An announcement saying that several major state institutions will begin ramping up efforts to crack down on bitcoin adoption among Bangladeshi citizens is made by Bangladesh – one of the few countries presently attempting to enforce a ban on cryptocurrency trading and use.
A warning pertaining to cryptocurrencies has been issued by Bangladesh Bank officials to deter the country’s banks from providing services to bitcoin users.
A spokesperson from the Bangladesh Financial Intelligence Unit (BFIU) told media outlets that “A strict vigil on cryptocurrency trading is said to be maintained by Banks and other financial organizations of the country. Detailing the matter, a circular will soon be sent out. Through banking channels, there is no way to purchase these currencies legally and work on the matter is taken up by cybercrime investigators.”
Partnering with the Bangladesh Telecommunication Regulatory Commission (BTRC), The BFIU is already on the job of searching for Bitcoin traders. Regarding cryptocurrency so far, officials representing the BFIU and BTRC have held four meetings.
The assistant deputy commissioner of Bangladesh’s cybercrime unit, Nazmul Islam stated, “With a few web pages which are being checked for authenticity, we have already located a few bitcoin users, and are on the hunt for more. Investigating cryptocurrency trading is a complex matter.”
Bitcoin is actively monitored by the country’s Foreign Exchange Police Department, among other state institutions asserted a high ranking official from Bangladesh’s central bank. Regarding the impacts and potential policy ramifications of virtual currencies, a report is soon expected to be delivered to the Ministry of Home Affairs.
Despite the central bank’s announcement at the end of 2017, revealing the country’s prohibition on bitcoin use, the “trading and usage” of cryptocurrency remains “rampant” in Bangladesh reported local news media outlets.
The Dhaka Tribune states that “[crypto]currencies are being traded in Bangladesh through banks, bKash, Rocket, and other methods of mobile banking in addition to groups devoted to facilitating peer to peer trading proliferating on social media platforms.”