Bitcoin Bangladesh

[absshamim]

Bitcoin transactions were declared illegal by Bangladesh Bank in 2014. According to them, "The transactions in these currencies are not authorized by the Bangladesh Bank or any other regulatory body, so the use of these virtual currencies is not supported by the Foreign Exchange Control Act, 1947; Anti-Terrorism Act, 2009 and Money Laundering Prevention Act, 2012".
http://thefinancialexpress.com.bd/public/uploads/Bitcoin-BB.jpg

[1715267640]

1715267640

[Kemarit]

What's new? As you have said, they have been anti-bitcoin since 2014. So why would everyone be surprised by this news? They have a harsher penalty as well, jail time. So if you are from Bangladesh, you know that consequences of your action. And to give you a hint:

(https://www.dhakatribune.com/bangladesh/crime/2018/02/19/police-hunt-bitcoin-users-bangladesh/)

[absshamim]

What's new? As you have said, they have been anti-bitcoin since 2014. So why would everyone be surprised by this news? They have a harsher penalty as well, jail time. So if you are from Bangladesh, you know that consequences of your action. And to give you a hint:

(https://www.dhakatribune.com/bangladesh/crime/2018/02/19/police-hunt-bitcoin-users-bangladesh/)

This is nothing new to me, However, in line with the world, why are banks in Bangladesh not supporting this? PayPal does not have Bangladesh , so there must be something.
The people we deal with online are somehow being interrupted and banks are not coming to us. We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.
However, their views are different...
An official of BFIU said: “Banks and other financial organizations of the country have been ordered to maintain a strict vigil on cryptocurrency trading. A circular will soon be sent out detailing the matter.”
“There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter,” he continued.

[akram143]

We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.

When government declared something as illegal then how banks will support on buying or selling those?

If you really want to trade bitcoin still then migrate from there.

[absshamim]

We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.

When government declared something as illegal then how banks will support on buying or selling those?

All of us who do the bitcoin business are really under threat, this is an international market transaction so the government should be monitored here.

[akram143]

We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.

When government declared something as illegal then how banks will support on buying or selling those?

All of us who do the bitcoin business are really under threat, this is an international market transaction so the government should be monitored here.

Bitcoin is not a business.

You can send or receive bitcoin even if government said it as illegal.

Only thing you can't do is converting it into your local fiat.

[absshamim]

We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.

When government declared something as illegal then how banks will support on buying or selling those?

All of us who do the bitcoin business are really under threat, this is an international market transaction so the government should be monitored here.

Only thing you can't do is converting it into your local fiat.

If Bangladesh's banks offer the opportunity to exchange. It would have been better for us. but they are not doing that in Bangladesh. We are in great trouble for this.

[stompix]

I know this is going to give me some serious headaches but...

We are selling money to each other but the banks not cooperating.

What do you expect banks to do when the law forces them to not cooperate?
Break the law and risk closure and jail?

All of us who do the bitcoin business are really under threat, this is an international market transaction so the government should be monitored here.

It doesn't matter where the exchange is located, the laws in your country apply as long as you're doing this while in your country. Go to Malaysia exchange your coins there and come back with the fiat.

If Bangladesh's banks offer the opportunity to exchange. It would have been better for us. but they are not doing that in Bangladesh. We are in great trouble for this.

As I said numerous times, how about you stop voting for morons rather than complaining about the laws they make?
What do you expect, somebody else to risk going to jail to help you?
Seriously, did you thought for a second before asking these questions?

What's new? As you have said, they have been anti-bitcoin since 2014. So why would everyone be surprised by this news?

Probably because some don't read the news and they found out only when they get in trouble?
One of my neighbors told me how his friend got a ticket from driving the wrong way on a one-way road.
He argued with the police that he drove like this for years, that the sign was new until the cop showed him the sign in google maps from 3 years ago. The man was used to the road being two-way traffic for 15 years, he simply never paid attention to any new sign popping up, he thought he knew everything.

