is).

Get on Karl's Talkshoe program and talk to Bali. He might even understand your Bengal language.

Go to Youtube at http://www.youtube.com/ and search on the words "Karl Lentz Bali." You will get some interesting videos about how this works.

[virtualmaster]

Just don't panic.
The central bank is not a legal authority.
http://www.mof.gov.bd/en/budget/pathprosperity/chapter1.pdf
After this report

According to our estimation, the size of the
underground economy in Bangladesh was only 7% of nominal GDP in 1973.
Since then it
increased phenomenally and in 2010 it stood at 62.75% of GDP

And if it raised in the same amount since 2010 then the illegal economy in 2014 must be around 90% in Bangladesh.

Now look the story from the other side.
That the government of Bangladesh has nothing against Bitcoin it proves only that they are considering it more legitimate that 90% of the other parts of their economy. 

[TrailingComet]

As good an illustration as any of why Bangladesh is where it is
That said, their policy makers do not have a monopoly on ignorance by any means

[polynesia]

Just don't panic.
The central bank is not a legal authority.
http://www.mof.gov.bd/en/budget/pathprosperity/chapter1.pdf
After this report

According to our estimation, the size of the
underground economy in Bangladesh was only 7% of nominal GDP in 1973.
Since then it
increased phenomenally and in 2010 it stood at 62.75% of GDP

And if it raised in the same amount since 2010 then the illegal economy in 2014 must be around 90% in Bangladesh.

Now look the story from the other side.
That the government of Bangladesh has nothing against Bitcoin it proves only that they are considering it more legitimate that 90% of the other parts of their economy. 

The central bank may not be a legal authority, but important tools of monetary policy are in its hands.
If that is its view on bitcoins, I guess its views on other aspects of financial markets must be just as backward.