Bitcoin Forum

Bangladesh is known as one of the resourceful third worlds countries of the world. But their economy is very poor and maximum people are living below the poverty line. Though their GDP growth is very well and it's increasing day by day.

Their government is not crypto-friendly and it is strongly prohibited there. Some people already got punishment due to using transaction via cryptocurrency.

Currently, I have noticed some changes happened with Bangladesh, and journalists of that country already published articles about cryptocurrency and trying to highlight some position aspects.

The big changes happened with some exchanges. A few days back, Kucoin announced to accept Bangladeshi taka via the P2P system by local merchants. Now I have noticed that Binance is also accepting and looking for a local P2P merchant who has a stable source of cryptocurrency and BDT. So it is good news for them that maybe their government will accept cryptocurrency. Maybe we will get a chance soon.

When big exchanges are coming to push cryptocurrency there so another good news that is not so far. The scenario can be different as we think but we can hope for the best.

Binance already published this article-- https://www.binance.com/en/support/articles/14cbf4930c544dac96161f166ac8eecd

Although Kucoin and Binance's implementation of BDT is a good news but it’s nothing much important because we already had the same trading system with localbitcoins, paxful etc. So, I don't think it will have any affect with the thought of our ministry. However, Bitcoin will be legalized eventually after few months or few years for sure.

Can you show which journal from our country publish article on crypto? I would love to read.

I don't think this means Bangladesh is going to accept Cryptocurrencies. Bangladesh will accept Cryptocurrencies one day. But not soon. Bangladesh isn't able to accept Cryptocurrencies because of Law enforcing agencies and Bangladesh Bank.

P2P system isn't new in Bangladesh. Paxful (https://paxful.com/buy/bitcoin/bangladesh) and Localbitcoin (https://localbitcoins.com/country/BD) already running P2P Buy and Sell for Bangladesh.

Currently, Bangladesh is more interesting in adopting Blockchain Technology because of transparency and security. Ripple now partnered with Bkash (https://ripplecoinnews.com/ripples-new-partner-bkash-shares-journey-to-reaching-36-million-in-customers-in-bangladesh/). Ripple has also joined with the Bank of Asia (https://cointelegraph.com/news/bangladesh-bank-with-4-billion-in-assets-now-employs-ripplenet).

This partnering news is good for the Bangladeshi community because this means Bangladesh Banks are understanding the importance of Blockchain. I wish Bangladesh will understand the importance of Cryptocurrencies also and legalize it.
I can show only negative news and propaganda against Bitcoin. One newspaper is calling Bitcoin Gambling. I feel sorry for them for their ignorance.

বিটকয়েন: বিশ্ব ও বাংলাদেশ প্রেক্ষাপট (https://www.prothomalo.com/business/%E0%A6%AC%E0%A6%BF%E0%A6%9F%E0%A6%95%E0%A7%9F%E0%A7%87%E0%A6%A8-%E0%A6%AC%E0%A6%BF%E0%A6%B6%E0%A7%8D%E0%A6%AC-%E0%A6%93-%E0%A6%AC%E0%A6%BE%E0%A6%82%E0%A6%B2%E0%A6%BE%E0%A6%A6%E0%A7%87%E0%A6%B6-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A7%87%E0%A6%95%E0%A7%8D%E0%A6%B7%E0%A6%BE%E0%A6%AA%E0%A6%9F)

বিটকয়েনে লেনদেনকারীদের খুঁজছে গোয়েন্দারা (https://www.banglatribune.com/business/news/295049)

Bangladesh can make their decision based on what their neighbors are doing like India. The Indian government is going back and forth regarding the ban/no ban. Right now bangladesh cannot afford to take chances since their economy is already so bad but the influence can be a good deal if they see India, china , maldives there the cryptocurrencies have not yet been banned and is kind of a grey area for them.
So I do believe that in the upcoming years they will move towards allowing the cryptocurrencies , maybe not making it legal but at the same time not making it illegal , if you know what I mean. Therefore the government might just let it go.
Let's be positive and ask your government to make this change. If you are a citizen you do have every right to ask regarding what you want , get people around you who are maybe interested in bitcoins and then sign a petition, go to the consumer court. Even if the plea gets rejected you will have a small column in the paper or news if it's good enough then maybe it will start a revolution??
Never hurts trying!
Other than that if it's illegal , you can very easily ask your friends to trade it in real time for you, where the cryptocurrencies are legal or just use VPN and erase the traces.

Exchangers allowing p2p for BDT is a great news for users like us. But I don’t think government will allow is to use bitcoin soon. The main problem here is the corruption that our top people’s do. If bitcoin gets the positive sign they will transfer their corrupted money to bitcoin and transfer it out of the country. I think it’s a big reason why government still banned bitcoin here as we are no 1 on the corrupted country(maybe or no 2).

But yes the country is allowing blockchain technology and going towards it slowly. As Sparrow mentioned above that Ripple already partnered with Bankasia. Hope so many blockchain products will come to Bangladesh in near future.

The country is corrupted and influenced by the government officials in each and every sector you go. Here, all things are negative regarding Bitcoin and cryptocurrency. So it should be pushed first with some positive news and need to flourish those news as much as we can.

