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Bangladesh Central Bank: Cryptocurrency Use is a ‘Punishable Offense’

CoinDesk
Sept 16, 2014

Update (17th September 3:00 BST): A full translation of the statement from the Bangladesh Bank has been added to the piece.


BangladeshThe central bank of Bangladesh has issued a new statement suggesting that the use of digital currency is now illegal in the country.

The Bangladesh Bank, as originally reported by the Agence France-Presse (AFP), has said that the use of bitcoin and other cryptocurrencies is unlawful under existing anti-money laundering (AML) statutes.

The Bangladesh Bank noted in its advisory that harsh penalties could be imposed on those who use digital currencies, saying:

“Bitcoin is not a legal tender of any country. Any transaction through bitcoin or any other cryptocurrency is a punishable offense.”

AFP also reportedly spoke to a representative from the bank, who said that the act of using a digital currency could be punishable by as much as 12 years in prison.

Bangladesh recently enacted Money Laundering Prevention Act, 2012, a revision of a 2009 law that aimed to bring the country’s AML policies up to global standards.

Popularity leads to announcement

Notably, the bank’s decision to outlaw digital currency transactions derived from increasing reports in the local media regarding the use of bitcoin by domestic residents.

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