Is Bangladesh going to accept Cryptocurrency???

[arwin100]

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.

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.

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.

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[Swopon]

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.

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.

[Sparrow96]

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. 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. 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.

[ultrloa]

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.

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.

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.

[Mahdirakib]

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. ~snip~

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. 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.

[GrinZ]

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.

[RealMalatesta]

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.

[sapnu]

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!

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.

[Ayiranorea]

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.

[loopes]

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.

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.

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. Cryptocurrencies might increase money laundering, and the government won't return them as they are hard to trace.

-snipped-

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.

[iamsheikhadil]

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.

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.

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. Cryptocurrencies might increase money laundering, and the government won't return them as they are hard to trace.

-snipped-

The bangladesh goverment are suffering to overcome high values of money laundering there so What the goverment can do is prohibited the bitcoin as a prevent 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.

[Swopon]

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.

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.

[Buttermellow]

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.

[babykika2027]

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

[Vishnu.Reang]

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.

[AniviaBtc]

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.

[Swopon]

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

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.

From Blockchain data.

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

[Sparrow96]

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

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.

[Latviand]

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.

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.

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.

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.

[Swopon]

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.

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.

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.

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.