Here are some news which published by national and international media:
  Digital Bangladesh Needs Digital Currency (https://www.google.com/amp/s/www.thedailystar.net/opinion/news/digital-bangladesh-needs-digital-currency-1930845%3famp)

 Bangladesh Bank with $4 Billion in Assets Now Employs RippleNet (https://cointelegraph.com/news/bangladesh-bank-with-4-billion-in-assets-now-employs-ripplenet)

 Bangladesh Remittance Corridor Using Ripples Blockchain Technology (https://www.coindesk.com/uae-bank-opens-bangladesh-remittance-corridor-using-ripples-blockchain-tech)

Thanks for your interest. I believe that The Daily Star is the most influential newspaper of Bangladesh.

Cryptocurrency is very strictly prohibited in the six countries of the world so far and Bangladesh is one of them. So the news of P2P transactions allowing by big exchanges is really good news for Bangladeshi people. Only this factor can not change the system there. But it can push the cryptocurrency transaction and perhaps it can increase the crypto involvement.

I think the central bank of Bangladesh has already prohibited the usage of cryptocurrencies in the country few years back. I recollect there they have also made some arrests at that time for using cryptocurrency. I may be wrong as well.

The problems of Bangladesh and India are same - high corruption! The government officials and politicians will never want cryptos to be legalized in their country because it will make the common people powerful. But since Bangladesh has become the fastest growing economy in Asia, the finance minist6make take some positive steps as well.

Allowing the expansion of financial services is different from accepting Cryptocurrency. Because in the US, Bitcoin hasn't really legalized yet and only allows major financial institutions to hold Bitcoin, in addition, there will be no purpose of transaction or use it as a payment method.
Paypal has also opened a similar service, but it is also limited by some US government laws. Maybe this is good news for traders in Bangladesh, but the adoption of Crypto will be in the distant future.

Even though when the country of Bangladesh still prohibits its citizens from investing in crypto, there are always many ways and ways they do to access various exchanges, almost all of them carry out various scams under the guise of exchanges, one of which I have heard is a local exchange called Kryptomo. com. I'm trying to identify and pretend to be a member, and the points I'm getting at the moment are, the graph is unstable and doesn't show any genuine movements, the chat room is
  not working, only three cryptos available, bitcoin, Ethereum and KRT (kryptomo) ,, for which they store Airdrops on several telegram groups. I got information from my friend who is also a member there. he gets crypto from Airdrop and tries to make a sale from KRT / Eth. after that he wanted to cash out the result, but failed, because he had to make a deposit first before making a withdrawal. even though the stock exchange already has a balance.

All you described here is the start of positive changes, but it's too early to draw any conclusion. It is not clear the future of Cryptocurrency in Bangladesh but we can only predict. Hence, the popularity of Bitcoin and other Cryptocurrency now most of the country in font of Crypto adaption. So, using Blockchain technology money transaction is now secure, anonymous, valid able, emutable fast and low fees featured.

Bangladesh Govt. consider involvements in bitcoin and other cryptocurrencies as illegal according to their ancient Act. However, Nothing stop you to use cryptocurrencies, you can buy bitcoin, make p2p transfer etc. This could be revolutionary movement if Bangladesh going to acknowledge Cryptocurrency. Indeed, this acceptance give more boost to make real Digital Bangladesh.

Enough is Enough, there still some positive news out there, let's spread it....

 Digital Bangladesh Needs Digital Currency (https://www.thedailystar.net/opinion/news/digital-bangladesh-needs-digital-currency-1930845)

If big exchanges like Kucoin and Binance allows people from Bangladesh to trade using P2P then the government cannot do anything to disrupt that. The government cannot follow the trail until you are dealing with huge amounts and you just need to learn the drill on how to counter that.

If i am trading from a country that puts me in trouble for dealing in cryptocurrency, i will create a profile of a freelancer and address all the transaction as the work i undertook.

I'm still not sure about the Bangladeshi regulations that will support P2P exchanges. apart from strictly prohibiting crypto this country is very minimal with its economy. I don't understand what the country really wants. Isn't it that letting people invest in bitcoin will reduce the burden on the country's economy, and at the same time state revenues to build a higher economy will begin to be resolved.

The news appears to me that the Bangladesh government will soon allow cryptocurrencies in the country, for now, it could be like P2P but I am still positive that gradually they will still allow it for they still need to cope up and at least be even with their neighboring countries on technology and digitalization.

However, what could be greater news here is that whether the government would allow cryptocurrencies in the country or not still more Bangladeshis are getting aware of bitcoins and starting to invest which could somehow lead to global adoption of bitcoin.

Bangladesh has been found to be against the cryptocurrency usage for years. Quite often the policemen of the country used to arrest people for making transactions in bitcoin or for some activities connected with bitcoin. However people continue to use it neglecting the government. This means people are in much need of it, and the government should understand it. In the short or long it won't easily end up accepting cryptocurrency.

If their government is that committed to stopping people from using cryptocurrency rather than just have them allow it to be usable, then that most likely means they want this fight and would be willing to incarcerate every people in Bangladesh if it may to ensure that bitcoin finds no success there. Hopwfully this changes in the future but if not, more and more people will just use it and will get jailed later on.

