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Bitcoin Mining In Bangladesh

I Am From Bangladesh, We Get Into Jail For Bitcoin, I Have Some Questions. : Bitcoin

I Am From Bangladesh, We Get Into Jail For Bitcoin, I Have Some Questions. : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

In-depth: Bangladesh Bans Bitcoin

In-depth: Bangladesh Bans Bitcoin

Join our community of 10 000 traders on Hacked.com for just $39 per month. Bangladesh recently banned the use of bitcoins. This action makes the country the latest in a string of nations that have taken steps to restrict or otherwise ban the use of bitcoin and other digital currencies. Also read: Ecuador Bans Bitcoin In Favor Of Own National Cryptocurrency Bangladesh is a South-Asian country on the Bay of Bengal that borders India to the east, south and west, and has Myanmar (formerly Burma) as its south-eastern neighbor. It is classified as a developing country with a rapidly growing market-based economy. Bangladesh is the worlds eighth most populated country with 150 million people calling it home. It is also considered as the birthplace of microfinance thanks in part to one of its most famous sons Muhammad Yunus , a Nobel laureate who won the 2006 Peace Prize for his work in developing microcredit and microfinance through the Grameen Bank . Bangladeshi Central Bank Gives Reasons for the Ban In a statement the Central Bank of Bangladesh cited concerns over bitcoins lack of a central payment system which could lead to people being financially harmed. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012 and added that trading in bitcoin and other digital currencies could lead to punishment. The ban comes as an enforcement of sections 4,5 and 8 of the 1947 law that regulate trading in foreign currency without authorization or general permission from the central bank. Section 5 severely restricts payments done outside Bangladesh, which definitely affect bitcoin payments. The Money Laundering Control Act of 2012 is designed to bring Bangladeshi laws on money laundering up-to-date, and to domesticate the provisi Continue reading >>

Police Hunting Bitcoin Traders In Bangladesh

Police Hunting Bitcoin Traders In Bangladesh

Subscribe for our daily recaps of the ever-changing Crypto-currency market. Police Hunting Bitcoin Traders in Bangladesh Police Hunting Bitcoin Traders in Bangladesh The countrys security organs held meetings about the issue and arrested some Bitcoin traders. The authorities notified banks to be vigilant Bitcoin trading is illegal in Bangladesh, but the cryptocurrency trading is still rampant. Many freelancers, cricketers, celebrities and international travelers are dealing in Bitcoin. This is according to the Bangladesh Financial Intelligence Unit (BFIU). Additionally, the Cyber Crime Unit arrested a few users recently and is hunting for more. This is according to the units assistant deputy commissioner Nazmul Islam. He added that the group is checking some websites for authenticity saying that investigating cryptocurrency trading is complex. BFIU, BTRC, and the Foreign Exchange Police Department have had four meetings together. This is to plan on countering the use of Bitcoin in the country. Trading Bitcoin is an infringement of the countrys laws on money laundering or terrorist funding. BFIU also asked banks to be wary of Bitcoin traders. Banks and other financial organizations of the country have been ordered to maintain a strict vigil on cryptocurrency trading. A circular will soon be sent out detailing the matter, a BFIU official said. He said cybercrime investigators are working on the issue and that it is not possible to buy Bitcoin through banks in the country. The Bangladesh Bank also warns people against trading in Bitcoin . The bank says the cryptocurrency is not currently accepting as legal tender. It means the cryptocurrency is risky to use. Meanwhile, the country may soon have digital money. This is according to an advisor to the Bangladesh Bank S K Sur Continue reading >>