[slaman29]

Bitcoin transactions were declared illegal by Bangladesh Bank in 2014. According to them, "The transactions in these currencies are not authorized by the Bangladesh Bank or any other regulatory body, so the use of these virtual currencies is not supported by the Foreign Exchange Control Act, 1947; Anti-Terrorism Act, 2009 and Money Laundering Prevention Act, 2012".

Um yeah, of course they are not authorized by any bank or regulatory body, that's actually kind of the whole point of Bitcoin.

And anyway the new announcement changes nothing. If the status was already illegal, that announcement was not necessary. If it was not illegal, the statement actually simply means the central bank doesn't recognize it. Like they probably wouldn't recognize pebble trading, but it happens anyway.

[avikz]

Bitcoin transactions were declared illegal by Bangladesh Bank in 2014. According to them, "The transactions in these currencies are not authorized by the Bangladesh Bank or any other regulatory body, so the use of these virtual currencies is not supported by the Foreign Exchange Control Act, 1947; Anti-Terrorism Act, 2009 and Money Laundering Prevention Act, 2012".

It's an old fact. Bangladesh even arrested two students for dealing in cryptos. But what do you want to establish now?

[akram143]

We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.

When government declared something as illegal then how banks will support on buying or selling those?

All of us who do the bitcoin business are really under threat, this is an international market transaction so the government should be monitored here.

Only thing you can't do is converting it into your local fiat.

If Bangladesh's banks offer the opportunity to exchange. It would have been better for us. but they are not doing that in Bangladesh. We are in great trouble for this.

Banks want profits,they are not here for people betterment,if you really want the make the government to allow banks to do crypto related transactions.

[sunsilk]

It's an old fact. Bangladesh even arrested two students for dealing in cryptos.

Is this the news about the two students?

5 members of New JMB's 'wolf pack' arrested in Dhaka

And there was a not so old news about another arrest on that country just like this:

Police arrest 3 cryptocurrency dealers

[Tylev]

Although many people write that bitcoin and generally cryptocurrency cannot be stopped by the state, we see how enormous the state’s position on this issue is. Well, the state has the right to establish its own rules and prohibitions regarding the circulation of any money on its territory. Typically, the cryptocurrency is banned in states with an authoritarian form of government, where the rights of citizens are not respected and it is therefore very difficult for them to assert their rights to use the cryptocurrency. In this case, democratic changes in these countries are necessary. Sooner or later this will happen anyway.

[imstillthebest]

When government declared something as illegal then how banks will support on buying or selling those?

banks might not support it but he can still trade online privately where he can send the btc to someone else and then the person will only send money via money remitance center  such as western union , money gram , etc ...

If you really want to trade bitcoin still then migrate from there.

thats a hassel and pretty costy idea to do  but this isnt really required because like i said earlier its still possible for him to trade his btc  .

Bitcoin is not a business.

it is  . you earn money while you do btc jobs same as what you do on a regular business .

[stompix]

Bitcoin is not a business.

it is  . you earn money while you do btc jobs same as what you do on a regular business .

Lols,
So if my business is selling icecream for bitcoins...what am I really doing?
Seeling icecream or buying bitcoins? 

Calling bitcoin business is like calling the euro or the $ a business.
The same way you're getting paid in BTC you get paid in other currencies for your work, yet I have never heard somebody saying I'm in the dollar business.

You can't get business without offering a service or product, selling that is your business.

[akram143]

you earn money while you do btc jobs same as what you do on a regular business .

Can you explain me about the word BTC jobs? We can earn btc through job but not sure about btc job? IS that the job from satoshi.

[Kemarit]

What's new? As you have said, they have been anti-bitcoin since 2014. So why would everyone be surprised by this news? They have a harsher penalty as well, jail time. So if you are from Bangladesh, you know that consequences of your action. And to give you a hint:

(https://www.dhakatribune.com/bangladesh/crime/2018/02/19/police-hunt-bitcoin-users-bangladesh/)

This is nothing new to me, However, in line with the world, why are banks in Bangladesh not supporting this? PayPal does not have Bangladesh , so there must be something.
The people we deal with online are somehow being interrupted and banks are not coming to us. We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.
However, their views are different...
An official of BFIU said: “Banks and other financial organizations of the country have been ordered to maintain a strict vigil on cryptocurrency trading. A circular will soon be sent out detailing the matter.”
“There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter,” he continued.