Hard to visualize at this moment. It is not a hidden thing that Bangladesh has corrupted government officials and also, cryptocurrencies are banned in this country which makes sense in a way that cryptocurrencies are mostly decentralized giving a government no power at all to impose taxation. Thus, this won't benefit the government on not being able to "milk" their people on every transaction (silly!). But I am not saying there's no chance at all but rather, I vew this as a reason to why this technology is not yet accepted in this area. Maybe things will be adopted once officials are back to their "duties".

Making money using cryptocurrency or bitcoin is not a wrong thing or an illegal way to make money then not only Bangladesh but all countries government or law enforcement should legalize cryptocurrency now this bitcoin or cryptocurrency has become popular in all countries because honestly  It's a good way to make money at home, but I hope the Bangladesh government will soon realize how popular cryptocurrency or bitcoin is with the Bangladeshi people and understand that the Bangladesh government will declare this cryptocurrency legal.

They already see the potential of using crypto currency as alternative in their own currency.

Base on what given link above they are considering acceptance of crypto currency in this countries  I mean they more open for crypto currency unlike before, even exchange already add that option to deposit in them using their currency by a P2P in binance or kucoin.

Yes, I meant it that crypto currency acceptance is getting increased and day by day people will understand its positive aspects too. If we are able to make huge transaction on this sector then the government officials will definitely take a look on it again for making new policy because Bangladesh is a democratic country. People have the right to choose their better option and also have the right to express their opinion regarding any issues. I strongly believe that one day the cryptocurrency will be legalized here by the government for sure. But we have to wait for it to make it happen.

If those huge exchanges are adding Bangladeshi taka to their platforms, we're sure that they know that the Bangladesh government had banned bitcoin.
But if they've just done that while crypto is banned, there must be something that we don't know. It's just a matter of time until we'll see and read an official statement from the government allowing crypto transactions again and lifting the ban.

That's an interesting question.

Some islamic denominations embrace an ideology where usury and high interest rates are considered to be against their religion. Bitcoin charging lower rates and fees than many banks could make it more appealing to ideology of islamic finance. Its a closer parallel to their religious ideology on banking and finance.

Governments might ban bitcoin initially. But there could be pressure against them from islamic finance and the islamic faith to do the opposite.

This is wonderful news for cryptocurrency traders and enthusiast that reside in Bangladesh because those that still invest in cryptocurrency during the ban moment have to go through some data protection and anonymous process but with the government of Bangladesh lifting up the ban and I hope they wont follow the step others.

India accepted Bitcoin, why not Bangladesh, right?

They are being strict when it comes to Bitcoin but they should set it all down and think about it. I don't see their reason for prohibiting it there as it might be a source of income for some people. Though we may say things here, it will all end up in their hands either to continue on prohibiting Bitcoin or accept it, hope they chose the latter.

Bitcoin is banned because the decentralized government cannot control it and the central banks do not support it india initially had guidelines for the use of bitcoin later india started using bitcoin if bangladesh adopts cryptocurrency like other countries in the world then the use of bitcoin will help bangladesh a lot bitcoin transactions will become much easier and will not take long to go digital. Bitcoin has not been introduced in bangladesh bank is working on it then it will accept all the coins for the exchange and will be bright in the future.

Why any neutral-positive situation perceived as a movement of the continental plate?
The fact that there are some changes in some country where big Mac is a delicacy for people is not a reason for joy, but rather another confirmation of an almost classic story. If the country is poor, then people go to cryptocurrency not because it is so cool and modern, but because they would have at least some money. You confuse the causes and consequences of such processes.

I guess we need to read some information about the government that they have already accepted cryptocurrency by regulating it.
Until we heard that from them, that's the time we can expect that crypto will grow in Bangladesh.

I don' know about the legal aspects of p2p services offered by both Binance and Kucoin, but like I said, we need some announcement from the government, otherwise it's still not safe and we will just continue to speculate on things.

Don't really know about the situation there but most of the government always want to be in control more specifically a developing country where the economy is still relatively poor. Maybe it's possible for some stable coin and with relatively small amount of money allocated for that but for a bigger thing like legitimacy or being approved by the government that's gonna be tough one. Developing country still need the centralization to grow the economy.

If its true - good for Bangladesh.
As far as I know pro crypto regulations positively affected Portugal economy for last half a year or so.

As far as I know, there are many economic sanctions against Bangladesh by us or other nations. one good point of bitcoin and crypto is help the countries when they face economic sanction because none can block this technology and stand against it. Bangladesh is one good example for it. But since the government of this country didn't take a good reason to recently to the other technologies, there is less hope for bitcoin there. I think it depends on people of Bangladesh, if they start using bitcoin more often, bitcoin will be accepted there officially.

Will Bangladesh benefit from accepting cryptocurrencies?
Maybe a small part of the economy and a few thousand people will benefit from such move,by getting crypto jobs and building crypto businesses.
Will the global crypto industry benefit from Bangladesh joining the group of crypto friendly countries?
Well,I don't think that there will be noticeable impact over the global crypto industry,if Bangladesh accepts crypto payments.The economy of Bangladesh is still very small and underdeveloped.
Maybe in the future,Bangladesh will turn into an economical "tiger" and become "the new China" in Asia.

I also believe it that Cryptocurrency will be a blessing for any country to push it's economy. But the things can be different when the government officials are involved with corruption.

In Bangladesh, we have seen the corrupted people are too much rather than the good people there. So there will be a risk of money laundering by the people through using cryptocurrency. Government and officials need to be strict more to trace them.

