Bangladesh has a significant amount of Bitcoin trader

[Little Mouse]

Although Bangladesh has banned cryptocurrency, still there are a lot of people who trade bitcoin or other crypto. The volume is not known to me but through observing some of the buy sell activities of different website and social media activity of Bangladeshi users, it's sure that the volume is not so less and the user of BTC is not lower even. Some of them use BTC to pay their employee outside Bangladesh or to pay different kind of service fee.
Will govt ever consider to legitimate BTC in Bangladesh? I don't see any hope so far but the volume can never be decreased because of the usefulness BTC has.

[Yogee]

https://www.thedailystar.net/law-our-rights/law-analysis/bitcoin-legality-in-bangladesh-bank-1602583
The above article claims that possession and trading of Bitcoin in Bangladesh is not illegal but the central bank does not consider it as a legal tender and has issued warnings that anyone using it may be harmed financially. Similar to fiats, if bitcoin is used to fund terrorist and to launder money, then the use is illegal.

If you want the Central Bank to retract the warnings they issued, why not follow what the cryptocurrency community of India did. They challenged the Indian Central Bank in court.

[panganib999]

It is sad to know that there are countries that prohibits this kind of currency, worst that they're not considering it as a type of trading means and casually using it is considered a crime. Under Bangladesh's law if you use some kind of cryptocurrency is a violation on their Anti terrorism act and anti money laundering act not only you are going to be in problem but also the one that you have transacted with. It's kinda scary to know that there are significant number of people that is using cryptocurrency in Bangladesh.

[pooya87]

unless you live in Bangladesh or have some sort of irrefutable evidence of such "significant" trading volume i'd say it is far from being decent amount let alone a significant amount. the problem is that whenever a government makes usage of something illegal and threatens people with jail time, they won't be so eager to jump on board of that thing. and unfortunately that's the case with bitcoin in Bangladesh. on top of that the volume reported by localbitcoins is very tiny although that is not all the volume but it could be used as a good indication of an over all low interest.

[dothebeats]

You can say that at the least, there are still some genuine traders in the region actively trying to get through everything despite the ban. It would be cool to get some figures of the volume and trading activity on the country to gauge whether they are really into it or are just trading for some short profits. Either way, genuine interest often lead to good things, and these same people may even lobby for the country to lift the ban and allow cryptocurrency trading to flourish. There's so much to be had on letting it free such as jobs and more money to the country that's why I find it quite intriguing as to why countries such as Bangladesh aren't considering those possibilities.

[Little Mouse]

https://www.thedailystar.net/law-our-rights/law-analysis/bitcoin-legality-in-bangladesh-bank-1602583
The above article claims that possession and trading of Bitcoin in Bangladesh is not illegal

Any kind of cryptocurrency transaction is considered as illegal here. If someone is doing this, they will be punished.

Source: Dhakatribune

on top of that the volume reported by localbitcoins is very tiny although that is not all the volume but it could be used as a good indication of an over all low interest.

Very few people use localbitcoin because of its KYC rules. I have never used that because of that rules. I am active on some social media group and the demand is increasing day by day. I am sure that there are a lot of traders outside this groups and the amount is not tiny also. The interest is increasing day by day.

[BlackFor3st]

Although Bangladesh has banned cryptocurrency, still there are a lot of people who trade bitcoin or other crypto. The volume is not known to me but through observing some of the buy sell activities of different website and social media activity of Bangladeshi users, it's sure that the volume is not so less and the user of BTC is not lower even. Some of them use BTC to pay their employee outside Bangladesh or to pay different kind of service fee.
Will govt ever consider to legitimate BTC in Bangladesh? I don't see any hope so far but the volume can never be decreased because of the usefulness BTC has.

As long as Bangladesh will not impose so much threat to the bitcoin or crypto owners who trade and keep on using crypto currencies then they will not decrease for sure especially if the traders or users are earning a good amount of profit from it.

But if Bangladesh will impose the banned strictly like they will strictly monitor the activity of their people and will penalize the crypto users like they will put them in jail then it can surely decrease the users. Let's just hope that Bangladesh government will realize how important crypto currencies are and will lift the ban the same to what India has done.

[pakhitheboss]

As long as you do not use Bangladeshi banking system for cryptocurrency transactions, the government cannot trace you. Indians were using P2P transaction to fool the banks when the ban was placed and they were successful.

Government in third world countries do not have the resources to track and keep a check on every citizen. With the ban in place,  Bangladeshi crypto community is still active and earning.

[Pffrt]

As long as you do not use Bangladeshi banking system for cryptocurrency transactions, the government cannot trace you. Indians were using P2P transaction to fool the banks when the ban was placed and they were successful.

They can trace but in Bangladesh govt authority isn't tracing because nothing illegal is going on and no one have filed any case or the trades going on is not that much to get the attention.
Authority have successfully traced in one or two cases. Some days ago, someone namely Masum Billah and two of his associates was caught because of doing transactions through bitcoin and fraudinh case.

[buwaytress]

Although Bangladesh has banned cryptocurrency, still there are a lot of people who trade bitcoin or other crypto. The volume is not known to me but through observing some of the buy sell activities of different website and social media activity of Bangladeshi users, it's sure that the volume is not so less and the user of BTC is not lower even. Some of them use BTC to pay their employee outside Bangladesh or to pay different kind of service fee.
Will govt ever consider to legitimate BTC in Bangladesh? I don't see any hope so far but the volume can never be decreased because of the usefulness BTC has.

