Government Clamps Down on Cryptocurrency Traders in Bangladesh

Government Clamps Down on Cryptocurrency Traders in Bangladesh

Regulation
February 20, 2018 by Bitzamp
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Bangladesh announces it has begun ramping up efforts to clamp down on cryptocurrency traders in the country. Representatives of the Bank of Bangladesh have issued out a warning to financial institutions against providing financial services to bitcoin users. An official of the Bangladesh Financial Intelligence Unit (BFIU) told reporters that “Banks and other financial organizations
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Bangladesh announces it has begun ramping up efforts to clamp down on cryptocurrency traders in the country.

Representatives of the Bank of Bangladesh have issued out a warning to financial institutions against providing financial services to bitcoin users.

An official of the Bangladesh Financial Intelligence Unit (BFIU) told reporters that “Banks and other financial organizations in the country have been instructed to conduct strict oversight over cryptocurrencies.” He added;

“There is no way to legally transfer these currencies through Banking channels. Cybercrime investigators are working on the matter.”

The BFIU investigators have reportedly “searched for Bitcoin dealers”, with the Bangladesh Telecommunications Regulatory Commission (BTRC) supporting these investigations. Representatives of BFIU and BTRC have held four cryptocurrency meetings so far.

A senior official from the Bangladesh Central Bank said that the Foreign Exchange Control Department is actively monitoring bitcoin alongside other public bodies – with a report soon to be submitted to the Ministry of the Internal Affairs regarding its impact and policy ramifications of cryptocurrencies.

Despite the government’s stance on bitcoin trading, the  virtual currency market has remained rampant in Bangladesh, according to local reporters. However, many traders have taken to the decentralized trading platforms where exchanges can be made among peers without having a need for a bank or other financial institutions.

 


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