Bitcoin Forum

We all know Bangladesh bank always spread negative news about bitcoin. They already gives the power RAB to arrest bitcoin users in Bangladesh. And already RAB arrest 5 gang those are use bitcoin as a payment method for their credit card hacking or stealing forn abroad people. The those case is continues...

But today Bangladeshi leading online newsportal publish a news where they said that Bangladesh bank sending a mail to our CID where they mention bitcoin transaction, owning bitcoin is not illegal in Bangladesh. And they said more details about it. The whole blog is in bangla i just posted the main news by translating in English.

Here's the link: Prothom alo (https://www.prothomalo.com/business/economics/%E0%A6%95%E0%A7%8D%E0%A6%B0%E0%A6%BF%E0%A6%AA%E0%A7%8D%E0%A6%9F%E0%A7%8B%E0%A6%95%E0%A6%BE%E0%A6%B0%E0%A7%87%E0%A6%A8%E0%A7%8D%E0%A6%B8%E0%A6%BF%E0%A6%B0-%E0%A6%B2%E0%A7%87%E0%A6%A8%E0%A6%A6%E0%A7%87%E0%A6%A8-%E0%A6%85%E0%A6%AA%E0%A6%B0%E0%A6%BE%E0%A6%A7-%E0%A6%A8%E0%A7%9F%E0%A6%B8%E0%A6%BF%E0%A6%86%E0%A6%87%E0%A6%A1%E0%A6%BF%E0%A6%95%E0%A7%87-%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%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95%E0%A7%87%E0%A6%B0-%E0%A6%9A%E0%A6%BF%E0%A6%A0%E0%A6%BF)

[(Update: 28/07/2021) 2ND and English language blog everyone can read it.]→Dhaka Tribune (https://www.dhakatribune.com/business/2021/07/27/bangladesh-bank-to-cid-trading-owning-cryptocurrency-not-illegal)


Now we might think that bitcoin legality in Bangladesh is just a matter of time. Now what about your feeling on this news i am truely happy. If Bangladesh approve bitcoin. We have that freedon to use anywhere in Bangladesh.

Thank you for translating because I could not get anything from the link, it is good to see countries realizing the importance and usefulness of bitcoin. Hoping to see it all worked out for the people in this Country

Wait, is this also written in the email from the Bangladesh bank?
Translated to English, cmiiw (https://www.prothomalo.com/business/economics/%E0%A6%95%E0%A7%8D%E0%A6%B0%E0%A6%BF%E0%A6%AA%E0%A7%8D%E0%A6%9F%E0%A7%8B%E0%A6%95%E0%A6%BE%E0%A6%B0%E0%A7%87%E0%A6%A8%E0%A7%8D%E0%A6%B8%E0%A6%BF%E0%A6%B0-%E0%A6%B2%E0%A7%87%E0%A6%A8%E0%A6%A6%E0%A7%87%E0%A6%A8-%E0%A6%85%E0%A6%AA%E0%A6%B0%E0%A6%BE%E0%A6%A7-%E0%A6%A8%E0%A7%9F%E0%A6%B8%E0%A6%BF%E0%A6%86%E0%A6%87%E0%A6%A1%E0%A6%BF%E0%A6%95%E0%A7%87-%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%AC%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%82%E0%A6%95%E0%A7%87%E0%A6%B0-%E0%A6%9A%E0%A6%BF%E0%A6%A0%E0%A6%BF)
Did the email mean to push for bitcoin to be legalized? If true, just hope that the CID or whoever makes the legal decision-making authority doesn't pay attention to small things like misunderstandings about who "Satoshi" is. However, this is a good move.

Such a great news. It made my day. Legality will come after years, it's not going to be happened anytime soon.
That's a statement from the news site "Prothom Alo", not a statement from Bangladesh Bank or any other concerning body.

Here in India, there were a few incidents some years ago. One reputed member (Pankaj Bhardwaj) was arrested for similar reasons in 2016. Here are the details:

https://bitcointalk.org/index.php?topic=1359865.0

The sad fact is that in most of these incidents the Bitcoin trader is not involved in any crime directly. When we sell our coins through various P2P platforms, sometimes we get fiat payments from shady sources. And that is what happened in his case. He sold his coins, and someone paid him back using hacked bank/credit card accounts. He was unaware of this, and got arrested by the cops. And the guy who actually hacked the bank account was never arrested, because he was a resident of the UAE.

to get to that stage, it did take time for all those who deny cryptocurrencies have started to open up quite a space. However, it can not be separated from the crime that is still being investigated by the CID. So they must really be able to guarantee these actions in the future.
Considering how Bangladesh is a center for Illegal transactions which has a cross path with Pakistan. as the suspect Raihan did, has shown where his gang has gone one step further.

You can't know everyone who made transaction is for illegal or legal purpose, let's say someone send his Bitcoin to Bitcoin mixer... is they obscure the trail to protect their privacy only? or because their are theft?