And this is why I keep telling people that bans aren't necessarily bad for Bitcoin itself. Look at the case of India. Sure, it meant that businesses slowed down, fled the country, closed down etc. But they went abroad and arguably did even better for themselves.

But the better side of this silver lining was that people were forced to trade P2P if they wanted Bitcoin, which basically educated them even better about how to use crypto.

And users? They went on as usual, ban or no ban, Bitcoin networked never closed down!

[Little Mouse]

As long as you do not use Bangladeshi banking system for cryptocurrency transactions, the government cannot trace you. Indians were using P2P transaction to fool the banks when the ban was placed and they were successful.

Did India place ban ever? I think it was like neither legal, nor illegal. Govt asked financial institutions not to help the crypto trader.
In my local, p2p transactions are happening significantly. A lot of transaction are taking place but if govt want, they can trace because we have to use bKash or this kind of payment gateway for receiving or sending the money which makes easier to trace us.

[Yogee]

Reposting from the article I shared previously

"However, from the two cautionary notices published by the central bank, it is evident that the regulator has fallen short of “banning” or “criminalising” the use of bitcoin except in cases where it is used to commit an existing offence under the Foreign Exchange Regulation Act, the Anti-Money Laundering Act and the Anti-Terrorism Act. It could be argued that the use of regular currency to commit crimes under the same Acts would be similarly punishable, and as such while bitcoin itself is not illegal, its use to commit crime is."   

Different articles and authors have different interpretation of the notices. Can you share the link from Dhakatribune? If you can share the notice that the Bangladeshi Central Bank issued, that is even better.

[Little Mouse]

Different articles and authors have different interpretation of the notices. Can you share the link from Dhakatribune? If you can share the notice that the Bangladeshi Central Bank issued, that is even better.

Read this
The notice from Central bank is also there but you will not be able to read because the article is written in Bengali. In another article, Central bank referred that cryptocurrency users may get punishment of 10 years jail and cash punishment too.

[omone1]

The Central bank is an enemy of decentralization system, they actually fear for other commercial banks. I once worked in the bank before I saw great evil in the sector, how they fraudulently debit customers and use loans to hunt working class to imprison them. Now bitcoin gives better profit and gain to traders than just fixing your money or buying treasury bills.

[hugeblack]

Websites and social media activities of Bangladeshi users do not give you accurate reports of trading volums as it is easy to manipulate them and create a lot of accounts, or for most of these traders to be outside the country.
Since there are regulatory laws that classify bitcoin as an illegal currency, you cannot find real numbers, as everyone will tend to hide its dealings.

The bright side: such a ban would not change the equation but would make it difficult for new members to get involved in BTC investments.

[sunsilk]

Will govt ever consider to legitimate BTC in Bangladesh? I don't see any hope so far but the volume can never be decreased because of the usefulness BTC has.

I think Bangladesh is in the same situation as India before the declaration of RBI that bitcoin is legal. It's just a matter of time until their country will realize that it can be a good addition source for their people.

But it wouldn't come to an instant and it takes time. Let them see how other countries that adopted and declared bitcoin as a legal tender enjoy the benefits of allowing trades inside their jurisdiction. However, if they are decided, there's no way to change their minds.

[btc_angela]

Will govt ever consider to legitimate BTC in Bangladesh? I don't see any hope so far but the volume can never be decreased because of the usefulness BTC has.

Well if Bangladesh government learn from their neighbouring India to allow bitcoin trading or at least regulate it, then there is that possibility. But it looks like the government is really bent on not allowing crypto to flourish, then I guess we can say that they won't make a sudden U-turn. As for the trading volume, the question is how accurate the data is, and where are the source.

[kaya11]

I only know Bangladesh because of the clothes, every time I buy branded clothes like Tees it's made from their country. Every country has significant amount of traders, the places that I can't picture out having one are North Korea, North Pole, and remote Islands which has greater population but choose to live a normal way. I read one country doesn't what to use machines and use their only bare hands to plant and grow and never had engage in technology. Here in our country trading still exist, but the traditional one, food to food, they trade their fish to some crops and goes on- but it only happens once in a week, isn't it nice.

[isaac_clarke22]

Will govt ever consider to legitimate BTC in Bangladesh? I don't see any hope so far but the volume can never be decreased because of the usefulness BTC has.

Well if Bangladesh government learn from their neighbouring India to allow bitcoin trading or at least regulate it, then there is that possibility. But it looks like the government is really bent on not allowing crypto to flourish, then I guess we can say that they won't make a sudden U-turn. As for the trading volume, the question is how accurate the data is, and where are the source.

Do people from Bangladesh still have access to crypto-related sites, meaning that they're just not allowed to cross through the banks when earning in crypto but they can still trade like usual?
I guess they're just using VPNs that's why these trading volume gets pumped, but I am not sure though. They could also be trading personally but it shouldn't affect the volume at all.

[ToothlessCoin]

Bitcoin is the new growing frontier of south asia. It has highest GDP growth in the region surpassing the regional giants like India. Thats why its coming up in every field and BTC is not an exception.