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The Financial Express

'Don't use cryptocurrencies': BB clarifies its stand after reports on its confidential letter

| Updated: July 30, 2021 09:13:20


A cryptocurrency ATM machine is pictured in a shop in Union City, New Jersey, US, May 19, 2021. Reuters A cryptocurrency ATM machine is pictured in a shop in Union City, New Jersey, US, May 19, 2021. Reuters

Bangladesh Bank has made its stand clear on cryptocurrencies and asked everyone to refrain from their transactions and promotions to avoid financial and legal risks.

The central bank in a statement on Thursday said some newspapers recently published parts of a confidential letter containing Bangladesh Bank's opinion to the investigator of a certain case, but these were not for public eyes in any way, reports bdnews24.com. 

The bank then reiterated its warning notice from December 2017.

“As these are not legal tenders issued by any legal authorities of the country, no one can make any financial claim against these.”

It said the Foreign Exchange Regulation Act, 1947 does not support the use of such currencies either and online transactions in these currencies with unnamed people or people with pseudonyms may violate the Money Laundering Prevention Act, 2012.

The notice said the users of cryptocurrencies in Bangladesh may put themselves at financial and legal risks.

“In this situation, the people are requested not to make transactions in virtual currencies like Bitcoin, or promote these or help others make such transactions in order to avoid possible financial and legal risks,” it said.

The latest statement added that Bangladesh Bank’s position on cryptocurrencies, such as bitcoin, ethereum, ripple, etc., remains the same. It asked “all individuals and companies” to avoid transactions and promotions of virtual currencies of all sorts.

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