Cryptocurrency transactions illegal in Bangladesh: CID

The transactions of cryptocurrency are illegal in Bangladesh while a failure to comply with the existing laws will put the lawbreaker under a set of prosecutions, said Kamrul Ahsan, additional deputy inspector general of the Criminal Investigation Department, on Wednesday.

The lawbreaker will be prosecuted under the Special Powers Act, Foreign Exchange Regulation Act and Anti-Corruption Laws, added the official.

“Cryptocurrency transaction is legitimate in a number of countries but our central bank did not permit it and put up an awareness campaign through different dailies,” Kamrul told The Business Post.

As per the central bank, it is not a problem if anyone keeps it, but it would be illegal if someone uses it for transactions.

On May 18, Bangladesh Bank’s Foreign Monetary Policy Division sent a letter to the Criminal Investigation Department (CID) of the police.

In the central bank letter, it was mentioned that transactions in virtual currencies can, however, be listed as crimes in the second phase of the Foreign Exchange Control Act 1947, Anti-Terrorism Act 2009 and the Prevention of Money Laundering Act 2012.

Earlier, the Rapid Action Battalion (RAB) arrested several gang members over alleged transactions of cryptocurrency from Dhaka and Gazipur.

According to sources, two cases were filed in connection with cryptocurrency transactions which are under investigation. The CID has already submitted a charge sheet before the court in connection with the issue.