Is it the right time to legalize Bitcoin in Bangladesh

[pankowri]

Somehow I missed the thread before. By the way, I am also from Bangladesh and here Cryptocurrency is totally illegal. Even if the government or officials can know you are Bitcoin user or you are doing transaction in Bitcoin network, you must be caught and will be got punished by them. The news published by a reputed newspaper but the officials still don't understand what the Bitcoin is. So it will be difficult to say this is the right time and also sad for the Bangladeshi Bitcoin user.

[CryptocurencyKing]

I don't know what it is about a right time or not in getting something done. Until a thing is done, you can never tell of the result so accurately as you aren't  fortune teller. Some things have really got no right time about it. It's either you get on the train or you risk jumping on it while its racing on the tracks. Bitcoin price has doubled over the months and some countries is still contemplating on legalizing it. Its either they allow or not, which ever it is, its left for the individual citizens to choose if to follow rules or go with their natural born freedom to invest in that which won't hurt no one but benefit them.

For me, i'll always choose to invest in bitcoin, either Nigeria allows it or not. So should you guys at Bangladesh.

[Michael Skylar]

Today, I am reading newspaper at online as daily basis in my routine and the article is found (link will be given below, if you are not Bangladeshi people then google translate will be needed). I will try to give a summery to understand this article shortly.

The news published today at the most renowned national newspaper named The Daily Inqilab. In this article, some government officials also give their own opinion regarding the digital money.

The Chief Executive of Bangladesh Bank, Sirajul Islam said to BBC that there is no existence of Bitcoin in Bangladesh. That's why, the transaction is illegal here.

Journalist asked to him that is there any plan in future to legalize it? He replied, there is no such plan till now. Actually, these is no specific rules regarding cryptocurrency.

In Bangladesh, though it is not legalized here but some people connected with it and they are doing transaction too. Mining is also done by the people and previously it was not possible due to electricity problem but now electricity is available here. People are doing such transaction using mobile banking and digital Media.

The Economist specialist of Bangladesh Development Organization, Naznin Ahmed said to BBC, the such money is getting popular all over the world. So there is no question of trust here. That's why, Bangladesh Bank should research it without fully neglecting it. Though it is accepting by the world so do we should go accordingly with such thing. There should also be a regulatory board to regulate it's legality or illegality or to control it.

Bangladesh Bank is still not in a good position. Other banks are not doing well. That's why money laundering can't resistance here immediately. That's why Bangladesh is protective in nature in cryptocurrency's perspective.

News link: https://[Suspicious link removed]/174nut88 [Use Google Translator]

Some Criminals and bad politicians will convert their black money to cryptocurrency. That's the reason BD Govt have not legalized cryptocurrency.
On the other hand, cryptocurrency / bitcoin is getting popular allover the world.So,I think today or tomorrow BD Govt will lift the ban on cryptocurrency /bitcoin.

[Xinarae*]

Bitcoin investment is very profitable and if the bangladesh government supports bitcoin it will help improve the country's economy. Those who invested in bitcoin became very profitable the transaction cost is also very low seeing the high value of bitcoin there is an idea among many that if everyone invests in bitcoin there will be several times profit. Although bitcoin has not yet been recognized in many countries bitcoin is gaining popularity due to its rising price therefore the central banks of many countries are taking concerns to legalize bitcoin.

[cabron]

OP posted this thread long before Bukele announced his plan for BTC to be a legal tender. Bukele so far considered Bitcoin all because he knew that BTC is already being used by thousands of people in his country, its already adopted in many ways that is why the BTC popularity in El Salvador only needs a slight push.  For Bangladesh, there has to be a significant number of people using BTC for the lawmakers to look thoughtfully.

[Kez1817]

Legalizing bitcoin always have negative and positive impact both to the users and to the government. But for me, it is more secured if bitcoin is legal in our country. Bangladesh government will also benefit from bitcoiners tax if ever they will legalize it.

[Mr.sprin]

Legalizing bitcoin always have negative and positive impact both to the users and to the government. But for me, it is more secured if bitcoin is legal in our country. Bangladesh government will also benefit from bitcoiners tax if ever they will legalize it.

right I agree if bitcoin is legalized then the country of bangladesh will benefit from taxes but if bitcoin is not legalized then bitcoiners will also not lose, in fact they make a profit without being taxed for each transaction.

[Obito]

Legalizing bitcoin always have negative and positive impact both to the users and to the government. But for me, it is more secured if bitcoin is legal in our country. Bangladesh government will also benefit from bitcoiners tax if ever they will legalize it.

What negative impact do you think will happen when bitcoin becomes legalized? Isn't it a good thing that bitcoin will be be recognized as a legitimate by the government because that means that bitcoin users don't have to worry about being persecuted or something like that when they are using bitcoin and if there are negatives, I am pretty sure that the positives will heavily outweigh those negatives.