/ Mmm Bangladesh - Official Website

/ Mmm Bangladesh - Official Website

What is Bitcoin and how to participate in MMM using bitcoins? It's more profitable, faster, and safer to provide help using bitcoins rather than traditional currencies. Watch the video about Bitcoin's key advantages and find out why it's beneficial to use it while participating in MMM. If you transfer money ( provide help ) via the Bitcoin (not a bank), you will receive a 3% bonus of the transferred amount. Bitcoin Bonus is not frozen. It is available for withdrawal as soon as the recipient confirms the receipt of funds. If you're new to Bitcoins you can find out how to create a Bitcoin account and how to buy and sell Bitcoins from this handy guide. A new tab will be open, informing about successful verification of your Email. Enter the password (created in step 2) and press Log In You will be offered to choose the option of 2-Step verification for the better protection of your account. As per recommendation of bitgo.com website it should be Google Authenticator (GA). You may also choose another option (a text message to your phone, for example), however in this example we are going consider the GA case. Select it and press Next. First install GA to your smartphone. How to install GA and attach it to MMM PO see here . Use your camera or a device with GA App to connect GA to the your bitgo.com account by scanning the QR Code. Or manually insert the code indicated below (item 1 in the screenshot) in GA App. IMPORTANT! Write or print out the code and keep it in a safe place, that in case of loss of the device you could restore access to your wallet! Type in the 6-digit code, generated by the GA and press Submit. Create a name for the wallet. For example My 1st wallet and click Next. Choose the option of a backup key. There are four options to choose from, in this example Continue reading >>

Why Your Government Doesn't Want Bitcoin

Why Your Government Doesn't Want Bitcoin

All countries that allowed bitcoin are alike, each country that declined it, made it in its own way. Leo Tolstoy paraphrasing in the pre-text perfectly illustrates a situation over legislative Bitcoin regulation in 2017. As it marches through the world, and more merchants accept it, each country decides whether it is on the supporters' or the contradictors' side of this battle. Reasons why Bitcoin is banned are different, while the reason to adopt it is always the desire to follow the progress and obtain new technologies. We often receive requests from users who are living under the 'bitcoin iron curtain', but also want to be the part of digital breakthrough to the traditional fiat system. Personally, I hate to answer "No" and leave our potential clients frustrated. Here's a list of countries that banned BTC that we're going to update to save you some effort and time applying to Cryptopay and similar services. If you've found your location in this list, you need to be careful to not break any laws. Bangladesh Ministry of Finance is concerned with money-laundering and terrorists financing potential of Bitcoin. Basel AML Index 2014 & 2015 states that Bangladesh is in a growing risk zone, because of the border it has with Myanmar top-10 country in the money-laundering activity list. Another concern for free bitcoin usage in Bangladesh is illegal substances traffic, which is highly developed in the "Golden Triangle" of the South East Asia. Therefore, at September 2014, Bangladesh Bank stated that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws". In the time of writing this, bitcoin is considered as "not illegal" in the Russian federal tax official letter. However, the fate of Bitcoin in Russia is not defined Continue reading >>

Bitcoin Is Still Illegal In These 6 Countries

Bitcoin Is Still Illegal In These 6 Countries

Bitcoin is Still Illegal in These 6 Countries Antonio Madeira May 18, 2017 9:30 am Asthe Bitcoin revolution continues to spread throughout the world, there are still some places where buying or using Bitcoin is illegal and can get you in trouble. As Bitcoins popularity continues to grow throughout the world, some governments are beginning to realize its benefits and potential and are integrating Bitcoin and cryptocurrencies in their economy, rather than trying to punish those that use it with restrictive policies and exaggerated taxes. Japan, for example, has recently passed a law that makes Bitcoin a legal form of online payment, removing taxes and setting up a regulatory framework for Bitcoin-based businesses. Australia has also taken a stance in favor of cryptocurrencies and removed the double-tax that was penalizing average Bitcoin users. However, not all countries are as forward thinking especially when it comes to cryptocurrencies. Believe it or not, Bitcoin is still illegal in some countries , which says a lot about Bitcoin as a disruptive technology. To be clear though, the worlds first decentralized cryptocurrencyis not illegal because it poses any risk tothe citizens of the countries we will list. Rather,it provides an alternative, open, P2P monetary system and an exit for some which is seen as athreat to their centrally-controlled, legacy monetary system. All of the countries listed below banned Bitcoin in 2014, following the Mt. Gox disaster . As Bitcoin begins to gain traction throughout the world, its possible that these countries may eventually change their stance on Bitcoin and digital currencies. Although Bitcoin can be freely used by citizens, the State Bank of Vietnam issued a statement in February 2014 warning against the use of Bitcoin and prohibit Continue reading >>

