I am stopping for legal reasons. Is it really worth the trouble?

[tjtonmoy]

As many of you may have read my previous posts and know that I used to accept crypto in my business. I was waiting for a Bitcoin payment to happen because all others were in alts. I used to convert them to BTC. No big deal there. But recently I am facing some issue with this.

I had to stop accepting Bitcoin/ Crypto payments because Cryptocurrency is not legal here anymore. It was in a gray area for quite some reason, but recently the law department is making their move by putting crypto in a black area, thus declaring it illegal.

I don't wanna wind up in some illegal affairs, so I put a halt in the crypto payment section. From my point of view, this is the best option I am left with right now.  I have no idea when will I be able to continue, or will I ever be able to continue again. And this whole thing is not because of any complaint from the police or anything like that. I am doing this for my own safety and to continue with my business. They are putting people in jail if they know we possess crypto.

So it's a personal thing for me. I can still continue if I wish to, but that doesn't seem like the wise decision. So let's hear what you guys want to say. Give me some advice from your personal experiences.

[Ebede]

You've been accepting bitcoin as a payment condition will not affect you even though the government enforces law into your environment so what I want to inform you is that it is the very difficult to see a country that bitcoin is legal or cryptocurrency is legal but I know quite well that Bitcoin if you receive the payment you can able in converted to usd and also to your country currency pro series of exchanges operational so I will advise you to continue to accept a cryptocurrency as part of payment

[mendace]

It's understandable that you want to avoid any potential legal issues, so stopping the acceptance of crypto payments for now seems like a reasonable decision. However, it's important to keep up-to-date with the legal status of cryptocurrency in your area and to follow the law. You may also want to consider seeking advice from a legal professional to ensure that you're making informed decisions. Additionally, you can look into alternative payment methods that are legal and secure in your region.
Here are some general tips for preserving privacy and avoiding tracking when using Bitcoin:

Use a reputable and secure wallet: Store your Bitcoins in a secure, private wallet that allows you to control your private keys.

Use a new address for each transaction: Always using a unique address for each transaction makes it more difficult for others to track your activities.

Use a VPN: When accessing your wallet or making transactions, using a VPN can help hide your IP address and encrypt your internet connection, making it more difficult for others to track your activities.

Avoid reusing addresses: Reusing addresses can make it easier for others to track your activities and connect multiple transactions to the same person.

Be mindful of your personal information: Be careful about sharing personal information, such as your name, address, or other identifying information, when using Bitcoin.

Additionally, running a node allows you to validate transactions and blocks yourself, increasing security and reducing your reliance on centralized services.

[Dunamisx]

What about p2p, does that has to do with centtal authorities, your customers can always make payment without using a centralized exchange which is why everyone need to hold their coins in their wallet and not on exchanges, why should your country make that into law against the acceptance is best known to them but i believe it could have been part of the illicit activities associated with altcoins that aggravates this into action, while you could enjoy p2p to circumvent this embargo because sooner or later you would still realize what you would have missed implementing a stop on bitcoin acceptance because that's the direction the world digital economy is heading.

[Z-tight]

You've been accepting bitcoin as a payment condition will not affect you even though the government enforces law into your environment so what I want to inform you is that it is the very difficult to see a country that bitcoin is legal or cryptocurrency is legal but I know quite well that Bitcoin if you receive the payment you can able in converted to usd and also to your country currency pro series of exchanges operational so I will advise you to continue to accept a cryptocurrency as part of payment

Bitcoin is legal in most countries. There is a difference between explicitly banning crypto and being crypto-unfriendly, for example in the United States crypto and BTC isn't banned, nor is it illegal, but the government want to regulate it, and would probably never make it a legal tender, but you can perform any crypto transaction without facing legal problems. China is another country that has banned crypto mining and crypto exchanges, but didn't explicitly make crypto transactions illegal. In op's country Bagladesh, crypto is explicitly illegal and trading it can bring problems for the person doing so.

So it's a personal thing for me. I can still continue if I wish to, but that doesn't seem like the wise decision. So let's hear what you guys want to say. Give me some advice from your personal experiences.

If you will run into legal problems by accepting crypto payment, then the most logical thing to do is to stop it. You would surely continue using BTC and crypto secretly as there are ways to do it, but openly accepting it in your business kind of brings you out and it could be bad for you as it is illegal.

[hatshepsut93]

This is the reality of using Bitcoin. Bitcoiners like to believe that governments can't stop Bitcoin because they themselves wouldn't quit if their government banned it, but an average person would very likely quit because to them it's just not worth the risk. If all governments in the world decided to ban Bitcoin like they once decided to ban drugs, Bitcoin would be just a currency of darknet markets and not a "financial revolution".

