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:
[blockquote style=”2″]Until more information is obtained on the current situation, Bitcoin Foundation Bangladesh has temporarily suspended educational and membership efforts.[/blockquote]
Upon visiting the Bitcoin Foundation Bangladesh website, the user is greeted with the following:
[blockquote style=”2″]BASED ON INFORMATION WE HAVE RECEIVED FROM BANGLADESH BANKS CAUTIONARY NOTICE AND WHILE WE EXAMINE THE LEGAL SITUATION OF BITCOIN IN BANGLADESH, WE HAVE TEMPORARILY SUSPENDED THE OPERATION OF OUR WEB SITE.[/blockquote]
[blockquote style=”2″]WE RESPECT OUR COUNTRIES [sic] SPECIFIC LAWS REGARDING THIS ISSUE AND OBLIGE THEREBY.[/blockquote]
Interestingly enough, these events have transpired so very quickly, considering the Bangladesh office became an affiliate a little over a month ago. It was short-lived, to say the least, but that doesn’t mean that they’ll be gone forever.
Most would agree their position is the sensible one to take. There’s obviously a ton of misinformation and lack of clarity surrounding bitcoin, so it will surely take some time to clear the air.
Stay tuned, and if you’d like to read all of the Bitcoin Foundation’s statements on the matter today, follow this link.