Is Bangladesh going to accept Cryptocurrency???

[ice098]

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.

Really? it is banned in there? Because I see many indians and bangladeshi in many crypto related website, as well as in here, most of the bounty hunters now are came from that countries, so I don't it is banned in there, I have a thought that sooner or later they will adapt it perfectly, maybe it will be on paused now since government will make a hard research for it now and some of the cities are not yet capable for implementing cashless transactions.

[mezzaluna]

Bangladesh is known as one of the resourceful third worlds countries of the world. But their economy is very poor and maximum people are living below the poverty line. Though their GDP growth is very well and it's increasing day by day.

Their government is not crypto-friendly and it is strongly prohibited there. Some people already got punishment due to using transaction via cryptocurrency.

Currently, I have noticed some changes happened with Bangladesh, and journalists of that country already published articles about cryptocurrency and trying to highlight some position aspects.

The big changes happened with some exchanges. A few days back, Kucoin announced to accept Bangladeshi taka via the P2P system by local merchants. Now I have noticed that Binance is also accepting and looking for a local P2P merchant who has a stable source of cryptocurrency and BDT. So it is good news for them that maybe their government will accept cryptocurrency. Maybe we will get a chance soon.

When big exchanges are coming to push cryptocurrency there so another good news that is not so far. The scenario can be different as we think but we can hope for the best.

Binance already published this article-- https://www.binance.com/en/support/articles/14cbf4930c544dac96161f166ac8eecd

There are currently no restrictions within Bangladesh that might stop users within the country from using Cryptocurrencies so I guess it is somehow a not-so illegal thing that you only need to use secretly since they are just prohibiting people from using it. They did not specify that they must not learn how to use Cryptocurrencies since that would be a hard task even for their government. Cryptocurrencies can be used within the Internet so maybe as long as they are not cashing out their money, they would not have a problem by using it.

[Swopon]

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.

Really? it is banned in there? Because I see many indians and bangladeshi in many crypto related website, as well as in here, most of the bounty hunters now are came from that countries, so I don't it is banned in there, I have a thought that sooner or later they will adapt it perfectly, maybe it will be on paused now since government will make a hard research for it now and some of the cities are not yet capable for implementing cashless transactions.

Yes, it is banned here and it was never legalize. It is true that maximum bounty hunters come from those countries which you mentioned and it was for unemployment problem there. You know, people need money to survive and government can't do much for the huge population. So that they are doing what they can in online and offline.

[Swopon]

Bangladesh is known as one of the resourceful third worlds countries of the world. But their economy is very poor and maximum people are living below the poverty line. Though their GDP growth is very well and it's increasing day by day.

Their government is not crypto-friendly and it is strongly prohibited there. Some people already got punishment due to using transaction via cryptocurrency.

Currently, I have noticed some changes happened with Bangladesh, and journalists of that country already published articles about cryptocurrency and trying to highlight some position aspects.

The big changes happened with some exchanges. A few days back, Kucoin announced to accept Bangladeshi taka via the P2P system by local merchants. Now I have noticed that Binance is also accepting and looking for a local P2P merchant who has a stable source of cryptocurrency and BDT. So it is good news for them that maybe their government will accept cryptocurrency. Maybe we will get a chance soon.

When big exchanges are coming to push cryptocurrency there so another good news that is not so far. The scenario can be different as we think but we can hope for the best.

Binance already published this article-- https://www.binance.com/en/support/articles/14cbf4930c544dac96161f166ac8eecd

There are currently no restrictions within Bangladesh that might stop users within the country from using Cryptocurrencies so I guess it is somehow a not-so illegal thing that you only need to use secretly since they are just prohibiting people from using it. They did not specify that they must not learn how to use Cryptocurrencies since that would be a hard task even for their government. Cryptocurrencies can be used within the Internet so maybe as long as they are not cashing out their money, they would not have a problem by using it.

Yes, no restrictions but it is banned here and if anyone involve to do transactions or other things using cryptocurrency then he or she will be punished as per country law. Already there has many news on that who already caught by then for getting connected with cryptocurrency. We, the people are still using it at our own risk. If they know any how then we might be caught and punished physically with fine. So it should be used with your own risk and secretly which you already quoted.

[Pokapoka124]

Third world countries are not likely to accept cryptocurrency before First world nations. There is also the issue of misinformation around these parts. And scammers have done a lot to dent the image of crypto. A lot has to be done to enlighten the people about crypto. I believe they will be more receptive to the idea and jump on the wagon when they see most of Europe accept crypto.