Hoping for the best from the policy makers of Bangladesh who will decide the cryptocurrency will be accepted soon or not. But we can spread the positive aspects to get attention from the government and govt officials.

Speaking of crypto users in 2020, from Blockchain data it is noted that 'Bangladesh' has ranked 10th in crypto users, especially Bitcoin in 2020.

From Blockchain data.
https://zizihub.com/9a8356.jpg

Related regulations in 2017 Bangladesh once banned crypto, but not now, despite the current pros and cons of crypto in Bangladesh, but the government must think about the economy and welfare of the people of Bangladesh through the current crypto channel, that's better, considering the growth of Bangladeshis who have a very large interest and curiosity towards crypto, the Bangladeshi government should think about the best in the future, I think.

However, seeing from their neighboring countries that treat crypto legally like Pakistan, this should be the best example for Bangladesh.
I believe that in the future Bangladesh will accept crypto well in the future.

Crypto can help many countries only if they allow it, so if Bangladesh goes to accept cryptocurrency then this will be good for them. Third world country should not be left behind, I'm living on a third world country and I'm proud that we are slowly adopting cryptocurrency and even our own government approved many crypto companies operating in our country, I also wish for the best for Bangladesh people, its not too late to adopt.

Indeed. Cryptocurrency, being accepted in third-world countries like Bangladesh, is a great opportunity for people who wants to generate future income because they wish to have a good future. So if other countries would also follow Bangladesh in their country, it could help solve their country's economic problem, such as reducing unemployment.

I think Bangladesh government is paranoid of Bitcoin and blockchain technology. To be honest, if countries like the United States are skeptical about crypto, then third world countries should be skeptical about it as well because they can't afford to totally accept it without scrutiny and having very much knowledge on it. But I am very optimistic that Bangladesh will be crypto friendly within few years because Bitcoin is getting into mainstream and no country would want to be left out if most countries start to accept it!

Bangladesh is making a big change in its economy through continued development on every sector. But, it isn't doing good with the blockchain technology and the usage of cryptocurrencies. Bangladesh people are much interested on using cryptocurrency, because even after hard regulations people continue to use it for trading and for other needs. I see Bitcoin as one of the country that follows most of the advancement from India. Maybe the day when Bitcoin is legalized in India, the same could happen with Bangladesh.

Great to see it here. Honestly, I didn't know about it earlier. It's very good news for us who belongs as Bangladeshi nation. Users are getting increased so transactions will also be increased equally. Our ministry and government officials will look into it for huge support in economy. Hoping to see Bitcoin and cryptocurrency will be legalized due to public demand in very short time. I will translate it on local board for getting attention from native people to know about this.

I have seen someone asking same question, and it’s been a long time the question has been asked, the question being asked again means that their government have not considered approving Bitcoin as a legal asset. In a case like this we can’t tell what it’s going to be, whether their government is going to accept Bitcoin or not, none of us works in the ministry of Bangladesh lol, so we can’t tell what decision they are going to make.

It might be that they don’t understand Bitcoin that much, so they don’t see it yet as a good idea, maybe if they understand it in future and figure out ways they will make it work, then they will do that.

Well by that it means that it have a great possibilities that the bangladesh government will adopt bitcoin and this is a good move for their government since for sure cryptocurrency will help their citizens interns of profitability,transactions and technology but they need to create a educational campaigns once they completely adopt it since there are so many scams and they need to make their citizens aware about those possible attempts.

Maybe they don't understand or they are acting that they don't understand as my thought. By the way, as a Bangladeshi, I can say that there are maximum government officials and ministries are directly involved with corruption. If Bitcoin gets legalized here, the chance of money laundering will be increased for those corrupted people. Then it will be tough for the country to recover and survive at all. Maybe this is the biggest reason behind the scene.

I tried to figure out why the Bangladesh government doesn't want to legalize cryptocurrencies. I am listing them here.

1. Money Laundering: According to GFI statistics, about $7.53 billion is laundered from Bangladesh every year (https://www.thefinancialexpress.com.bd/views/causes-and-costs-of-money-laundering-1596036782#:~:text=According%20to%20GFI%20statistics%2C%20an,equivalent%20to%20Tk%20640%20billion.). Cryptocurrencies might increase money laundering, and the government won't return them as they are hard to trace.

2. Militant Funding: This is the main reason for their concern, I think. There are several militant groups in Bangladesh. They receive donations from Pakistan and other MENA countries. (https://ctc.usma.edu/the-funding-methods-of-bangladeshi-terrorist-groups/) Until now, they use banking channels for funding.

3. People's Ignorance: Many Bangladeshi people still believe Bitcoin and other cryptocurrencies will give them huge profits without doing anything. Their ignorance can lead to the loss of their assets.


Anything I missed? Please, mention them. I will enrich my list.

Provably that will be the toughest job to track if the corrupt official will transfer all their stole wealth and use mixer to avoid any tracks of their actions maybe the bangladesh economy will be at risk if this will rampantly happen. But I guess if this will be adopted the government will conduct a deeper study if it will be beneficial to your country of they adopt bitcoin on their financial system.

