Bitcoin bans ban in Bangladesh
Bitcoin bans ban in Bangladesh
Bangladesh Bank has issued a ban on Bitcoin in the country after one month of being included in the Bitcoin Foundation as the first country in Asia. On Monday, a press release issued by the central bank urged the public to refrain from circulating currencies or to provide support to these transactions and stop the promotion. It is said that transactions like Bitcoin or Bitcoin or any other artificial currency are not recognized by any organization of Bangladesh Bank or Bangladesh Government. These transactions excluding the approval of Bangladesh Bank or any other regulatory body will be considered as a punishable offense under the Foreign Exchange Control Act, 1947 and Money Laundering Prevention Act, 2012.# What is Bitcoin? Bitcoin is the sign currency traded through the Open Source Cryptographic Protocol. Bitcoin transactions do not require financial institutions, regulatory bodies, or fixed houses. In 2008, Satoshi Naakamoto introduced this coin. He called this currency as peer-to-peer transaction. Bitcoin transactions are protected by a server named Bitcoin Miner. If there is a bitcoin transaction between peer-to-peer communication systems in multiple computers or smartphones, its central server user laser updates. As soon as a transaction is completed, new bittacquines are produced. By 2140 new bits of bits will be reduced to half every four years. After 2140, 21 million Bitcoins will not be produced and no new bits will be made. Since Bitcoin transactions do not require any financial institution to complete and the transaction's movements can not be followed in any way, Bitcoin is becoming increasingly popular in different places of the world. In addition to legal products transactions, the use of bitcoin in drug smuggling and money laundering has increased alarmingly. Although Bitcoin has gained popularity as a digital currency, many people criticize it due to its high degree of price fluctuations, scarcity and limited use of business against international currencies. Bitcoin's first ATM machine was launched recently in Canada's Vancouver. It is assumed that it will move bitcoin further in order to establish it as a currency. Drugs, smuggling, the United States and Canadian government are considering to bring Bitcoin customers under the control of illegal arms trade and other illegal uses.In this case, to prevent possible financial and legal risks, there should be a ban on the transaction of artificial currency such as Bitcoin or to avoid the promotion and promotion of these transactions. It has been mentioned in the press release that Bangladesh Bank has issued this warning in view of the news published in the media about Bitcoin trading in currency. The central bank said that online bittakane is being sold for sale on different exchange platforms. Bitcoin is not a valid currency issued by any country.
On 15th of December, Bangladesh was included in the Bitcoin Foundation as the first country in Asia. Sajib is acting as the President of Bitcoin Foundation Bangladesh He then informed that it was important for the development of Bangladesh in a positive way. The countries that have recently joined Bangladesh include Canada, Mexico, the Netherlands, Australia, Germany and Denmark. Bitcoin is a symbol of the currency or digital currency traded through open source cryptographic protocols. Bitcoin transactions have been introduced in many countries, especially in the United States. This gives birth to a lot of discussion. However, after online fraud in online currency transactions, it was widely criticized.
How to deal with bitcoin
Bitcoin transactions are either peer-to-peer or customer-to-customer's computer. It does not go through a central necropolis or it has no controlling organization to control it. All Bitcoin processes are completed through an open source software online. Anyone can generate bitcoin by bitcoin miner. The process of generating bitcoin is always predictable and limited. As soon as Bitcoin is produced it is stored in the customer's digital wallet. If this reserved bitcane is sent to the account by the customer, then a unique electronic signature is created for this transaction, which is inspected by other miners and is secretly protected in the network. At the same time the customers are updated to the current laser central database. Buying a product with Bitcoin can be sent to the seller's account, and the seller can buy the product again with that bitcoin, on the other hand, the same amount of bitcoin is reduced from the buyer's laser. After every four years, the total number of Bitcoin is rescheduled so that it can be adjusted with the real currency.
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