Bitcoin is legal in Bangladesh is already a hard task, what you said above is when Bangladesh is already accepting Bitcoin as legal tender since the government promoting Bitcoin to their citizens.

Using stolen assets (hacked credit cards, ie.) and use it to purchase anything is not accepted, and illegal. It is applied for all things you purchase with illegal money, you will be arrested by police when they find you.

You will be arrested not because you buy Bitcoin or cryptocurrency. It is because of stolen assets, money laundering, etc.

Bangladesh forces their locals to use P2P marketplaces such as Paxful or LocalBitcoins. Check data and see how trading volumes on 2 P2P marketplaces are increasing.

• LocalBitcoins and Paxful Bangladeshi taka (BDT) Combined Volume (https://www.usefultulips.org/combined_BDT_Page.html)
• Good growth since 2019, especially since 2020

I am happy for that news to the people of Bangladesh that owns bitcoin. Because it was known that Bangladeshi government has banned bitcoin and owning it is a sort of illegal activity.

There's just a need for a little push and hopefully, the real good news will come in the next coming days towards freedom for bitcoin people there.

The title is slightly misleading here. The problem was not with the usage of Bitcoin, but with the use of stolen money. And this has been an issue with cryptocurrency transactions in Asia for quite some time. Since the status of cryptocurrency in Asian nations is in the grey zone, a lot of the users prefer P2P platforms instead of exchanges. And when you deal directly with other individuals through these platforms, there is no way to make sure that the funds are clean. If you receive tainted funds, then at some point of time you will land in to trouble with the authorities.

Bangladesh country is an Islamic country since there is a lot of misinformation about Bitcoin combining sharia law so no Muslim should hold bitcoin or any digital cryptocurrency because they say that its against the laws mentioned but how come they accept Fiat Money and the banking system which itself is against Sharia right?

This news brought up a positive impact to middle east countries, and with Bangladesh decisions to accept bitcoin to their banks it could potentially attract other neighboring countries to adopt the same situation.
Well, that also depends with their leaders beforehand; everybody has their different outlook towards cryptocurrency. Sometimes it's hard to deal with close minded individuals who criticize at first, even though awareness is lacking.

I don't agree that the government is trying to catch up with cryptocurrency development, they are doing everything to pull crypto down. For example, banning stories by countries are up every where and trying to develop individual digital currency out of envy to cage citizens is not supportive in my view.

Progress for Bitcoin users in Bangladesh, previously full of pros and cons to crypto.

Recently I saw good and positive news about Bitcoin in Bangladesh, even though I am not a Bitcoin user in Bangladesh, but I share in this happiness, where the government already considers Bitcoin/crypto a form of changing the economy of Bangladeshi society in particular, I hope that in the future it will be even better than what is happening now.

If that's the case I think it is a good news in the sense that those in bangla will have the opportunity to trade btc freely without any fear, besides btc is not only the currency that criminals can use to carry out their illegal activities, then what will be the essence of banning it and even going as far as threatening to punish anyone who engaged in it, I hope this is beginning of new doors opening for btc in Bangladesh.

I don't know if Bangladesh government is really pushing this or only a huge business owners including investors pushed this thing in order to create more positive ideas coming from their fellow countrymen. Let's first keep an eye after this news, because we don't know how legit are they towards cryptocurrency involvement. Also, I'm hopeful for Bangladesh to remain consistent with this alternative to make their lives even more brighter with financial freedom from Bitcoin.

Didn't they recently did a ban on bitcoin because it was allegedly used to fund terrorism? Although I am happy that they are accepting bitcoin again, I still think that these kind of acceptance won't last because it's been like this for a long time and it seems that the instability in supporting crypto in the region isn't going to go away anytime soon.

Just one day later, Bangladesh Bank declared that their statement didn't published in the medias fully. Media has published their broken words which isn't fully true. They again said that use ( hold, trade) of cryptocurrency isn't legal in Bangladesh and it is prohibited in the eye of prevailing LAW. So, we have to be careful until Bangladesh Bank and also Govt don't declare the use of cryptocurrency as legal.

I am seeing lots of people here from Bangladesh and all of them must be happier on this news. A country 171 million population definitely will bring good changes into crypto ecosystem if bitcoin will be made legal for them compared what El Salvador and its 6 million populations. At the same time when neighboring countries like China and India are still delaying and having negative stand on cryptos, I am really surprised on seeing Bangladesh' stand on crypto.

At least on study purposes, governments must allow people to make use of bitcoin as a legal tender and from that they must develop policies to run a positive economic by taxing crypto transactions. I hope Bangladesh's decision on crypto may trigger many other countries for a conclusion about crypto legality.

There's no need to explain, a just government would know the real purpose of bitcoin and will not generalize the use of bitcoin as for illegal activities only. Regulation will result in adoption, and if this country wants to regulate bitcoin, people should be happy as it will create opportunity, not only for job but also for businesses even worldwide.

A kind of adoption that we all wish for.