[Pom_bensin]

I'm still not sure about the Bangladeshi regulations that will support P2P exchanges. apart from strictly prohibiting crypto this country is very minimal with its economy. I don't understand what the country really wants. Isn't it that letting people invest in bitcoin will reduce the burden on the country's economy, and at the same time state revenues to build a higher economy will begin to be resolved.

I also think so, investing in crypto seems to make it easier for people to be independent and get profit. but it seems that bangladesh has its own reasons for that which we do not know, so we are just waiting for a valid reason from the bangladesh government

[Renampun]

...

What makes me interested in this news is the possibility that other countries will follow Bangladesh...
it is not easy to accept cryptocurrency, so if any country accepts it is a great thing. if it proves to be successful then there is no doubt that the surrounding countries will definitely follow it.

[DeadCoin]

 In my own opinion, it is easy to understand for this kind of country which is Bangladesh that they don't want to be loved by another color suchlike P2P or part of cryptocurrency is because it's all about their own priority business, Perhaps, they may be able to blame so that the leaders of their government providers need people remains foolish to be easily obsessed anytime to control their mindset. Basically, it is brain down like a random strategy for people's loyalty to become an enemy and still contradicts what is best. but I believe the day will come when they will also understand the importance of crypto.

[Indymoney]

...

What makes me interested in this news is the possibility that other countries will follow Bangladesh...
it is not easy to accept cryptocurrency, so if any country accepts it is a great thing. if it proves to be successful then there is no doubt that the surrounding countries will definitely follow it.

This all is not easy as we are thinking because right now many issues and policies which need to be implemented for this all then they will able to have this all but sadly politicians also not doing good as they don't want to give some good and better ways to common peoples they want to live like landlords and their necessity is peoples live like their slaves which is bringing some serious mind games they have ability to do some really good and have some good name in region but poor system.

[Vishnu.Reang]

What makes me interested in this news is the possibility that other countries will follow Bangladesh...
it is not easy to accept cryptocurrency, so if any country accepts it is a great thing. if it proves to be successful then there is no doubt that the surrounding countries will definitely follow it.

There is still no confirmation about this. I have checked the mainstream media from Bangladesh, including bdnews24 and The Daily Star. This news was not mentioned anywhere. I am getting suspicious, because as recently as 2019 there were reports of cryptocurrency traders getting arrested in Dhaka. And there are not many Bitcoin-based businesses there. Bitcoin ATMs and exchanges are not allowed.

[Stedsm]

I think that when you (Gov) know about your country's economic health and see that crypto has a wide range of services available as well as can bring in enough opportunities to the youth of their country if they allow crypto exchanges to operate there. I believe it can also help strengthen their GDP and can also gain some extra momentum as one whole country starts accepting it, so it'll be a win-win for both the ends.

[Sithara007]

I think that when you (Gov) know about your country's economic health and see that crypto has a wide range of services available as well as can bring in enough opportunities to the youth of their country if they allow crypto exchanges to operate there. I believe it can also help strengthen their GDP and can also gain some extra momentum as one whole country starts accepting it, so it'll be a win-win for both the ends.

The governments still believe that allowing cryptocurrency trading would be more harmful for them, compared to any potential gains. In none of the South Asian nations, Bitcoin is 100% legal. In India, recently an individual was arrested from the city of Bangalore, for trying to install a Bitcoin ATM. Nepal and Bangladesh have banned all cryptocurrency activity and arrested those who have traded with cryptocurrencies.

[Swopon]

I think that when you (Gov) know about your country's economic health and see that crypto has a wide range of services available as well as can bring in enough opportunities to the youth of their country if they allow crypto exchanges to operate there. I believe it can also help strengthen their GDP and can also gain some extra momentum as one whole country starts accepting it, so it'll be a win-win for both the ends.

The governments still believe that allowing cryptocurrency trading would be more harmful for them, compared to any potential gains. In none of the South Asian nations, Bitcoin is 100% legal. In India, recently an individual was arrested from the city of Bangalore, for trying to install a Bitcoin ATM. Nepal and Bangladesh have banned all cryptocurrency activity and arrested those who have traded with cryptocurrencies.

You are right. Here, in Bangladesh, crypto currency buy, sell or exchange is strongly denied and one of the punishable crime to do such things. Already it is proven model here that Cryptocurrency isn't allowed. But some people like us using it with our own risk because we love to use it and we are not involve in any crime using cryptocurrency. Hopefully government will think about it with some positive aspects.

[xSkylarx]

I think that when you (Gov) know about your country's economic health and see that crypto has a wide range of services available as well as can bring in enough opportunities to the youth of their country if they allow crypto exchanges to operate there. I believe it can also help strengthen their GDP and can also gain some extra momentum as one whole country starts accepting it, so it'll be a win-win for both the ends.

