BB warns against cryptocurrencies | The Daily Star

Bangladesh Bank has issued a warning against the settlement of online transactions in virtual currencies like Bitcoin.

There is no legal framework for cryptocurrencies such as Bitcoin, Ethereum, Ripple and Litecoin in any country, including Bangladesh, so all parties involved must avoid online currency transactions, the central bank in the notice on his site. ]

Customers will face financial and legal risks while settling transactions with the help of tools, because the virtual currency is legally recognized by the central bank or the authority of the bank. payment system from any country.

In addition, online currency trading is not permitted under the Foreign Exchange Act, 1947, the Anti-Terrorism Act, 2009, and the Bankruptcy Prevention Act, 2012. money laundering.

Such a transaction could constitute a violation of the current law on the prevention of money laundering and counterterrorism financing regulations, said the central bank.

Bitcoin, the most well-known cryptocurrency, dropped by more than 11% after South Korea announced yesterday that it would ban anonymous trade in virtual currencies and would punish money laundering activities. money, according to an AFP report. ]

The announcement came as the hyper-wired South emerged as a crypto-currency trading hub, accounting for about 20% of global Bitcoin transactions – about 10 times the country's share in the world. Mondial economy.

New rules announced by Seoul include the ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual currency exchanges if necessary.

"The authorities share the view that virtual currency trading is overheating irrationally … and we can no longer ignore this speculative abnormal situation," the government said in a statement.

All current anonymous accounts will be closed next month, he added.

The announcement came two weeks after Seoul banned its financial companies from trading virtual currencies, including Bitcoin, as their prices climbed, raising fears of a bubble largely fueled by speculators Retail. In addition, the Israeli Securities Authority said that it would ban the trading of companies based on cryptocurrency on the Tel Aviv market until transactions involving coins digital technologies are regulated.

The head of the authority, Shmuel Hauser, said Monday that the market regulator would discuss the proposal at a meeting next week.

"As long as there will be no regulatory framework, we will ensure that companies whose business relies mainly on digital parts will not be able to trade on the stock market (Tel Aviv)" , he said.

In addition, "the activity of a company that already exists and whose most of its business goes through Bitcoin will be suspended," he said.

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