Yeah, it doesn't mean that Bangladesh going to legalize crypto. But we have one more positive news without these adoption in some global exchange/trading platform. Recently our government has decided to give ID card to freelancers (https://www.thefinancialexpress.com.bd/views/views/why-bangladeshi-freelancers-need-id-cards-1605694029). Maybe all of you have heard about the news.

Now you guys may ask that why I'm saying about it here. The fact is that, mainly freelancers receive their payments through PayPal and at some platform they receive payments in cryptocurrency. But crypto is illegal and PayPal isn't officially available in Bangladesh. As the government have started to take positive steps for freelancers, I hope they will also think about freelancers payment method and adopt PayPal & legalize cryptocurrency.

I don't think it matters if the government makes good or bad progress in cryptocurrencies. There are many people who do not know what cryptocurrencies are used for by the public and are not aware of what purpose they are used for.The important thing is to introduce these people's crypto industry and make it understandable.

I have always said that smaller nations that need money should ALWAYS accept crypto as something legal and not only accept it, make it legal but also support it as well. Why would they support it? Simply because if you could promote crypto payments encourage people to take crypto as payment, you could take advantage of the fact that you need very little money to survive monthly in your nation whereas that money is very small for other nations.

For example, a very good coder could be earning as little as 1 thousand dollars there, whereas in USA they get more than 10k, a "very" good one probably even creates his own job in USA. So this means people all around the world could hire the Bangladesh one. I have explained this many times, it is much better to support and accept it for smaller nations like this.

I think their government has their own reason why they are banning bitcoin in their country, it is still confusing why they are still banning cryptocurrency without really knowing the real use and essence of this kind of digital money. In which they can make transactions in just a short period of time, with also high security depending on the wallet or website that they are using. I am looking forward to every country that at the right time they will recognize that bitcoin is not a threat to their country but a good opportunity for the people of the country to make more money.

There is very little chance of cryptocurrency being accepted in Bangladesh. Very few countries around the globe have taken very severe action for cryptocurrency usage arresting the users and taking under custody for investigation. Based on this we can't expect acceptance. Maybe when years pass understanding the rise in usage the government might think of accepting bitcoin and other cryptocurrencies.

In my perspektive, correlation beetwen accepting bitcoin and corruption by the bureaucracy in the bangladesh's goverment can be a serious reason that bangladesh don't accept bitcoin. I think that accepting bitcoin by a country will have to pass some comdition before bitcoin are adopt by goverment entering the bureaucracy and being used to illegal corruption. Accepting bitcoin in general that is discused means the goverment confess bitcoin as digital asset, peer to peer media transaction or etc before adopt bitcoin in bureaucracy to support the illegal action like corruption.



The bangladesh goverment are suffering to overcome high values of money laundering there so What the goverment can do is prohibite the bitcoin as a preventive action to press the number of money laundering.

Well, corruption is one of the most important reason why the government is so skeptical about the use of Bitcoin and other blockchain related technologies, for good or bad in both ways. Blockchain can bring transparency which these institutions hate and it can also attract criminal activities as well. But Bitcoin or blockchain can't be banned as its decentralized so sooner or later they have to accept it.

This is not a big thing to make them understandable after it got support from government level. Then many projects will start with government license. All the cryptocurrency activities will run smoothly then it will not take a long way to make them understandable who don't know about it.

Government is the main factor here to be accepted or legalized it in here. Because Bitcoin is decentralized and corrupted people will get chance of doing illegal activities by using Bitcoin and it will be tough to trace them in this network.

I do not think people living Bangladesh are being prohibited to own cryptocurrency especially bitcoin. Think of it that most country before announcing that they are good or accepting cryptocurrency specifically bitcoin most likely ita constituents are already did acquire some of it and seeing the community are doing good this is why the government can get their conclusion whether to express acceptance of cryptocurrency or not.

Is Bangladesh really important country to talk about it? I even dont know there Bangladesh is

They have a population of around 200 million, but that is it. The economy is smaller in size when compared to countries such as Denmark and Finland. But at this point, it will be suicidal to ignore any of the world nations, no matter how insignificant they seems. In the South Asia region, most of the governments have taken a hostile stance against Bitcoin. If Bangladesh goes the other way, then it is going to be huge.

This is already a rumor before when Bangladesh and India is trying to accept cryptocurrency.

I've heard before that India already accepted it but after a month, it banned cryptocurrency again in their country which is really confusing for them.

I think that Bangladesh will also have a hard time regulating cryptocurrency in their market and economy as they are not really fully into it. Maybe the thing that pushed them to engage in cryptocurrency is that they want to simultaneously have development as other countries are doing. With that, exchanges will have a hard time to operate which is really a negative impact in their economy.

Yes, Bangladesh is important because it has a vast population. In economic sense, population is a blessing. There has many opportunities in that country. GDP growth is getting increased and their economy is growing rapidly.

In cryptocurrency, you can check the participatory growth of crypto currency users there.


So there has a huge number of people who already using crypto. You can't deny them at all.

Every country is important. Every year $7.53 billion is laundered every year. What do you think if this money comes into Bitcoin? Guess what will happen. Also, we have some emerging company which may adopt cryptocurrencies. Any cryptocurrency adoption will generate bullishness in cryptocurrency.

