Bangladesh is hunting Bitcoin traders

Bangladesh wants to ban cryptocurrency trading and its usage by recently announcing that several major state institutions will begin ramping up efforts to crack down on Bitcoin adoption among Bangladeshi citizens.

Bangladesh Central Bank had warned its Financial Institutions against Cryptocurrency transaction. Bangladesh Bank officials have again issued a warning pertaining to cryptocurrencies, this time, seeking to stop the country’s banks from providing any services related to Bitcoin.

The Authorities dealing with the financial matter of the country are maintaining a strict vigil on cryptocurrency trading and a circular will soon be sent out detailing the matter.

A high-level official from Bangladesh Financial Intelligence Unit says,

“There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter.”

Investigators from the Bangladesh Financial Intelligence Unit (BFIU) are reported to “hunt for bitcoin traders,” with the Bangladesh Telecommunication Regulatory Commission (BTRC) allegedly aiding said investigations. Officials from 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.”

Bangladesh’s central bank also indicated that they are actively monitoring Bitcoin – with a report soon expected to be delivered to the Ministry of Home Affairs regarding the punishment for transacting in bitcoin.

Dhaka Tribune wrote,

“Localbitcoins.com says that cryptocurrencies are being traded in Bangladesh through banks, bKash, Rocket, and other methods of mobile banking”

Bangladesh Central Bank was recently hacked by hackers who stole the money from Bangladesh Bank’s account at the Federal Reserve Bank of New York using fraudulent orders on SWIFT. Many analysts have said Blockchain is the only panacea that Bangladesh needs.

Iqbal Rahim Khan, a Bangladeshi blockchain developer from Dublin says,

“Considering the recent SWIFT or traditional banking system related scams and hacks, blockchain is the way to go and the world will soon accept it”

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