Why Bangladesh Will Jail Bitcoin Traders

Why Bangladesh Will Jail Bitcoin Traders

Country says anyone found guilty of using Bitcoin could be imprisoned for up to 12 years Bangladesh regulator says Bitcoin is not legal tender and any transaction through Bitcoin or any other crypto currency is a punishable offencePhoto: Bloomberg News Bangladesh's central bank has warned against dealing in Bitcoin, saying anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws. The Bangladesh Bank, which regulates the impoverished country's banking industry, said it issued the order after reports in local media of Bitcoin transactions through various online exchange platforms. "Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto currency is a punishable offence," the bank said in a statement on Monday. Bank officials told AFP separately that anyone found guilty in Bangladesh of using Bitcoin could be sentenced to up to 12 years in jail. Launched in 2009, Bitcoin is a virtual payment system launched in 2009 that can be used to pay for goods from a computer or mobile device. Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online. But virtual currencies, most famously Bitcoin, have come under increasing scrutiny by financial regulators as their popularity has grown. Several countries have warned users of the risks associated with Bitcoin, such as their susceptibility to fraud because of the difficulty of tracing transactions. Last Friday, Europe's top banking regulator called on the region's banks not to deal in virtual currencies until rules are developed to stop them being abused. Continue reading >>

Bangladesh Authorities On Hunt For Bitcoin Traders

Bangladesh Authorities On Hunt For Bitcoin Traders

Bangladesh Authorities on Hunt for Bitcoin Traders Bangladesh one of the few countries presently attempting to enforce a ban on cryptocurrency trading and use has announced that several major state institutions will begin ramping up efforts to crack down on bitcoin adoption among Bangladeshi citizens. Also Read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Bangladesh Central Bank Warns Financial Institutions Against Cryptocurrency Users Bangladesh Bank officials have again issued a warning pertaining to cryptocurrencies, this time seeking to deter the countrys banks from providing services to bitcoin users. An official from the Bangladesh Financial Intelligence Unit (BFIU) told reporters that Banks and other financial organizations of the country have been ordered to maintain a strict vigil on cryptocurrency trading. A circular will soon be sent out detailing the matter, adding There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter. Bangladeshi Authorities on Hunt for Bitcoin Traders Investigators from the BFIU are reported to have already begun to look for bitcoin traders, with the Bangladesh Telecommunication Regulatory Commission (BTRC) allegedly aiding said investigations. Officials representing the BFIU and BTRC have held four meetings regarding cryptocurrency so far. Nazmul Islam, the assistant deputy commissioner of Bangladeshs 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. A high ranking official from Bangladeshs central bank also indicated that the countrys Foreign Exchange Police Department, amo Continue reading >>

Bangladesh Central Bank: Cryptocurrency Use Is A 'punishable Offense'

Bangladesh Central Bank: Cryptocurrency Use Is A 'punishable Offense'

Bangladesh Central Bank: Cryptocurrency Use is a 'Punishable Offense' Sep 16, 2014 at 09:02 UTC|UpdatedSep 17, 2014 at 03:10 UTC Update (17th September 3:00 BST): 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 country. Any transaction through bitcoin or any other cryptocurrency is a punishable offense." AFP also reportedly spoke to a representative from the bank, whosaid that the act of using a digital currency could be punishable by as much as 12 years in prison. Bangladesh recently enacted Money Laundering Prevention Act, 2012 , a revision of a 2009 law that aimed to bring the country's AML policies up to global standards. Notably, the bank's decision to outlaw digital currency transactions derived from increasing reports in the local media regarding the use of bitcoin by domestic residents. The announcement follows the formation of the Bitcoin Foundation's official chapter in Bangladesh, the organisation's first affiliate program in Asia. The Bitcoin Foundation Bangladesh opened to great fanfare in mid-August and counts international bitcoin evangelist Roger Ver among its advisors. At the time, members of the group expressed optimism that formal recognition of the group would lead to greater domestic awareness of the technology. At p Continue reading >>

