Bitcoin Forum

Bitcoin is not recognized in Bangladesh, in a word, it is banned.  The Central Bank of Bangladesh Bangladesh Bank has not legalized the use of this currency in the country.  The central bank said the transaction could violate anti-money laundering and anti-terrorism financing laws.

Bangladesh Bank also issued a notification in December 2016 warning the people of the country about bitcoin.  It said that bitcoin is being traded in the country using various websites and social media, which is not approved by any regulatory body.  The use of these virtual currencies is not supported by the Foreign Exchange Control Act 1948, the Anti-Terrorism Act 2009 and the Prevention of Money Laundering Act 2012.  As a result, there is a risk of financial loss to the people.

They can’t confiscate what they don’t know about (Hint Hint). VPN’s, Tor etc are available. Maybe you could buy bitcoin from people on the forum in the Marketplace. Paypal purchases would be untraceable to bitcoin.

Currently we have very strong Bangladeshi community here on this forum and in crypto community even government is not accepting this all but they are doing some good work I personally in touch with few friends from there we are exchanging crypto and bitcoin without any problem but some fear is still around due to poor system and government's hard policy against crypto.

In my opinion, the regulations made by the central bank of Bangladesh are very strange. The people will be jailed if they transact using bitcoin. However, the legal basis for this is using the anti-money laundering law.

Even though using bitcoin is not necessarily money laundering.  ??? ???

If bitcoin is not recognized in bangladesh, i think this is a good spot or country to raise your bitcoin. They cannot confiscate your bitcoin if they dont that you have it. You can use different tools to not recognized by the government of bangladesh like vpn and other way of personality hider. You can also explain to other people of bangladesh how bitcoin is working so that if there is a lot of convinced people, the government itself will manage to allow the bitcoin to enter their country and you don't have to hide your identity anymore. It can also make the price of bitcoin higher since there will be having a lot of new investors that can make the demand higher. It is really better if the bitcoin community is bigger because the chance of earning is bigger too.

You can always find a way to buy bitcoin secretly. Maybe countries like Bangladesh is not ready for it maybe in the next few they might learn to love this technology, Bitcoin is definitely more transparent than traditional money. Financial world needs an upgrade, the race is on just imagine the advantage of going digital during this pandemic its a big help.

the central banks of no country can ban anything, only the government can do that. and even though the central banks are part of the government but they still need the government to ban anything.
also Bangladesh banned bitcoin many years ago. if i am not mistaken they did it in very early years and nothing has changed over the years except the fact that people have learned how to buy bitcoin easily over the counter.

Even though I don't endorse going against the laws of your country but Bitcoin buying and selling in Bangladesh is not restricted any specific act or provision in any other act. Moreover despite the ban I have not seen a lot of cases of cognizance being taken against the offenders who are involved in bitcoin buying and selling. It's true that a lot of terrorism funding can and does happens in bitcoin but it's just a shortcoming of emerging technology. Army Robots can replace humans in the battle field but they come with their own risks it's up to us to see whether the benefits outweigh the demerits of the technology. Even India is going to go on the footsteps of Bangladesh and China and might ban cryptocurrencies.

I do not know why the Bangladesh government has made such a law.  Really very strange. I think this is happening because high-ranking officials in Bangladesh do not have knowledge about bitcoin. If they had an idea, they would have amended this law and legalized bitcoin.

Such a situation has not yet arisen in Bangladesh to legalize bitcoin.  But I hope Bitcoin will be legalized in Bangladesh very soon and banks will be interested in accepting it.  Bitcoin is bought and sold in the local market even though it is not legalized.

It is right to be bought and sold in the local market.  But the way the police are dealing with this, it seems we are going through a very difficult time.  And I think it's very scary for us.

Bitcoin will be legal in our country but it will take time. When the Bangladesh government realizes that Bitcoin is the currency of the future. Then our country will lag behind other countries like 5 years. A total of 5 countries, including our country, do not support Bitcoin.
1.
Bangladesh.
2.
Iran.
3.
Nepal
4.
Denmark
5.
Ecuador

Bangladesh Bitcoin is illegal. But the use of Bitcoin is increasing day by day.

so right now, it is more on p2p how you can convert your crypto to your fiat?

but when i did a quick search and found about 8 exchanges that you can use when you are staying in bangladesh. so this means, this is not true? are there no crypto exchanges that you can use to convert your btc to fiat?

https://www.bitrawr.com/bangladesh

But Binance supports Bangladeshi trades for peer to peer trading.
https://www.binance.com/en/support/announcement/14cbf4930c544dac96161f166ac8eecd
It is just a matter of time until your government gives a green signal for you guys.