I think that its like the issue of India adopting bitcoin, at first they are willing to legalize it and then they suddenly changed their mind. Bangladesh will probably have also a problem in regulations because it will take time for a country to fully adopt and legalize bitcoin. Allowing cryptocurrency to circulate in their market will really help their economy positively and it will become the great opportunity to its people to have a good asset and a good source of profit. Hoping that Bangladesh will surpass this doubt and fully adopt bitcoin just like other countries.

Every year a huge amount of money laundered from Bangladesh which can be invested in cryptocurrency if government legalize it and then government will face difficulty to identify them. That's the actual reason why Bitcoin is not legalized here. But advance technology is the best solution. Hopefully government will look into it and think positively to legalize it.

Really? it is banned in there? Because I see many indians and bangladeshi in many crypto related website, as well as in here, most of the bounty hunters now are came from that countries, so I don't it is banned in there, I have a thought that sooner or later they will adapt it perfectly, maybe it will be on paused now since government will make a hard research for it now and some of the cities are not yet capable for implementing cashless transactions.

There are currently no restrictions within Bangladesh that might stop users within the country from using Cryptocurrencies so I guess it is somehow a not-so illegal thing that you only need to use secretly since they are just prohibiting people from using it. They did not specify that they must not learn how to use Cryptocurrencies since that would be a hard task even for their government. Cryptocurrencies can be used within the Internet so maybe as long as they are not cashing out their money, they would not have a problem by using it.

Yes, it is banned here and it was never legalize. It is true that maximum bounty hunters come from those countries which you mentioned and it was for unemployment problem there. You know, people need money to survive and government can't do much for the huge population. So that they are doing what they can in online and offline.

Yes, no restrictions but it is banned here and if anyone involve to do transactions or other things using cryptocurrency then he or she will be punished as per country law. Already there has many news on that who already caught by then for getting connected with cryptocurrency. We, the people are still using it at our own risk. If they know any how then we might be caught and punished physically with fine. So it should be used with your own risk and secretly which you already quoted.

Third world countries are not likely to accept cryptocurrency before First world nations. There is also the issue of misinformation around these parts. And scammers have done a lot to dent the image of crypto. A lot has to be done to enlighten the people about crypto. I believe they will be more receptive to the idea and jump on the wagon when they see most of Europe accept crypto.

I also think so, investing in crypto seems to make it easier for people to be independent and get profit. but it seems that bangladesh has its own reasons for that which we do not know, so we are just waiting for a valid reason from the bangladesh government

What makes me interested in this news is the possibility that other countries will follow Bangladesh...
it is not easy to accept cryptocurrency, so if any country accepts it is a great thing. if it proves to be successful then there is no doubt that the surrounding countries will definitely follow it.

 In my own opinion, it is easy to understand for this kind of country which is Bangladesh that they don't want to be loved by another color suchlike P2P or part of cryptocurrency is because it's all about their own priority business, Perhaps, they may be able to blame so that the leaders of their government providers need people remains foolish to be easily obsessed anytime to control their mindset. Basically, it is brain down like a random strategy for people's loyalty to become an enemy and still contradicts what is best. but I believe the day will come when they will also understand the importance of crypto.

This all is not easy as we are thinking because right now many issues and policies which need to be implemented for this all then they will able to have this all but sadly politicians also not doing good as they don't want to give some good and better ways to common peoples they want to live like landlords and their necessity is peoples live like their slaves which is bringing some serious mind games they have ability to do some really good and have some good name in region but poor system.

There is still no confirmation about this. I have checked the mainstream media from Bangladesh, including bdnews24 and The Daily Star. This news was not mentioned anywhere. I am getting suspicious, because as recently as 2019 there were reports of cryptocurrency traders getting arrested in Dhaka. And there are not many Bitcoin-based businesses there. Bitcoin ATMs and exchanges are not allowed.

I think that when you (Gov) know about your country's economic health and see that crypto has a wide range of services available as well as can bring in enough opportunities to the youth of their country if they allow crypto exchanges to operate there. I believe it can also help strengthen their GDP and can also gain some extra momentum as one whole country starts accepting it, so it'll be a win-win for both the ends.

The governments still believe that allowing cryptocurrency trading would be more harmful for them, compared to any potential gains. In none of the South Asian nations, Bitcoin is 100% legal. In India, recently an individual was arrested from the city of Bangalore, for trying to install a Bitcoin ATM. Nepal and Bangladesh have banned all cryptocurrency activity and arrested those who have traded with cryptocurrencies.

You are right. Here, in Bangladesh, crypto currency buy, sell or exchange is strongly denied and one of the punishable crime to do such things. Already it is proven model here that Cryptocurrency isn't allowed. But some people like us using it with our own risk because we love to use it and we are not involve in any crime using cryptocurrency. Hopefully government will think about it with some positive aspects.

Why is it a crime there to use bitcoin? Is it always used by the criminals there that resulted for the government to impose such law? That is the only reason I can think of to ban the use of bitcoin there. Other countries who also have reported cases of using bitcoin illegally don't just ban bitcoin thus they require many papers to prove how and where you get your bitcoin.

It is a crime to use Bitcoin in Bangladesh, because the government has imposed a blanket ban on all cryptocurrency-related activity. And Bangladesh is not the only country to have done this. You can check the map at Bitlegal and it is clear that dozens of countries have banned the use of cryptocurrency in their jurisdictions, including Nepal, Namibia, Vietnam and Iceland.

