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BB urges to abstain from transactions of virtual coins


BB urges to abstain from transactions of virtual coins

Bangladesh Bank has requested all to abstain from online-based virtual currency or crypto currency, like bitcoin, ethereum, ripple and litecoin as there is no legal framework of the currencies in any country across the world.

"Virtual currency is not legal in any country. So no one can have financial claim to any authority against the transactions through the currency," said a BB's recent notice.

Virtual currency is not recognised by the central bank or any other agencies of the Bangladesh Government, said the BB notice.

The notice said virtual currency transactions take place through online-based networks, which is not approved by any central authority or by the payment system that controls authority. Therefore, the clients may be affected, it added.

- Source: BSS

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