Bangladesh Bank advises against using cryptocurrencies

Syed AhadWeb Editor

29th Jul, 2021. 08:35 pm
Bangladesh

The public was asked by Bangladesh Bank to desist from trading or assisting in any sort of cryptocurrency or virtual money, including Bitcoin, Ethereum, Ripple, and others.

The Bangladesh Bank (BB) continues to believe that cryptocurrency poses financial and legal hazards to its users, and has advised individuals to avoid transacting or trading with it.

The central bank clarified its stance on the use of cryptocurrency in a BB circular issued on Thursday after multiple media reports in this respect drew its notice.

BB claims that, contrary to previously published reports, cryptocurrency trading and transactions are not unlawful unless they are linked to money laundering, terrorist financing, or other violations of existing laws; the central bank continues to be antagonistic to this fin-tech.

“A confidential letter sent to an investigating officer of a particular case entailing an opinion has been upheld partially in the media,” stated the BB circular.

It further added, referring to its previous notice from December 24, 2017, that: “The notification is still being displayed on the BB website and the stance in this regard remains unchanged.”

“In this context, it is being reiterated to the public that no virtual currency/cryptocurrency is approved by Bangladesh Bank,” the circular added.

BB stated in its December 24, 2017 notice: “As these are not legal tenders issued by any legal authorities of the country, no one can make any financial claim against these.”

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