I have found six countries so far where cryptocurrency is totally banned and punishable crime. Bangladesh is one of them where it is already provided earlier. Six countries are,

Algeria
Bolivia
Ecuador
Bangladesh
Nepal
Macedonia

Check out the reference below.
Reference- https://www.google.com/amp/s/blog.sagipl.com/legality-of-cryptocurrency-by-country/amp/

There is a difference between de facto illegal and de jure illegal. In countries such as Bolivia and Ecuador, no one has been arrested till now for trading in Bitcoin. On the other hand, Bangladesh and Nepal have a history of arresting Bitcoin traders. So you can't compare these two group of countries. Bangladesh belongs to a select group, where trading in cryptocurrency can land you in jail.

Yes, you are correct mate. Though there has some restrictions in other countries, that's why I just highlighted them on a same ways to mean that mentioned all countries are restricted. My friend also arrested in Bangladesh due to making transactions through cryptocurrency. So, here restricted countries are highlighted.

Overcoming the ban imposed over the usage of cryptocurrencies for the Transaction purpose as well on other needs people continue to make use of it. In reality very little people from these countries were aware about bitcoin and other cryptocurrencies. The banning by the government had made bitcoin usage punishable, but the users who have much attached to it use varied others
Sources.

Obviously it is not practical for the government to arrest millions of people who use cryptocurrency. And due to the semi-anonymous nature of cryptocurrency, it is not easy to trace the users as well. As a result, they will arrest a few random traders and give it a lot of publicity, in order to deter others from dealing in cryptocurrency. This was the strategy used in India and some of the other Asian nations as well.

The economy of Bangladesh is not very poor and it's also not true that the maximum number of people live below the poverty line. This is true for Indians. Even Bangladesh GDP is higher than India's now along with people's earnings per year. Bangladesh is the number one developing country in Southeast Asia.

Govt is not very friendly because they do not have qualified people. That is why some popular sites like Reddit is banned till now. But I think they will follow their neighbor. Also, some exchange is allowing P2P BDT pair and a local bank is being partnered with XRP.

What this has to do with the issue of cryptocurrency legalization? And if the GDP per capita in Bangladesh was very high, then tens of millions of illegal Bangladeshi immigrants won't be living in India, without the necessary permit. Bangladesh is just like any other country in South Asia, where the government is hostile to new innovations such as cryptocurrency.

Any country that will adopt cryptocurrency is always be a good news and it will spread the adoption and the ideology from all over the world. The adoption should be to any country as long as it propagate the good news and good intentions of crypto currency to all citizens.

I agree with you, simply good news are always welcome! I opened the article that OP shared, it's about Binance adding support for the Bangladeshi (BDT), Czech Koruna (CZK) and Ghananian Cedi (GHS) to the Binance Peer-to-Peer (P2P) trading platform against BTC, USDT, ETH, BNB and BUSD with zero transaction fees!
There's no mentioning any kind of adoption in any of these countries! Their laws are probably more opened for crypto, which is a good thing for crypto users from these countries, but it's too early to talk about legalization of crypto!

Yes, it is too early thinking but I just mention it to inspire them whoever involved with this. Maybe the day is getting closer and we may feel the things which will be useful too. I think every country will legalize it but it takes some more time.

Indeed, crypto has always been a good topic of conversation and there will always be pros and cons for each country or other problems, because all countries that prohibit it have different reasons.
Maybe it is too early to legalize bitcoin or other crypto in any country that has a conflict with bitcoin and it is very fortunate for those who are in countries that legalize bitcoin and there are also some who allow bitcoin or other crypto as an investment, but are prohibited if used as a transaction whatever, like in the country I live in, and Bangladesh prohibits it because it avoids money laundering and hopefully all countries can legalize bitcoin or other crypto after studying it well.

You are very correct mate. I have already explained it what my motive is to post it here. By the way, different countries has the different scenarios but here, in Bangladesh, it has many cons though because of officials are not enough educated and many of them involved with corruption. It is too early but we can atleast hope to see the current market conditions or situations.

Do you even realize that this is an unconfirmed rumor which hasn't appeared on any of the mainstream media outlets in Bangladesh? Till now there is no indication that the Bangladeshi government will revoke the ban on cryptocurrencies. Anyone trading in cryptocurrencies is taking a big risk, and if you are really unlucky then you can end up in jail. The situation in Bangladesh is not different from the other countries in that region.

It may take a long time for Bangladesh to adopt cryptocurrency. Due to lack of government control the government considers the use of Bitcoin illegal and has banned it. Users use it with a lot of caution, even if it is not valid and so there is no central authority for these coins its control is in the hands of those who exchange. However, if Bangladesh adopts cryptocurrency then the country will improve a lot and will be connected to other countries which will increase the demand for crypto. The transaction system will become easier.

This is the point that Bangladesh government or government officials can consider to adopt Bitcoin in a short time. Because the engagement with cryptocurrency using people are incredibly increased in Bangladesh. This is undoubtedly a good news for cryptocurrency. People of Bangladesh will get more facilities in publicly if the government legalize it. Hopefully government will consider it for huge amount of people.

Third world countries are always very difficult to tackle or accept the modern solutions. The problem is poor infrastructure of their government. Where they have to tackle the common issues like up lifting poor people, providing them with the basic needs like food, proper education etc.