We really can't answer that, it's your government hard stance, but we understand your frustrations, seriously, however, your hands are tied and you are at risk if you continue your crypto activity in your country. Only solution is to get out of your country and move to a more friendly nation around. You can't fight this battle alone and its very unlucky that your country doesn't give crypto a chance to flourish and at least see how it will contribute financially to people like you.

[akram143]

What's new? As you have said, they have been anti-bitcoin since 2014. So why would everyone be surprised by this news? They have a harsher penalty as well, jail time. So if you are from Bangladesh, you know that consequences of your action. And to give you a hint:

(https://www.dhakatribune.com/bangladesh/crime/2018/02/19/police-hunt-bitcoin-users-bangladesh/)

This is nothing new to me, However, in line with the world, why are banks in Bangladesh not supporting this? PayPal does not have Bangladesh , so there must be something.
The people we deal with online are somehow being interrupted and banks are not coming to us. We are selling money to each other but the banks not cooperating.
Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm.
However, their views are different...
An official of BFIU said: “Banks and other financial organizations of the country have been ordered to maintain a strict vigil on cryptocurrency trading. A circular will soon be sent out detailing the matter.”
“There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter,” he continued.

We really can't answer that, it's your government hard stance, but we understand your frustrations, seriously, however, your hands are tied and you are at risk if you continue your crypto activity in your country. Only solution is to get out of your country and move to a more friendly nation around. You can't fight this battle alone and its very unlucky that your country doesn't give crypto a chance to flourish and at least see how it will contribute financially to people like you.

OP wants the banks to support cryptos even after their government declared it as illegal.I think he is not aware of what is the crypto currencies actually if he knows then he won't argue that banks need to support cryptos.

[Harlot]

~snip~

If I were you if you have the chance to liquidate all of your crypo assets now you should do it. You know that the country you are living in labeled cryptocurrencies as a illegal tender and also cannot be traded. Once they found out you have one expect that you will also be charged to the crimes you didn't commit like money-laundering, terrorism, and tax evasion because even if they didn't find any evidence against you just holding a cryptocurrency is enough for you to be charged on all of them.

[Kemarit]

~snip~

If I were you if you have the chance to liquidate all of your crypo assets now you should do it. You know that the country you are living in labeled cryptocurrencies as a illegal tender and also cannot be traded. Once they found out you have one expect that you will also be charged to the crimes you didn't commit like money-laundering, terrorism, and tax evasion because even if they didn't find any evidence against you just holding a cryptocurrency is enough for you to be charged on all of them.

And that is what we are trying to convey with him, he is in a country wherein the government is anti-bitcoin. And if you involved yourself and the government finds out, then they can charged him. He can go underground, but the moment the government find out what he is doing, then its over.

OP wants the banks to support cryptos even after their government declared it as illegal.I think he is not aware of what is the crypto currencies actually if he knows then he won't argue that banks need to support cryptos.

Did you really get the point? It is illegal, then how can a bank in that country support it?

[absshamim]

In fact, I am trying to find out about Bitcoin, I do not know much about Bitcoin, I have opened a Coinbase account and started several Bitcoin transactions with a client there, Its quantity is very small.

[Kemarit]

In fact, I am trying to find out about Bitcoin, I do not know much about Bitcoin, I have opened a Coinbase account and started several Bitcoin transactions with a client there, Its quantity is very small.

Ok. I thought that you have been in the crypto market for so long that's you you complain about Bangladesh hard stance on Bitcoin. Certainly, you can start small, I also advise you read their ToS very carefully specially that you have just started. Again, just a word of caution, you don't want to be caught by your government so just be very careful though.

[Schirer]

How this is some kind of news or something worth making new thread for?

It seem shat OP lives in the region, started to research the topic and found this information and was so shook up that decide he had to write it here.
I think it would be more appropriate to write it in the local board.

[jrrsparkles]

How this is some kind of news or something worth making new thread for?

It seem shat OP lives in the region, started to research the topic and found this information and was so shook up that decide he had to write it here.
I think it would be more appropriate to write it in the local board.