Weekly Round Up: Bangladesh Agains Bitcoin, Roger Ver Against Hackers And More

Weekly Round Up: Bangladesh Agains Bitcoin, Roger Ver Against Hackers And More

Weekly Round Up: Bangladesh agains Bitcoin, Roger Ver against hackers and more Last updated on January 2nd, 2018 at 12:00 am Welcome to Bitcoin Examiners latest weekly round up with the most important headlines of the last seven days. Bangladesh threatens to sentence Bitcoiners up to 12 years in jail The new statement released by the central bank of Bangladesh has turned out to be everything but Bitcoin-friendly. The authority revealed thatthe local Bitcoiners could be sentenced up to 12 years in jailif the authorities are able to prove they are dealing with cryptocurrency. The institution, which oversees the countrys banking system, claims the penalties areincluded in Bangladeshsstrict anti-money laundering laws. The sudden warning was issued after the bank acknowleged the existence of reports in local media regarding Bitcoin transactions in Bangladesh performed through online exchange platforms. Bitcoin Think Tank Coin Center launches with star-studded support Coin Center, anew public policy organisation dedicated to digital currency research and advocacy, has launched with widespread backing from the bitcoin industry.TheWashington, DC-based group is supported by prominent figures such as VC investorMarc Andreessen, SecondMarket chairmanBarry Silbert, bitcoin developerJeff Garzikand a host of the industrys most prominent companies. In an open letter to the community, executive directorJerry Britosaid that one major goal of the group is to help shape the global regulatory debate that could decide the fate of digital currency usage in the US and abroad. Banking solutions provider forced to alienate Isle of Mans Bitcoin project At least two British banks arenot happy withCapital Treasury Services connection with Isle of Mans recently formed Bitcoin industry. The company Continue reading >>

Legality Of Bitcoin By Country Or Territory

Legality Of Bitcoin By Country Or Territory

Legality of bitcoin by country or territory For a broader coverage related to this topic, see Bitcoin . The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. [1] Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [2] :European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the bitcoin virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to currency, bank notes and coins used as legal tender", making bitcoin a currency as opposed to being a commodity. [3] [4] According to judges, the tax shouldnt be charged because bitcoins should be treated as a means of payment. [5] According to the European Central Bank , traditional financial sector regulation is not applicable to bitcoin because it does not involve t Continue reading >>

How To Get Started With Bitcoin Mining.

How To Get Started With Bitcoin Mining.

Before you read further, please understand that most bitcoin users don't mine! But if you do then this Bitcoin miner is probably the best deal. Bitcoin mining for profit is very competitive and volatility in the Bitcoin price makes it difficult to realize monetary gains without also speculating on the price. Mining makes sense if you plan to do it for fun, to learn or to support the security of Bitcoin and do not care if you make a profit. If you have access to large amounts of cheap electricity and the ability to manage a large installation and business, you can mine for a profit. If you want to get bitcoins based on a fixed amount of mining power, but you don't want to run the actual hardware yourself, you can purchase a mining contract. Another tool many people like to buy is a Bitcoin debit card which enables people to load a debit card with funds via bitcoins. Bitcoin mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bitcoins. Faster Bitcoin mining hardware is able to attempt more tries per second to win this lottery while the Bitcoin network itself adjusts roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. In the big picture, Bitcoin mining secures transactions that are recorded in Bitcon's public ledger, the block chain. By conducting a random lottery where electricity and specialized equipment are the price of admission, the cost to disrupt the Bitcoin network scales with the amount of hashing power that is being spent by all mining participants. During mining, your Bitcoin mining hardware runs a cryptographic hashing function (two rounds of SHA256) on what is called a block header . For each new hash that is tried, the mining software will use a diff Continue reading >>