As long as Bitcoin can be converted into U.S. dollars, it will always have the possibility of bribery or money laundering and drug trafficking. Even if a country declares it illegal, as long as it can be exchanged for U.S. dollars through exchanges, it will still be valuable.

I don't know but this is pretty illegal (wink wink) but if you have the computer prowess to do the hiding then you might be able to pull it off, it's not like they will be able to enforce that ban that much, in my country the regulations lose its edge around 3 to 7 months after becoming a regulation and after that, it is either a norm or it is forgotten. Purchasing bitcoin in person will be difficult because it might be an entrapment operation by authorities.

It is so bad for bitcoin users who live in Bangladesh, they may be jailed for up to 12 years. But if they keep it secret then I think it will not gonna be a problem. The regulation may be change in the future but it will be a huge loss if they don't start to invest now. I personally think that the regulation is too rigid, Bangladesh government should consider bitcoin as money so they only punish people who did crime instead of punish people who only choose bitcoin as their investment. I think as long as people don't do crime using bitcoin, government should not have any right to punish them. But once again it will be safe for people in Bangladesh to obey the government rule, then show their government that bitcoin is just a currency and not a crime.

That's nothing new. Many countries do not recognise btc as legal tender and we should not have any problem with that as long as they do not ban it's storage, trading and mining.
Btc can be used as store of value like gold.

You're contradicting yourself.
How they can show Bitcoin is not only for a crime (which mean they already have Bitcoin) while they obey the rules of their country? If they show it they will get jailed just like you said above.

The only one thing government can change the regulation are from them only, when they find out on their own if Bitcoin can be considered as money since it can pay many thing with Bitcoin. They might already know it but since it's volatile, high risk and can't be controlled... they ban it.

Most of countries banning Bitcoin because of trading and storage (holding), but not sure about mining.

That’s not going ti be changed unless we stand together. I mean we have to take some steps like postering etc. so that authority can realize people are interested to accept the technology.
I had some talkings with my lecturer regarding this. Sadly, even he has bad impacts on bitcoin for some unknown reason, he never shared. As long as people have that bad perspective, govt isn’t going to change their law.

I buy and sell BTC and some other altcoins.

There is no doubt that many countries are yet to accept Bitcoin and other cryptocurrencies, or some are not just ready for it and as such setting strict standards to restrict citizens from having anything to do with it, but they failed to understand that in as much as the internet is still here, there is no way to totally stop or restrict people from buying Bitcoin and other cryptocurrencies in Bangladesh. I believe, there are ways to go around it in such a way that you will be safe and  I believe they will have a community in this forum, therefore it would be better to visit and hear from others and also learn the way to buy and even sell to fiat if possible. Bitcoin has grown to a stage where it would be difficult to be ignored, sooner than later many countries will have no option than to accommodate it.

your information is wrong. bitcoin is only illegal in Bangladesh.

Bitcoin is legal in Iran as long as it is used as a currency or if it is mined. in fact Iran has been growing its hashrate with more mining farms coming out.

Cantral bank of Nepal has banned the bank users from using bitcoin but you can still buy bitcoin legally, Coinbase also operates in Nepal.
Bitcoin is not regulated in Denmark but it is legal as long as it is used as an asset or traded on exchanges.

Ecuador government seems to have banned bitcoin according to "news" but there are a lot of bitcoin ATMs and some exchanges including Coinbase in this country which contradicts this news which may be an indication that the news was a lie which is a normal thing in FUD filled bitcoin media.

This is why bitcoin is impossible to stop, they may declare bitcoin illegal and that is their right, but it is a completely different thing to actually try to enforce those laws, how are they going to stop people from using a decentralized network? In the case of centralized networks like Facebook and other social media websites they can easily ban you from using social media as we have seen many times in the past already but in bitcoin they do not have this power which means that as long as someone that lives in a country where bitcoin is banned remains quiet about it and does not do anything with his coins the chances that he is ever caught are very small.

It would be a pity if that happened because in fact this could provide an opportunity for its citizens to get additional benefits if only allowed. of the many jobs this can also include additional work. thus giving citizens the opportunity to be able to seek additional income from bitcoin.

but we also as good citizens must not respond to these prohibitions in a way that is against the law. although the possibility can be done but it is not the best way that can be done. because as good citizens we must support what the government has set. it is possible that the government has its own reasons for the ban and may not have been informed.

the most frequent is money laundering which is easiest to do from money resulting from corruption or even the sale of drugs and turned into Bitcoin. It will make the government of course difficult and do not want to take that hassle to prevent it. in fact, regulations could be made to prevent this, but it is difficult to describe the will of the government.