I don't think there is any specific local board for country bangladesh and also the post is in english so nothing wrong with posting it here but he should understand what is crypto and legal status means since he ask banks to support cryptos even their banks banned it.

[legendster]

How this is some kind of news or something worth making new thread for?

It seem shat OP lives in the region, started to research the topic and found this information and was so shook up that decide he had to write it here.
I think it would be more appropriate to write it in the local board.

I don't think there is any specific local board for country bangladesh and also the post is in english so nothing wrong with posting it here but he should understand what is crypto and legal status means since he ask banks to support cryptos even their banks banned it.

There is this thread I create a while ago that was dedicated to Bengali users :
https://bitcointalk.org/index.php?topic=230161.0

Bangladeshi people have interacted here as well.

There's more bengali people in the 2 states of India, West Bengal and Tripura than the entire country of Bangladesh.

So all kinds of bengali people from these 2 nations have been dealing in crypto whether or not BD govt likes it or not.

And then there is this other thread that was created and pinned a while ago by some other dude : https://bitcointalk.org/index.php?topic=631891.0

That is for BD people alone it seems.

[marcbitcoins]

What is the reason if why they banned Crypto in your country? Or maybe your government is just too blind to see the huge benefits of adopting Bitcoin as an investment and the blockchain technology itself to support their system. Hopefully, they will reconsider their decision and will open their mind that there are lot of countries that are now in prosperity because of Bitcoin currency.

[teosanru]

Bitcoin transactions were declared illegal by Bangladesh Bank in 2014. According to them, "The transactions in these currencies are not authorized by the Bangladesh Bank or any other regulatory body, so the use of these virtual currencies is not supported by the Foreign Exchange Control Act, 1947; Anti-Terrorism Act, 2009 and Money Laundering Prevention Act, 2012".

Let me tell you the basics. Bangladesh is not a developed country and was not even a pretty strong growing economy until this decade. The bangladesh Bank want to practice what most of the non developed nations do which is to completely control the flow of money in the economy so that No major inflows in the economy take place which can easily inflate or deflate it's tender economy. Moreover, developed countries see Indian subcontinent as a Service outsourcing station however with Increase in wage level India is no more lucrative to them but Bangladesh is. So most of the tech centers are now being established there and all what the Bangladeshi Governments wants is that this industry should benefit them through flow of foreign exchange and not with some virtual currency.

[nrnahid]

This is nothing new to me, However, in line with the world, why are banks in Bangladesh not supporting this? PayPal does not have Bangladesh , so there must be something. The people we deal with online are somehow being interrupted and banks are not coming to us. We are selling money to each other but the banks not cooperating. Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm. However, their views are different.

[jrrsparkles]

This is nothing new to me, However, in line with the world, why are banks in Bangladesh not supporting this? PayPal does not have Bangladesh , so there must be something. The people we deal with online are somehow being interrupted and banks are not coming to us. We are selling money to each other but the banks not cooperating. Many are talking about the dollar exchange from us but they are not returning it later, They are somehow hidden from us. There they are doing us great harm. However, their views are different.

If you are from that country then you need to follow the laws whatever they say you need to follow because you elected the leaders.And your are complecate crypto ban things and paypal which is nothing related even paypal banned crypto related transactions.So reason why your country banned crypto is they thing it will create instability to their fiat value or will increase criminal offence.

[judeafante]

What's new? As you have said, they have been anti-bitcoin since 2014. So why would everyone be surprised by this news? They have a harsher penalty as well, jail time. So if you are from Bangladesh, you know that consequences of your action. And to give you a hint:

(https://www.dhakatribune.com/bangladesh/crime/2018/02/19/police-hunt-bitcoin-users-bangladesh/)

Are they still on it, it's very unfortunate, Bangladeshi are one of the best IT experts, and many of our friends there are Crypto followers, Countries like this are not open to technology like Bitcoin, they have to look at countries that successfully integrate Cryptocurency to their system, I'm glad I'm on a country that fully embrace Crypto currency and blockchain it's a big help for people like me and to our government as well as they make revenue from exchanges here.