Re: Bangladesh says Bitcoin users could be jailed for up to 12 years
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.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"
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!