Bangladesh regulations have always instigated and tried to combat bitcoin users on the grounds of laundering. In fact, if viewed from the context of economic growth, this will be a solution for Bangladesh to get out of the crisis session that has been troubling them. The central bank there really doesn't like bitoin, while most of the country's citizens, however, remain secretly against the rules. remember they are smarter at doing it in secret. This doesn't mean that we are here to support crime, but we are trying to urge the central bank in Bangladesh to make room for bitcoin to be touched legally.

They are absolutely be going to jail if they will tell other people that they are holding Bitcoin. Besides, many countries are on the same situation, banning crypto for no valid reason as they concerned about frauds but if you will never comit such a thing, there is no way you got caught by the authorities. It for sure, anyone will doing frauds will face the consequences.

Their leaders will never see the potentiality of Bitcoin if they have been dectitated by the Banking groups. That I was suspecting why Bangladesh have been banning crypto instead of giving an opporunity to their people.

Most of users from Bangladesh, are using P2P marketplace to do deal with bitcoin or other crypto-currencies. But paypa is not supported in our country , as a result, we can't deal with paypal though some users to buy USA verified paypal accounts to continue their dealings. But those accounts are banned/restricted after a certain numbers of transections.

IMHO, Bangladesh only has the banking ban on crypto if we take a close look into Wikipedia. We don't have any international operators like Nepal in our country to get services , but we can do any deal on P2P platforms without any problems unless it's related to money laundering.

Hi!

I am a Bangladeshi too and missing this opportunity of trading bitcoin in Bangladesh.  :'(

I write blogs regularly on crypto. Feel free to visit my blog. https://antiprobs.com/

There are 6 countries in this world which condemn the use of Bitcoin, and Bangladesh is one of them. Bangladesh Bank had given a precautionary statement back in 2014 to forbid the countrymen from using it because it believed anonymity and decentralization could endanger our financial stability.
Further on December 24, 2017, another cautionary notice was provided along with an Anti- Terrorism Act, 2009, vulnerable to the use of Bitcoin. The use of Bitcoin may cause people to be jailed up to 12 years, as reported by the international press. Bangladesh Bank considering the usage of Bitcoin to be illegal doesn’t make it illegal nonetheless. The abuse may be illegal but Bitcoin being a harmless transaction platform couldn’t be illegal at all.
The Foreign Exchange Regulation Act considers a currency to be in physical forms or in any form permitted by the Bangladesh Bank, and since bitcoin is not a coin ironically, it falls out of the included currency forms.

Attaching anti terrorism finacial laws will scare away many people from even trying to risk their life in investing in bitcoin and other similar digital currencies. We all know how silly these government could restrict people in the name of terrorism funding and what are the legal implications if you are caught using bitcoin and whether they have arrested people in the name of using bitcoin.

This is natural for countries that have not approved bitcoin, I think many countries do that too. so for the people of Bangladesh who want to use bitcoin must wait for regulatory policies from the government to approve bitcoin in the country

It is annoying if we live in a country that has banned Bitcoin, The government of Bangladesh indeed rejects crypto and considers crypto to be
widely used for illegal activities. I am sorry for the people of Bangladesh who find it difficult to use Bitcoin, but there are always ways to invest
in Bitcoin for people living in countries where owning Bitcoin is prohibited.

One of them can ask for help from our family or friends who live in countries where Bitcoin is legal. Then another solution uses a VPN to access
exchanges to buy Bitcoin, choose exchanges that don't need to do KYC procedures and don't prohibit users from using VPNs. And the most extreme
solution is to get out of Bangladesh, move to a country that does support cryptocurrency.

all countries reject the existence of bitcoin, but bitcoin users are getting more and more every day  whether it's miners or trading, maybe in Bangladesh the government is afraid of its officials laundering money into bitcoin / cryptocurrency so that it strictly prohibits bitcoin transactions in the country,

In my opinion, the Bangladesh government should not have taken such a decision.Because many countries are now using cryptocurrency to earn money and this is causing their economic development.Moreover, one of the problems in Bangladesh is unemployment, which can be eliminated by approving cryptocurrency.So I think now all cryptocurrencies besides bitcoin should be approved by the Bangladesh government.

no not all countries reject btc but only some and bangladesh is included in the banned list . when we say banned , all websites , searches and keywords , and everything related to btc are included so it was not possible for people living in these banned countries to learn btc .

some government officials are not good guys but they arent the only target for this  banning but theres more people outside the government that can also do money launder using btc . i like how their government work because it was concerned but at the same time i dont like the fact that they ban btc

Don't forget that Bitcoin is still decentralized.

