Bitcoin Foundation Bangladesh Suspends Operations
The Bitcoin Foundation has issued a new statement suggesting that it is currently investigating whether bitcoin and digital currency transactions are now illegal in Bangladesh. However, citing general uncertainty surrounding this week's statements from the Bangladesh Bank, the Bitcoin Foundation Bangladesh, the organisation's first Asia-based affiliate, will suspend operations. In a post entitled "The Case for Bitcoin in Bangladesh", executive director Jon Matonis suggested that the comments from the bank don't read like other bitcoin bans. This perception has proliferated since earlier....
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Following up on recent news reported indicating that Bangladesh could imprison individuals caught using bitcoin in the country comes the news from the Bitcoin Foundation that their affiliate in the country has temporarily halted operations. The September 15th reports noted that buying, selling, and trading the digital currency could be punishable up to 12 years in prison, as the use of bitcoin violates the country's strict anti-money laundering laws. The Foundation writes: Until more information is obtained on the current situation, Bitcoin Foundation Bangladesh has temporarily suspended....
The Bitcoin Foundation has announced its first affiliate group in Asia, with Bitcoin Foundation Bangladesh becoming the latest local advocacy group to join its international network. The addition of Bangladesh means the Bitcoin Foundation has built an international chain of affiliates in just eight months. The newest member joins groups in Canada, Mexico, Australia, Germany, Denmark and Netherlands. The president of Bitcoin Foundation Bangladesh, Sazeeb (no last name given), said: "To be effective in positively improving lives, it's important we join together, align our goals, become....
Last week, the Central Bank of Bangladesh issued a statement that anyone caught using Bitcoin would be subject to a prison sentence of up to twelve years, essentially forcing the Bitcoin community underground as the Bank is enforcing the nation’s money laundering laws. According to one source, the Central Bank made its decision after a number of local media reports talked about Bitcoin transactions on several online exchanges. The Central Bank explained the decision: “Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto currency is a punishable....
A full translation of the statement from the Bangladesh Bank has been added to the piece. The central bank of Bangladesh has issued a new statement suggesting that the use of digital currency is now illegal in the country. The Bangladesh Bank, as originally reported by the Agence France-Presse (AFP), has said that the use of bitcoin and other cryptocurrencies is unlawful under existing anti-money laundering (AML) statutes. The Bangladesh Bank noted in its advisory that harsh penalties could be imposed on those who use digital currencies, saying: "Bitcoin is not a legal tender of any....
Clearly deviating from the current standing bylaws, the Bitcoin Foundation has suspended the board elections and decided that the vacant positions will be filled by a 'special referendum.'. With members Jim Harper having resigned and Olivier Janssens removed from the board, the board now needs one more seat to continue operations as the bylaws call for a minimum of five seats. Executive Director of Bitcoin Foundation, Bruce Fenton said in a statement, "The logistics and time involved in a general public election are not practical right now given our focus, priorities, and resources." To....