The governments still believe that allowing cryptocurrency trading would be more harmful for them, compared to any potential gains. In none of the South Asian nations, Bitcoin is 100% legal. In India, recently an individual was arrested from the city of Bangalore, for trying to install a Bitcoin ATM. Nepal and Bangladesh have banned all cryptocurrency activity and arrested those who have traded with cryptocurrencies.

You are right. Here, in Bangladesh, crypto currency buy, sell or exchange is strongly denied and one of the punishable crime to do such things. Already it is proven model here that Cryptocurrency isn't allowed. But some people like us using it with our own risk because we love to use it and we are not involve in any crime using cryptocurrency. Hopefully government will think about it with some positive aspects.

Why is it a crime there to use bitcoin? Is it always used by the criminals there that resulted for the government to impose such law? That is the only reason I can think of to ban the use of bitcoin there. Other countries who also have reported cases of using bitcoin illegally don't just ban bitcoin thus they require many papers to prove how and where you get your bitcoin.

[Sithara007]

Why is it a crime there to use bitcoin? Is it always used by the criminals there that resulted for the government to impose such law? That is the only reason I can think of to ban the use of bitcoin there. Other countries who also have reported cases of using bitcoin illegally don't just ban bitcoin thus they require many papers to prove how and where you get your bitcoin.

It is a crime to use Bitcoin in Bangladesh, because the government has imposed a blanket ban on all cryptocurrency-related activity. And Bangladesh is not the only country to have done this. You can check the map at Bitlegal and it is clear that dozens of countries have banned the use of cryptocurrency in their jurisdictions, including Nepal, Namibia, Vietnam and Iceland.

[Swopon]

It is a crime to use Bitcoin in Bangladesh, because the government has imposed a blanket ban on all cryptocurrency-related activity. And Bangladesh is not the only country to have done this. You can check the map at Bitlegal and it is clear that dozens of countries have banned the use of cryptocurrency in their jurisdictions, including Nepal, Namibia, Vietnam and Iceland.

I have found six countries so far where cryptocurrency is totally banned and punishable crime. Bangladesh is one of them where it is already provided earlier. Six countries are,

Algeria
Bolivia
Ecuador
Bangladesh
Nepal
Macedonia

Check out the reference below.
Reference- https://www.google.com/amp/s/blog.sagipl.com/legality-of-cryptocurrency-by-country/amp/

[Vishnu.Reang]

I have found six countries so far where cryptocurrency is totally banned and punishable crime. Bangladesh is one of them where it is already provided earlier. Six countries are....

There is a difference between de facto illegal and de jure illegal. In countries such as Bolivia and Ecuador, no one has been arrested till now for trading in Bitcoin. On the other hand, Bangladesh and Nepal have a history of arresting Bitcoin traders. So you can't compare these two group of countries. Bangladesh belongs to a select group, where trading in cryptocurrency can land you in jail.

[Swopon]

I have found six countries so far where cryptocurrency is totally banned and punishable crime. Bangladesh is one of them where it is already provided earlier. Six countries are....

There is a difference between de facto illegal and de jure illegal. In countries such as Bolivia and Ecuador, no one has been arrested till now for trading in Bitcoin. On the other hand, Bangladesh and Nepal have a history of arresting Bitcoin traders. So you can't compare these two group of countries. Bangladesh belongs to a select group, where trading in cryptocurrency can land you in jail.

Yes, you are correct mate. Though there has some restrictions in other countries, that's why I just highlighted them on a same ways to mean that mentioned all countries are restricted. My friend also arrested in Bangladesh due to making transactions through cryptocurrency. So, here restricted countries are highlighted.

[AjithBtc]

Overcoming the ban imposed over the usage of cryptocurrencies for the Transaction purpose as well on other needs people continue to make use of it. In reality very little people from these countries were aware about bitcoin and other cryptocurrencies. The banning by the government had made bitcoin usage punishable, but the users who have much attached to it use varied others
Sources.

[Sithara007]

Overcoming the ban imposed over the usage of cryptocurrencies for the Transaction purpose as well on other needs people continue to make use of it. In reality very little people from these countries were aware about bitcoin and other cryptocurrencies. The banning by the government had made bitcoin usage punishable, but the users who have much attached to it use varied others
Sources.

Obviously it is not practical for the government to arrest millions of people who use cryptocurrency. And due to the semi-anonymous nature of cryptocurrency, it is not easy to trace the users as well. As a result, they will arrest a few random traders and give it a lot of publicity, in order to deter others from dealing in cryptocurrency. This was the strategy used in India and some of the other Asian nations as well.