They might be able to stop the people, the store from accepting it but always remember that they can't stop Bitcoin from functioning and that also goes to ways in order to transact it to you despite the ban of it. There are a lot of ways you could still buy cryptocurrencies especially Bitcoin as long as they don't know it. They can't identify wallets functioning in your country.

I am from Bangladesh and i know the Rules implemented by Bangladeshi GOV. In my opinion until there is proper regulation BTC will not be acceptable here, cause there is many problem will happened if BTC accept without proper management. I think Already you know everywhere is corruption so if It's accepted Money laundering  will be much higher then now. ( my opinion) .  I will be very happy if GOV takes Risk and Accept BTC. I will be waiting.

That is your country's rule then you Must obey , if you still wanted to trade Bitcoin then Go to other country that has different laws, or Just handle Bitcoin and keep holding.
Bank of bangladesh ? and not the Government ?
or you mean Central bank of Bangladesh?
So what is your point here ? you just educate us abou the rules of your country but you have not even ask something.

Actually the main reason for countries that ban Bitcoin is the fear of fiat being replaced by Bitcoin and also Bitcoin is widely used for illegal activities.
It is possible that the Bangladesh government banned Bitcoin for the two reasons I have mentioned. Even though there is no way Bitcoin will replace
fiat, because not all places have electricity and internet networks.

So for me there is too much reaction from the government if the reason for banning Bitcoin, because Bitcoin will replace fiat. Then for the second
reason I don't agree that Bitcoin is widely used for illegal activities. However, if you do your research properly, fiat is more used for illegal activities.

this is not the only country where they think so, of course there is a small percentage of fraud in transactions with bitcoin, but it is negligible, and therefore there is no escape, we do not know, for example, how much money is laundered in fiat, and there I think the percentage is much higher. I am sure that some countries are afraid of bitcoin and blockchain technology in general, because it is probably the future analogue of the new financial system, but this is not accurate :P

Even though bitcoin is not recognized in Bangladesh this is still a good chance for their citizen to buy bitcoin without any hesitation because of thinking that authorized people could hunt them. That is also something advantage for you guys, we don't need to please government to accept bitcoin in our country because cryptocurrency is still there even though the government is against it.

Absolutely right, The central bank cannot take any decision without the intervention of the government that's the real scenario on the behind. Bangladesh is always in a strict position against cryptocurrency, there are many times arrested a lot of crypto trader's to punished like as jail for a several months.

Bruhhh :o these people should just free people for once!!! Why can’t they let people do what they want to do? Okay we are very much aware of the money laundering part and terrorism financing, but I think these are issues that can tackled if we look into them.

Moreover, based on my research, most of the money laundering and funding of terrorism is usually done with fiat and these people don’t even make use of cryptocurrency, so why are they bothering crypto users so much? Maybe they should start looking for ways they stop all those things instead of stopping cryptocurrency.

Bitcoin isn't perceived in Bangladesh because of the way that the public authority has some severe approach against digital money in India as a country, that have influenced the use and admittance to bitcoin in that country so regardless of whether residents think about bitcoin they can openly utilize it as a method of installment.

Governments around the world are without a doubt understanding that bitcoin is a way bigger threat than what they thought originally, they thought that this coin will be used just by a few people that were anti-government or something and they are realizing that bitcoin is making its way around all society and they do not want that, so I'll not be surprised if we see many countries banning cryptocurrencies while others decide to apply very heavy regulations to them, and yet despite all of their efforts this is going to fail.

They will fail because large and known corporations are now joining the crypto community. And the latest of them is Tesla, who publicly announced their investments in crypto. If these governments will continue to ban the usage or dealings with crypto, their constituents will find a way how to use it. And I guess, it is better to regulate the usage of it rather than labeling it as illegal. Just look at first world countries, how they are treating cryptocurrencies and blockchain tech, they are more open-minded with this new technology. I hope they will change their perspectives to crypto and make something that will work for their citizens who are crypto users.

Bangladesh in terms of growth has got high GDP over the past few years, and it is one among the fast growing economy. Maybe this could've led to fear, if cryptocurrencies is allowed the control over the financial system will be lost and affects the growth. Another thing that strikes my mind is the dependence. Most of the policies of Bangladesh were followed by the policies made by the Indian government. Maybe this could've caused Bangladesh to stay strong against cryptocurrency usage within the country.

I agree, however it is not as if first world countries where that much understanding either, I can assure you that if they could in some way or form destroy bitcoin they will do it, they hate competition especially when it comes to their fiat currencies and many other attempts to create an independent currency in which government had no control were destroyed as soon as they became too big, but they are seeing this is something that they cannot do against bitcoin so they are left with no option but to regulate it, and even that is going to fail, so I'm not surprised that some countries and governments that are more authoritarian want to ban it completely but that will fail too.