Bitcoin in Bangladesh!

[Respite09]

Bitcoin is not recognized in Bangladesh, in a word, it is banned.  The Central Bank of Bangladesh Bangladesh Bank has not legalized the use of this currency in the country.  The central bank said the transaction could violate anti-money laundering and anti-terrorism financing laws.

Bangladesh Bank also issued a notification in December 2016 warning the people of the country about bitcoin.  It said that bitcoin is being traded in the country using various websites and social media, which is not approved by any regulatory body.  The use of these virtual currencies is not supported by the Foreign Exchange Control Act 1948, the Anti-Terrorism Act 2009 and the Prevention of Money Laundering Act 2012.  As a result, there is a risk of financial loss to the people.

[DeathAngel]

They can’t confiscate what they don’t know about (Hint Hint). VPN’s, Tor etc are available. Maybe you could buy bitcoin from people on the forum in the Marketplace. Paypal purchases would be untraceable to bitcoin.

[SATWAT]

They can’t confiscate what they don’t know about (Hint Hint). VPN’s, Tor etc are available. Maybe you could buy bitcoin from people on the forum in the Marketplace. Paypal purchases would be untraceable to bitcoin.

Currently we have very strong Bangladeshi community here on this forum and in crypto community even government is not accepting this all but they are doing some good work I personally in touch with few friends from there we are exchanging crypto and bitcoin without any problem but some fear is still around due to poor system and government's hard policy against crypto.

[Ludmilla_rose1995]

Bitcoin is not recognized in Bangladesh, in a word, it is banned.  The Central Bank of Bangladesh Bangladesh Bank has not legalized the use of this currency in the country.  The central bank said the transaction could violate anti-money laundering and anti-terrorism financing laws.

Bangladesh Bank also issued a notification in December 2016 warning the people of the country about bitcoin.  It said that bitcoin is being traded in the country using various websites and social media, which is not approved by any regulatory body.  The use of these virtual currencies is not supported by the Foreign Exchange Control Act 1948, the Anti-Terrorism Act 2009 and the Prevention of Money Laundering Act 2012.  As a result, there is a risk of financial loss to the people.

In my opinion, the regulations made by the central bank of Bangladesh are very strange. The people will be jailed if they transact using bitcoin. However, the legal basis for this is using the anti-money laundering law.

Even though using bitcoin is not necessarily money laundering.  

[Serious475]

Bitcoin is not recognized in Bangladesh, in a word, it is banned.  The Central Bank of Bangladesh Bangladesh Bank has not legalized the use of this currency in the country.  The central bank said the transaction could violate anti-money laundering and anti-terrorism financing laws.

Bangladesh Bank also issued a notification in December 2016 warning the people of the country about bitcoin.  It said that bitcoin is being traded in the country using various websites and social media, which is not approved by any regulatory body.  The use of these virtual currencies is not supported by the Foreign Exchange Control Act 1948, the Anti-Terrorism Act 2009 and the Prevention of Money Laundering Act 2012.  As a result, there is a risk of financial loss to the people.

If bitcoin is not recognized in bangladesh, i think this is a good spot or country to raise your bitcoin. They cannot confiscate your bitcoin if they dont that you have it. You can use different tools to not recognized by the government of bangladesh like vpn and other way of personality hider. You can also explain to other people of bangladesh how bitcoin is working so that if there is a lot of convinced people, the government itself will manage to allow the bitcoin to enter their country and you don't have to hide your identity anymore. It can also make the price of bitcoin higher since there will be having a lot of new investors that can make the demand higher. It is really better if the bitcoin community is bigger because the chance of earning is bigger too.

[ecnalubma]

You can always find a way to buy bitcoin secretly. Maybe countries like Bangladesh is not ready for it maybe in the next few they might learn to love this technology, Bitcoin is definitely more transparent than traditional money. Financial world needs an upgrade, the race is on just imagine the advantage of going digital during this pandemic its a big help.

[BrewMaster]

the central banks of no country can ban anything, only the government can do that. and even though the central banks are part of the government but they still need the government to ban anything.
also Bangladesh banned bitcoin many years ago. if i am not mistaken they did it in very early years and nothing has changed over the years except the fact that people have learned how to buy bitcoin easily over the counter.

[Respite09]

They can’t confiscate what they don’t know about (Hint Hint). VPN’s, Tor etc are available. Maybe you could buy bitcoin from people on the forum in the Marketplace. Paypal purchases would be untraceable to bitcoin.

The current situation is really worrying for Bangladeshis.  The Bangladesh government is in a tough position on bitcoin.  Police are even detaining many in many places.  It is true that we are very scared for this.  I think this is happening because of the government's lack of foresight.
Currently we have very strong Bangladeshi community here on this forum and in crypto community even government is not accepting this all but they are doing some good work I personally in touch with few friends from there we are exchanging crypto and bitcoin without any problem but some fear is still around due to poor system and government's hard policy against crypto.

[teosanru]

Even though I don't endorse going against the laws of your country but Bitcoin buying and selling in Bangladesh is not restricted any specific act or provision in any other act. Moreover despite the ban I have not seen a lot of cases of cognizance being taken against the offenders who are involved in bitcoin buying and selling. It's true that a lot of terrorism funding can and does happens in bitcoin but it's just a shortcoming of emerging technology. Army Robots can replace humans in the battle field but they come with their own risks it's up to us to see whether the benefits outweigh the demerits of the technology. Even India is going to go on the footsteps of Bangladesh and China and might ban cryptocurrencies.

[Respite09]

In my opinion, the regulations made by the central bank of Bangladesh are very strange. The people will be jailed if they transact using bitcoin. However, the legal basis for this is using the anti-money laundering law.

Even though using bitcoin is not necessarily money laundering.  