[Finestream]

This is the reality of using Bitcoin. Bitcoiners like to believe that governments can't stop Bitcoin because they themselves wouldn't quit if their government banned it, but an average person would very likely quit because to them it's just not worth the risk. If all governments in the world decided to ban Bitcoin like they once decided to ban drugs, Bitcoin would be just a currency of darknet markets and not a "financial revolution".

Bitcoin is great, and bitcoin accumulation is always worth our money, but bitcoin without the support of the government and being banned all over the world, then I think bitcoin will end up useless. Although you can still continue to accept bitcoin if you like, for your own investment, but i don’t think if there will be a lot of customers that will prefer to pay with bitcoin instead of fiat.

[Scripture]

They are not consistent with their policies, and probably it will cause more trouble if you will still accept crypto as a payment, for now follow their regulations and just stay in the market on your own. We are still far from this scenario where you can freely accept cryptocurrency as a payment without worrying about the regulations, many countries are still making this hard to adopt. Bitcoin will still prevail and time will come, just continue doing your business as usual.

[Rengga Jati]

I don't wanna wind up in some illegal affairs, so I put a halt in the crypto payment section. From my point of view, this is the best option I am left with right now. 

Constraints like these make crypto, especially Bitcoin, unable to be maximized as it functions. Here, we understand that sometimes we cannot put forward our ideals in doing something, because sometimes it can become a rock and an obstacle. It's not that I don't support the use of Bitcoin as a means of payment anymore, but if this is the case like what you are experiencing, then I think it's okay to comply with the government more securely and for the sake of your business continuity without any problems from the authorities. This is not only happening in your country, but also in mine. Even though crypto is legal as an investment tool or commodity, Bitcoin is still not legal as a means of payment and cannot be used as a means of payment. hence, some people who wanted to do it, had to go underground. And this is of course difficult because we don't know who or which merchants received it because it was not announced.

[Sanitough]

As many of you may have read my previous posts and know that I used to accept crypto in my business. I was waiting for a Bitcoin payment to happen because all others were in alts. I used to convert them to BTC. No big deal there. But recently I am facing some issue with this.

I had to stop accepting Bitcoin/ Crypto payments because Cryptocurrency is not legal here anymore. It was in a gray area for quite some reason, but recently the law department is making their move by putting crypto in a black area, thus declaring it illegal.

I don't wanna wind up in some illegal affairs, so I put a halt in the crypto payment section. From my point of view, this is the best option I am left with right now.  I have no idea when will I be able to continue, or will I ever be able to continue again. And this whole thing is not because of any complaint from the police or anything like that. I am doing this for my own safety and to continue with my business. They are putting people in jail if they know we possess crypto.

So it's a personal thing for me. I can still continue if I wish to, but that doesn't seem like the wise decision. So let's hear what you guys want to say. Give me some advice from your personal experiences.

Better stop. There’s no sense fighting and promoting for bitcoin because the people around you will not gonna fight and oppose the government policies as they are afraid to do so. However, you can still continue to invest and accumulate more bitcoin but not in a process of accepting bitcoin as a payment system as your consumers will never want anymore to be involved in bitcoin as it’s banned in your country.

[Upgrade00]

I am doing this for my own safety and to continue with my business. They are putting people in jail if they know we possess crypto.

This answers your question. If your safety and security is compromised, then you should halt all public transactions in cryptocurrency until a more convenient time to allow it as a payment option.

Bitcoin is decentralized, but we as citizens of certain regions have to conform as much as possible to existing laws and regulations.

[Wiwo]

What about p2p, does that has to do with centtal authorities, your customers can always make payment without using a centralized exchange which is why everyone need to hold their coins in their wallet and not on exchanges, why should your country make that into law against the acceptance is best known to them but i believe it could have been part of the illicit activities associated with altcoins that aggravate this into action, while you could enjoy p2p to circumvent this embargo because sooner or later you would still realize what you would have missed implementing a stop on bitcoin acceptance because that's the direction the world digital economy is heading.

From the look of things ops may end up making a rush decision in stopping his cryptocurrency alternative payment because, from the look of things on the government bank circular ops posted,  it shows that the bank is just trying to warn citizens against the risk associated with virtual currencies, but not a total ban and I am sure P2P will work perfectly in this situation.
*ops should know that, receiving cryptocurrency payment give his business an edge over its contemporaries who only have one payment method.
*I advised ops to seek legal advice as suggested by someone on thos threads.

[Silberman]

As many of you may have read my previous posts and know that I used to accept crypto in my business. I was waiting for a Bitcoin payment to happen because all others were in alts. I used to convert them to BTC. No big deal there. But recently I am facing some issue with this.

I had to stop accepting Bitcoin/ Crypto payments because Cryptocurrency is not legal here anymore. It was in a gray area for quite some reason, but recently the law department is making their move by putting crypto in a black area, thus declaring it illegal.