Bangladesh: Authorities Trying Yet Failing To Curb Cryptocurrency Use

Bangladesh: Authorities Trying Yet Failing To Curb Cryptocurrency Use

Bangladesh: Authorities Trying Yet Failing to Curb Cryptocurrency Use Despite threats of some of the planets harshest punishments, police in Bangladesh are struggling to stamp out the use of cryptocurrency in accordance with their legislation. Several different groups have recently combined resources at the behest of the central bank. As yet, there has been little progress towards eradicating the use of digital currency. Harsh Penalties for Cryptocurrency Trading are Nothing New Bangladeshs draconian attitudes towards the rapidly expanding cryptocurrency space are hardly a recent development. Back in September 2014 , the government made it illegal to transact in any form of digital currency. The maximum penalty for doing so is an unfathomably strict 12 years of jail time . Late last year, the inefficacy of the threat of such harsh sanctions was revealed. A notice from the Bangladeshi Central Bank entitled Caution on Bitcoin Transaction: Warning against online transactions in Cryptocurrency (eg. Bitcoin, Litecoin) proved that the rampant use of digital currency in the nation was still a concern for the central financial institution. The document stated: As these are not legal tenders issued by any legal authorities of the country, no one can make any financial claim against these. The notice went on to state that those trading in digital currencies may be violating the Money Laundering Prevention Act 2012. In addition, the Foreign Exchange Regulation Act of 1947 was cited, along with a general plea from the bank for people to not make transactions in virtual currencies. The latter request, along with recent multilateral efforts from various government and non-government departments to track down cryptocurrency users highlight how difficult the issue is to police. The Ba Continue reading >>

Bitcoin Use Now A

Bitcoin Use Now A "punishable Offense" In Bangladesh - Bitcoinx

Posted by Steve Shanafelt at September 16, 2014 in Finance , News Comments Off on Bitcoin use now a punishable offense in Bangladesh Image source: In a new warning issued yesterday by the central bank of Bangladesh, any transaction in bitcoin or any other cryptocurrency is a punishable offense. According to a report by Agence France-Presse (AFP) , bank officials said that anyone found guilty of using or selling bitcoin in the country could be sentenced to up to 12 years in jail. The action comes in response to a number of media reports in the country detailing bitcoins growing appeal. Although decidedly harsh in tone, the Bangladesh Banks isnt singling bitcoin out for draconian punishment. The country is known for having extremely strict currency controls, largely aimed at preventing money laundering and capital flight. Widely considered one of the most rapidly developing economies in South Asia, Bangladesh is still desperately poor by any definition, with most workers earning less than $1,180 per year. Given that Bangladeshs 2014 GDP was a projected $173.8 billion, the loss of even a few hundred million can make a visible dent in the economy. Bitcoin, which is both easy to obscure and transmit outside of the traditional banking system, presents a significant threat to central banks ability to enforce these laws. Its not clear how, or even if, the Bangladesh authorities would pursue bitcoin-related transactions. For all the gravity of the central banks statement, the country has been largely unable to enforce its existing money-laundering laws. An estimated 45 to 81 percent of Bangladeshs GDP comes from the underground (black market) economy , and the country is regularly presented as one of the most corrupt governments on the planet . By making bitcoin transactions il Continue reading >>

Bangladesh Becomes Bitcoin Foundation's First Asian Affiliate

Bangladesh Becomes Bitcoin Foundation's First Asian Affiliate

Bangladesh Becomes Bitcoin Foundation's First Asian Affiliate Aug 15, 2014 at 11:24 UTC|UpdatedDec 4, 2014 at 18:28 UTC The Bitcoin Foundation has announced its first affiliate group in Asia, with Bitcoin Foundation Bangladesh becoming the latest local advocacy group to joinits 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 educated and coordinate our efforts to encourage bitcoin's adoption." An entrepreneur, motivational singer and musician, Sazeeb has beenthe driving force behind the new foundation chapter, with supportfrominternational bitcoin evangelist Roger Ver , who appears on the group's site as an official advisor. President of Bitcoin Foundation Bangladesh, Sazeeb Also onthe Bangladesh board are local entrepreneursSadia Sultana Mou, Mizanur Rahman, and Jamil (no last name given). "Our mission is to help people utilize the best solutions to help make their life easier," the group'swebsite states. While there are plenty of great opportunities in the marketplace, it continues, the right approach is needed to deliver the bitcoin message to that part of society who need its answers most. Bitcoin has the potential to dominate the entire payments industry, it adds. Sazeeb is currently in the process of setting up websites to educate locals about bitcoin and the benefits it can bring. He has already formed an affiliate marketing program, Coinpiler, which pays its rewards in bitcoin. The in Continue reading >>

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