[Imran232]

If Bangladesh are going to legalize the crypto currency i don't think so it would be very soon. We know that Bangladesh Bank is fully neglected it so if they are trying to think about it for the public case they will be made a special team to research it then they research they give report to bank. Bank send report to financial government. Then financial government Will discussed with ICT government sector then they made a combined report and present the report to Bangladesh Sangsad they the final news comes. And i think it might takes 3-4 years easily because we know how our government done their work and how much time they can take. We all know government work is slowest. Thank you

[michellee]

Maybe in Bangladesh, bitcoin is illegal now, but they can plan for legalizing bitcoin in the future as the economy in Bangladesh will always change to better and if the government sees bitcoin can give them benefit, they will legalize it. It needs time before they can found what is benefits of bitcoin to them and maybe they already research to find out. If people can still use bitcoin or mining bitcoin, then they can continue to do that thing while they can wait for the update from the government. They can say that they do not have such a plan, but everything will change in the future, so be patient.

[farhanabd88]

The government of bangladesh is not accepting bitcoin because they think that bitcoin is not real currency and it can be destroy any time. In the meantime so economist and collamist are trying to discus about bitcoin in bangladesh so that the government of bangladesh think about bitcoin for legalize. They also tell that if it is not possible to legalize then need to take proper action. But in global situation most of the country has a permission to use bitcoin so price of bitcoin is gradually increasing. So i think it is the right time to legalize bitcoin in bangladesh.

[KaliLinux]

I think that anytime is the right time to legalize bitcoin, Bangladesh can benefit from this if they put taxes on cryptocurrency transactions happening in their country, imagine the magnitude of that legalization not to mention the influx of crypto industries that are going to invest in their country, crypto in my opinion doesn't attack any religion whatsoever so I think that it won't be a problem in any way.

I agree with what you said. The people/countries that got into cryptocurrencies early will be the ones that benefits the most from it. I believe most government are still resistant because of they think cryptocurrency will overtake the Fiat currency and it might disrupt their financial economy but as you said, I believe if cryptocurrency transactions where taxed in a way that won't be exploitative too, this can help boost the economy as more investors will get involved even from beyond the shores of the country.

[imstillthebest]

it wont be in good position if they wont start adopting the use of btc now .
 i dont believe that they are protective but it was clear that they try to avoid btc because they cant launder money anymore if btc takes place .
there is no rules about crypto in bangladesh but why they declare it illegal ? this is another proof that they dont want people to use cryptos but people should not be afraid and do what they think was right .

[Henrobakkara]

it wont be in good position if they wont start adopting the use of btc now .
i dont believe that they are protective but it was clear that they try to avoid btc because they cant launder money anymore if btc takes place .
there is no rules about crypto in bangladesh but why they declare it illegal ? this is another proof that they dont want people to use cryptos but people should not be afraid and do what they think was right .

I believe the reason some countries even ban or not accepted using Bitcoin and other cryptocurrencies is because they believe that's even a much easier way for.money laundering. Do you truly believe if Bitcoin was legalized in Bangladesh it can help to stop money laundering?
I believe most of the government that have not accepted cryptocurrencies yet understands most importantly the freedom it brings to the people financially hence all this trapping down on it.

[wahyu wida]

it wont be in good position if they wont start adopting the use of btc now .
i dont believe that they are protective but it was clear that they try to avoid btc because they cant launder money anymore if btc takes place .
there is no rules about crypto in bangladesh but why they declare it illegal ? this is another proof that they dont want people to use cryptos but people should not be afraid and do what they think was right .

I believe the reason some countries even ban or not accepted using Bitcoin and other cryptocurrencies is because they believe that's even a much easier way for.money laundering. Do you truly believe if Bitcoin was legalized in Bangladesh it can help to stop money laundering?
I believe most of the government that have not accepted cryptocurrencies yet understands most importantly the freedom it brings to the people financially hence all this trapping down on it.

I think this has become a problem for most countries, where the main consideration is money laundering, especially for developing countries and have high levels of corruption, of course, officials seem to only care about personal gain under the pretext of the development of the digital era.

[imstillthebest]

it wont be in good position if they wont start adopting the use of btc now .
i dont believe that they are protective but it was clear that they try to avoid btc because they cant launder money anymore if btc takes place .
there is no rules about crypto in bangladesh but why they declare it illegal ? this is another proof that they dont want people to use cryptos but people should not be afraid and do what they think was right .

I believe the reason some countries even ban or not accepted using Bitcoin and other cryptocurrencies is because they believe that's even a much easier way for.money laundering. Do you truly believe if Bitcoin was legalized in Bangladesh it can help to stop money laundering?
I believe most of the government that have not accepted cryptocurrencies yet understands most importantly the freedom it brings to the people financially hence all this trapping down on it.

btc isnt totally anonymous and launderers could be tracked down . if they want they can only restrict full privacy coins like monero  .
theres also kyc and aml policies in cryptos and this can help lessen laundering cases .

[randegibran]

we all hope so because there are already several countries that have started to adopt bitcoin as a legal medium of exchange in their countries,as did the countries of elsavador and tanzania.although this is only a discourse we hope this will actually happen in these countries ,with countries adopting bitcoin this will be a positive thing in the midst of many countries that prohibit its circulation in their countries.this can be a very good start for the revival of the digital currency

[Shenzou]

The real reason in my opinion that many countries are banning bitcoin and other crypto, is because it is hard or nearly impossible for them to have control over the transactions that go on and where they are being used for, and therefore imposing a law on it being illegal is the only way for them to scare some people into not trusting it, and also they say that banks should start accepting bitcoin as a payment is and idea that oppose the whole reason why we started using bitcoin the first place, which is not to use banks.