I don't wanna wind up in some illegal affairs, so I put a halt in the crypto payment section. From my point of view, this is the best option I am left with right now.  I have no idea when will I be able to continue, or will I ever be able to continue again. And this whole thing is not because of any complaint from the police or anything like that. I am doing this for my own safety and to continue with my business. They are putting people in jail if they know we possess crypto.

So it's a personal thing for me. I can still continue if I wish to, but that doesn't seem like the wise decision. So let's hear what you guys want to say. Give me some advice from your personal experiences.

You did the right thing, there is no need to take risks you are not comfortable taking, especially if the government is actively pursuing and incarcerating anyone that deals with cryptocurrencies, just be careful because even if you do not deal with cryptocurrencies anymore maybe someone could alert the authorities you did in the past and they may pay you a visit, so be also ready to answer some questions and defend yourself and make it clear that you are respecting the law and you stopped doing that as soon as this law passed.

[kamvreto]

If it has been banned and blacklisted, then obeying the rules is the choice you have to make, if you insist on continuing with the adoption you will get bigger problems. You have done the right thing by stopping accepting bitcoin payments and reverting to accepting payments only in your country's currency.
But you can still use bitcoin for other purposes, namely as a commodity and of course that won't be a problem because the government won't check crypto users one by one.
If access is blocked you can still use a VPN and of course there will be many other alternatives.
If at first, you were open about crypto, now you have to be quiet and close the meeting you are using crypto, so you don't get new problems.

[BitMaxz]

I think this is just for traders. Why not hold your coins instead I don't think holding coins is illegal since you are not trading them for local currency it should be fine.

And I suggest do all transactions privately if ever you use BTC an online VPN and incognito/private browsing should protect your privacy. Just don't exchange all your crypto for local currency until central banks approve it. You can still exchange them in the future or move to other countries where crypto is legal.

[AmoreJaz]

If it has been banned and blacklisted, then obeying the rules is the choice you have to make, if you insist on continuing with the adoption you will get bigger problems. You have done the right thing by stopping accepting bitcoin payments and reverting to accepting payments only in your country's currency.
But you can still use bitcoin for other purposes, namely as a commodity and of course that won't be a problem because the government won't check crypto users one by one.
If access is blocked you can still use a VPN and of course there will be many other alternatives.
If at first, you were open about crypto, now you have to be quiet and close the meeting you are using crypto, so you don't get new problems.

you will never know if someone will leak some info to your government that you are dealing with crypto. so for now, better halt your payment option and don't let anybody know that you are still in crypto. better be discreet with your crypto dealings. better stop accepting crypto as it may create more trouble on your end. just go back when things are much better for crypto in your area.

[dothebeats]

Better be safe than sorry, and halt crypto payments until the smoke settles. You can still buy bitcoins using your profits that you can set aside, and that wiuldn't make much of a difference at all. At least it puts you in a discreet setup that doesn't endanger you that much as you can still buy and sell bitcoins using Binance or any such trading platform available in your country. I don't think your government would impose a strict monitoring of your online activities to prevent this one from happening, so you should be good.

[jossiel]

That's fine.

We can't say that you'll be fine and the government will understand that it's just another payment method if they're the one enforcing some rule of law for you to stop accepting transactions in bitcoin.

It's understandable that you have to do it for your own safety and as well as for your business. You'll have to obey what it says in the law but I know there are folks that have been doing something like this against the law but, they're just remaining lowkey so they won't get caught by the authorities.

[EdenHazard]

That's fine.

We can't say that you'll be fine and the government will understand that it's just another payment method if they're the one enforcing some rule of law for you to stop accepting transactions in bitcoin.

It's understandable that you have to do it for your own safety and as well as for your business. You'll have to obey what it says in the law but I know there are folks that have been doing something like this against the law but, they're just remaining lowkey so they won't get caught by the authorities.

Well yeah , just do what they ask ... obey it at first.

Then just find a way ... or else the solution will come after you in the coming days for sure as there will always someone who figuring out something like this and get his legal ways to back in the business , accepting bitcoin in a strict country never be easy but they will just regret it later and you laugh out of it, time will tell.

[dunfida]

So it's a personal thing for me. I can still continue if I wish to, but that doesn't seem like the wise decision. So let's hear what you guys want to say. Give me some advice from your personal experiences.

Better stop if you dont like to mess up your life because you would really get imprisoned.Its just sad that there's nothing we can do if government do really make out such step or decision and its the sad
thing for us to deal with which we dont really have any choice whether to oppose or obey their decisions.It is really just sad that you are really that optimistic towards bitcoin adoption and recognition
via applying it into your own business but it turns out that regulation issues would really be the main problem as always.So they do really end up on prohibiting
crypto or Bitcoin into your place, so for now its better to cool it off if you dont like more problems be faced on potentially.