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Why Bangladesh will jail Bitcoin traders

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ikidesu

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Country says anyone found guilty of using Bitcoin could be imprisoned for up to 12 years

Bangladesh's central bank has 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 on Monday.

Bank officials told AFP separately that anyone found guilty in Bangladesh of using Bitcoin could be sentenced to up to 12 years in jail.

full: http://www.telegraph.co.uk/finance/currency/11097208/Why-Bangladesh-will-jail-Bitcoin-traders.html

This is ridiculous.

Posted on September 17, 2014 at 4:12 AM

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• bitsol

  

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  @ikidesu

  This is ridiculous.

  Yep, it is

  Not legal, seriously??? Why?

  Posted on September 17, 2014 at 4:43 PM
  Last Edited: September 17, 2014 at 4:44 PM
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• Halo

  

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  I'm sure this will be strictly enforced, just like how everyone pays taxes on their internet purchases LOL

  Posted on September 17, 2014 at 7:05 PM
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• ikidesu

  

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  @bitsol

  @ikidesu

  This is ridiculous.

  Yep, it is

  Not legal, seriously??? Why?

  bangladesh like china, perhaps more severe on the legality of bitcoin.

  and found same Thread at BTT, i found this:

  As a Bangladeshi, this is stupid but expected from the government. It's also not going to be enforced.

  The country is so poor and corrupt, anything goes. I believe VOIP is still considered illegal to try and >help the national telephone subsidy, but everyone still uses Skype/Facetime/etc.

  @halo lol

  yes very strictly enforced, imagine, you send bitcoin for jail 12 years.

  Posted on September 17, 2014 at 11:45 PM
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• lovebitcoins

  

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  Is this true?

  I've heard rumblings that the laws don't actually say that but everyone is waiting for clarification.

  Does anyone know anything more about this?

  Posted on September 20, 2014 at 11:45 AM
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• ikidesu

  

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  @lovebitcoins Is this true?

  I've heard rumblings that the laws don't actually say that but everyone is waiting for clarification.

  Does anyone know anything more about this?

  i think this is true, and this is common law of this country.

  Posted on September 20, 2014 at 12:22 PM
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• lovebitcoins

  

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  @ikidesu

  @lovebitcoins Is this true?

  I've heard rumblings that the laws don't actually say that but everyone is waiting for clarification.

  Does anyone know anything more about this?

  i think this is true, and this is common law of this country.

  Interesting because the Foundation was saying they don't think this is the case but then they immediately suspended operations just to be sure.

  Posted on September 20, 2014 at 1:18 PM
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• der.hush

  

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  Wow, this is very harsh. But also shows the power of btc because the central bank of bangladesh seems to fear it.

  Posted on September 21, 2014 at 4:55 AM
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• ikidesu

  

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  @derhush Wow, this is very harsh. But also shows the power of btc because the central bank of bangladesh seems to fear it.

  afraid because officials in this country do not know how to use bitcoin for corruption LoL

  Posted on September 21, 2014 at 10:06 AM
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• MikeJohnson

  

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  We are working on a fact-finding mission regarding this story as some top attorneys have stated they don't feel that "Threat" was posted by a credible source on the law at the moment.

  Hope to have more information soon. A central bank in most countries doesn't have the right to pass laws but merely suggest them.

  Posted on September 21, 2014 at 10:38 AM
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• bakyuhasenpou

  

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  cruelest !!! they become bitcoin traders it has become their choice,. Police also because they are so choice, so what is wrong here

  Posted on September 25, 2014 at 7:36 PM
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