Bangladesh Central Bank Warns Financial Institutions Against Cryptocurrency Users

 Bangladesh Bank officials have again issued a warning pertaining to cryptocurrencies, this time seeking to deter the country’s banks from providing services to bitcoin users.

Bangladesh Authorities on "Hunt" for Bitcoin Traders

An official from the Bangladesh Financial Intelligence Unit (BFIU) told reporters that “Banks and other financial organizations of the country have been ordered to maintain a strict vigil on cryptocurrency trading. A circular will soon be sent out detailing the matter,” adding “There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter.”


Bangladeshi Authorities on “Hunt” for Bitcoin Traders

Investigators from the BFIU are reported to “have already begun to look for bitcoin traders,” with the Bangladesh Telecommunication Regulatory Commission (BTRC) allegedly aiding said investigations. Officials representing the BFIU and BTRC have held four meetings regarding cryptocurrency so far.

Nazmul Islam, the assistant deputy commissioner of Bangladesh’s cybercrime unit, stated “We have already located a few bitcoin users, and are on the hunt for more, along with a few web pages which are being checked for authenticity. Investigating cryptocurrency trading is a complex matter.”

A high ranking official from Bangladesh’s central bank also indicated that the country’s Foreign Exchange Police Department, among other state institutions, is actively monitoring bitcoin – with a report soon expected to be delivered to the Ministry of Home Affairs regarding the impacts and potential policy ramifications of virtual currencies.

Cryptocurrency Use Prohibited in Bangladesh

Local media has reported that “the trading and usage” of cryptocurrency remains “rampant” in Bangladesh, despite the central bank’s announcement at the end of 2017, revealing the country’s prohibition on bitcoin use.

In addition to groups devoted to facilitating peer to peer trading proliferating on social media platforms, Dhaka Tribune states “ says that [crypto]currencies are being traded in Bangladesh through banks, bKash, Rocket, and other methods of mobile banking.”

What is your response to Bangladeshi authorities seeking to “hunt” bitcoin traders? Share your thoughts in the comments section below! 

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Is the crypto currency bubble bursting now?

The cryptocurrency Bitcoin has temporarily lost more than ten percent on Wednesday. Thus, the cyber money has fallen to the lowest level for a week.

Why the Bitcoin is falling down? The price is also nearly one-fifth below the record of $ 19,666, which was marked only three days ago. The issuance of two futures makes it easier for institutional investors to invest in the currency, said Makoto Sakuma of the research institute NLI in Tokyo. In addition, they made it possible to bet on falling prices.

Japanese influencers sell.

Then there’s a well-known Japanese retailer who told Twitter over the past 24 hours that he had sold Bitcoin. An estimated 30 to 50 percent of all Bitcoin investors are Japanese individuals. “Because this trader has many followers, his tweets could have an impact on Japanese traders, which in turn could have moved the market,” Sakuma said.

Since the beginning of the year Bitcoin has increased by 19 times. That wakes worries about a bubble. Denmark’s central bank chief Lars Rohde even compared Bitcoin with tulip mania in the 17th century. At that time, the prices for tulip bulbs in the Netherlands had shot to astronomical heights. When the bubble burst, many people lost their fortunes.  source:

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