They seriously can not think about the crypto currencies at this point. If they do so then they will need to overcome basic needs first, they will need to educate people the advantage and disadvantage of crypto currency.

So whether Bangladesh is in the mood or not, they have to follow and accept the current situation first.

As posted by several users earlier, there is no such move from the Bangladeshi government. OP had quoted an unreliable source. Bitcoin and the other cryptocurrencies remain banned in Bangladesh and anyone dealing with them risks imprisonment or heavy financial penalties. I don't expect any change in the legal situation for the next few years at least.

It's so strange. Some crypto exchanges serve Bangladeshis, but the government discourage using cryptos.

It's true government want a full control into crypto currencies if they want to allowed people to use it and no ones dares to push it into senate to have a full meeting about it and the real deal is since the banks of bangladesh is making a false accusation about bitcoin they'd issued a warning to the people to stop using bitcoin because it is "SCAM" and also it was the central bank to issue the banning of bitcoin from their country if one senate will have a full courage to introduce bitcoin in their state maybe they will give a big chance to have another kind of investment since we are in crisis because of this pademic and lots of people don't have work yet.

they cant be that poor if they are considered as a resourceful country but no need to down other country . calling a country poor can be hurtful for them and its not the fault of the people of those country on why they are poor , they also did their best to not become poor .

journalist cant be just quite but every journalist can open up their opinion and wants their voice to be heard despite of the restriction that are applied to that country . they can be a hero because what they are doing is risky

There is no way a country like Bangladesh and their government would ever switch to cryptocurrency in its current form. It would take away lots of power from the government and make them a lot more susceptible to foreign interference in monetary policy. Besides that, vast swathes of the population simply do not have a viable way to access a digital only format, so this would be the most basic obstacle involved.

I'm not too sure about the published articles, and maybe the current government of Bangladesh is still not enough to be able to fulfill the needed resources to "go digital". don't get me wrong, it would be great if banglasdesh really able to do it, but for now i don't think they are strong enough foundation

This is certainly good news for Bangladeshi people. I like Binance P2P. It is safe and has a good verification system for users.

Binance is always looking to reach the countries to offer its services that drives the crypto economy.
Very good for Bangladesh now they have the best platform to trade their coins.

In other articles about Bangkadesh I read that some citizens were scammed while trading elsewhere and that was one of the reasons why cryptocurrencies were banned.

There's news that Pakistan just legalize the use of Cryptocurrency because they believe that it's the future currency, once Pakistan adoption take off and they are masking good progress on it, Bangladesh will follow Pakistan's lead, they are neighbors and we all know neighbors tend to follow the development of their neighboring country.

Whether Bangladesh will accept cryptocurrency or not is not up to us here in the forum to decide.
We are not the government there, the government are the ones that declared it illegal in their country because they don’t like it due to one reason or the other , and we can’t tell if they are going to have a change of mind any time soon.

The country is among the few countries where this cryptocurrency has been declared illegal and those who are caught making use of it are caught and punished. If people should go out and protest for it I think that might become a serious problem. It will be best to let the government do what’s best for them.

I agree to this.

But like India, I think bangladesh law that makes Bitcoin hostile will soon be overruled since they will start to adopt Blockhain technology like what India did since the pandemic hits us. The debate is all about the population of a certain area in Bangladesh that's still not have any banks, therefore a leap on using Blockhain technology will send sure help their citizens and its economy to adopt a new normal because of this pandemic.

The article that's been published regarding about this topic was in last June 2020, soon enough I think Bangladesh will accept cryptocurrency.

In general, in civilized and democratic countries, it is the people who delegate their ambassadors to the government, so that they exercise leadership on behalf of the people. Thus, people have the right to choose those politicians themselves who will advance at the legislative level those laws and rules that people need. Based on this, the people of Bangladesh should not think about what the government will do, but first of all they should make sure that the government listens to the opinion and demands of its people regarding the legalization of cryptocurrency.

Bangladesh is a country whose government prohibits cryptocurrency, even though based on the information of my friend who lives in Bangladesh.
Quite a few cryptocurrency communities in Bangladesh, maybe Binance and KuCoin saw this and provided a P2P system for people of Bangladesh
who want  to do cryptocurrency transactions. Hopefully this will open the mind of the Bangladesh government to accept Cryptocurrency.

LOL.. even if the cryptocurrency users organize protests, do you really think that the government will listen to them? Countries such as Bangladesh and India are home to hundreds of millions of people. Cryptocurrency users represent only a minute fraction and the governments can afford to ignore them. I would say that the only option for the users is to migrate to another country which is more friendly towards cryptocurrency. 

Yes the real scenario is that we are many people who are using cryptocurrency but not in the mainstream but we want it definitely to legalize it by government. By which we can use it publicly and no fear will work. One day, government will consider because huge number of people are using it and involving with cryptocurrency regularly.

As long as a can remember the usage of bitcoin or other crypto currencies in Bangladesh has been prohibited by their government which has made most of their citizens to be weary of crypto and avoid using it,while those who make use crypto don't use it in public places , rather they secretly make use of it, so they won't get caught or reported to the authorities, I really feel for citizens of Bangladesh cause over here making use of crypto is not prohibited and its also not yet legalized "we are just on the fence".