I do not know why the Bangladesh government has made such a law.  Really very strange. I think this is happening because high-ranking officials in Bangladesh do not have knowledge about bitcoin. If they had an idea, they would have amended this law and legalized bitcoin.

[Rana590]

Such a situation has not yet arisen in Bangladesh to legalize bitcoin.  But I hope Bitcoin will be legalized in Bangladesh very soon and banks will be interested in accepting it.  Bitcoin is bought and sold in the local market even though it is not legalized.

[Respite09]

Such a situation has not yet arisen in Bangladesh to legalize bitcoin.  But I hope Bitcoin will be legalized in Bangladesh very soon and banks will be interested in accepting it.  Bitcoin is bought and sold in the local market even though it is not legalized.

It is right to be bought and sold in the local market.  But the way the police are dealing with this, it seems we are going through a very difficult time.  And I think it's very scary for us.

[Hmahadi]

Such a situation has not yet arisen in Bangladesh to legalize bitcoin.  But I hope Bitcoin will be legalized in Bangladesh very soon and banks will be interested in accepting it.  Bitcoin is bought and sold in the local market even though it is not legalized.

Bitcoin will be legal in our country but it will take time. When the Bangladesh government realizes that Bitcoin is the currency of the future. Then our country will lag behind other countries like 5 years. A total of 5 countries, including our country, do not support Bitcoin.
1.
Bangladesh.
2.
Iran.
3.
Nepal
4.
Denmark
5.
Ecuador

Bangladesh Bitcoin is illegal. But the use of Bitcoin is increasing day by day.

[AmoreJaz]

They can’t confiscate what they don’t know about (Hint Hint). VPN’s, Tor etc are available. Maybe you could buy bitcoin from people on the forum in the Marketplace. Paypal purchases would be untraceable to bitcoin.

Currently we have very strong Bangladeshi community here on this forum and in crypto community even government is not accepting this all but they are doing some good work I personally in touch with few friends from there we are exchanging crypto and bitcoin without any problem but some fear is still around due to poor system and government's hard policy against crypto.

so right now, it is more on p2p how you can convert your crypto to your fiat?

but when i did a quick search and found about 8 exchanges that you can use when you are staying in bangladesh. so this means, this is not true? are there no crypto exchanges that you can use to convert your btc to fiat?

https://www.bitrawr.com/bangladesh

[tabas]

But Binance supports Bangladeshi trades for peer to peer trading.
https://www.binance.com/en/support/announcement/14cbf4930c544dac96161f166ac8eecd

Bitcoin will be legal in our country but it will take time. When the Bangladesh government realizes that Bitcoin is the currency of the future. Then our country will lag behind other countries like 5 years. A total of 5 countries, including our country, do not support Bitcoin.

It is just a matter of time until your government gives a green signal for you guys.

[Nora Olin]

As long as Bitcoin can be converted into U.S. dollars, it will always have the possibility of bribery or money laundering and drug trafficking. Even if a country declares it illegal, as long as it can be exchanged for U.S. dollars through exchanges, it will still be valuable.

[Obito]

They can’t confiscate what they don’t know about (Hint Hint). VPN’s, Tor etc are available. Maybe you could buy bitcoin from people on the forum in the Marketplace. Paypal purchases would be untraceable to bitcoin.

I don't know but this is pretty illegal (wink wink) but if you have the computer prowess to do the hiding then you might be able to pull it off, it's not like they will be able to enforce that ban that much, in my country the regulations lose its edge around 3 to 7 months after becoming a regulation and after that, it is either a norm or it is forgotten. Purchasing bitcoin in person will be difficult because it might be an entrapment operation by authorities.

[Nunoluck]

It is so bad for bitcoin users who live in Bangladesh, they may be jailed for up to 12 years. But if they keep it secret then I think it will not gonna be a problem. The regulation may be change in the future but it will be a huge loss if they don't start to invest now. I personally think that the regulation is too rigid, Bangladesh government should consider bitcoin as money so they only punish people who did crime instead of punish people who only choose bitcoin as their investment. I think as long as people don't do crime using bitcoin, government should not have any right to punish them. But once again it will be safe for people in Bangladesh to obey the government rule, then show their government that bitcoin is just a currency and not a crime.

[KryptoKings]

Bitcoin is not recognized in Bangladesh, in a word, it is banned.  The Central Bank of Bangladesh Bangladesh Bank has not legalized the use of this currency in the country.  The central bank said the transaction could violate anti-money laundering and anti-terrorism financing laws.

Bangladesh Bank also issued a notification in December 2016 warning the people of the country about bitcoin.  It said that bitcoin is being traded in the country using various websites and social media, which is not approved by any regulatory body.  The use of these virtual currencies is not supported by the Foreign Exchange Control Act 1948, the Anti-Terrorism Act 2009 and the Prevention of Money Laundering Act 2012.  As a result, there is a risk of financial loss to the people.

That's nothing new. Many countries do not recognise btc as legal tender and we should not have any problem with that as long as they do not ban it's storage, trading and mining.
Btc can be used as store of value like gold.

[Jawhead999]

But once again it will be safe for people in Bangladesh to obey the government rule, then show their government that bitcoin is just a currency and not a crime.

You're contradicting yourself.
How they can show Bitcoin is not only for a crime (which mean they already have Bitcoin) while they obey the rules of their country? If they show it they will get jailed just like you said above.

The only one thing government can change the regulation are from them only, when they find out on their own if Bitcoin can be considered as money since it can pay many thing with Bitcoin. They might already know it but since it's volatile, high risk and can't be controlled... they ban it.

That's nothing new. Many countries do not recognise btc as legal tender and we should not have any problem with that as long as they do not ban it's storage, trading and mining.

Most of countries banning Bitcoin because of trading and storage (holding), but not sure about mining.

"anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".