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

[goldkingcoiner]

Feel free to miss out on Bitcoin profits once we go 100k+. Personally, I would not be bothered by any government who claims to have banned crypto in 2014 and 2017. And yet here you are, still dealing with cryptocurrencies. I wonder what happened to those bans? Nothing.

Your banks do not want competition and your government does what the banks want. They want to scare you that "you might be in legal trouble sometime in the future for unknown reasons" and you panic. 

Bitcoin not being accepted or recognized as legal tender does not necessarily make it illegal. The legal basis of a “warning” published by the Bangladesh Bank is also questionable.

Source: https://mahbub-law.com/is-bitcoin-legal-in-bangladesh/
But, you are right. It is your right to feel safe and legal...

Good luck in your future!

[1713270187]

1713270187

[1713270187]

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[uneng]

I understand you don't want any legal issues for your business and for yourself and there is no problem in thinking this way.

However, if you do exactly what those regulators want you to do, you won't be able to invest in bitcoin anymore and might lose opportunities that will come with bitcoin valuation. Opportunities that could potentially be your passport outside a country which enforces abusive, restrictive and censoring measures over its citizens.

Give up btc on your business for now, but keep investing on it and growing your holdings in secret.

[AverageGlabella]

My country is not hostile but if it did become hostile and decided to ban btc I would probably have to take my losses and sell and stop using btc until it was allowed again. I will not break the law for anything. Life is worth a whole lot and keeping a investment because you are stubborn and just want to profit more is not a option when it would make you a criminal imo. I think you are making the right choice.

[Lucius]

~snip~
They are putting people in jail if they know we possess crypto.

Nobody wants to go to jail, and if that's the punishment even for owning cryptocurrencies in your country, then accepting them as a means of payment in your store is nothing more than asking for something bad to happen to you. You have to accept that you live in a country that does not have a friendly attitude towards such things, and the only way to change that is to change the current politicians, which means that the crypto community should be much more active in the next elections and elect people who think differently (if they exist).

Another way is to move to another country that doesn't have such laws, but that's not an easy decision to make, especially if you have someone you care about and you can't take them with you.

[Venik]

It's definitely not worth the trouble. It's better to not be in prison if you can. You're still able to buy BTC secretly, I'd suggest you do that and I hope everything will be ok with you.

[Despairo]

You're still able to buy BTC secretly, I'd suggest you do that and I hope everything will be ok with you.

Feel free to miss out on Bitcoin profits once we go 100k+. Personally, I would not be bothered by any government who claims to have banned crypto in 2014 and 2017. And yet here you are, still dealing with cryptocurrencies. I wonder what happened to those bans? Nothing.

I think @OP is discuss about their business and Bitcoin payment, not his personal and Bitcoin holding. As far as I can see @OP wouldn't quit to hold Bitcoin, this is why we're still see he's wear paid signature in this forum. It's ridiculous if the @OP continue to accept Bitcoin payment on his business, similar like how you sell drugs while your country forbid it.

Technically it's a crime if @OP using Bitcoin when his country ban it, but some people including me wouldn't see it as crime as long as it's not used for illegal stuffs or harm any people.

[pixie85]

My country is not hostile but if it did become hostile and decided to ban btc I would probably have to take my losses and sell and stop using btc until it was allowed again. I will not break the law for anything. Life is worth a whole lot and keeping a investment because you are stubborn and just want to profit more is not a option when it would make you a criminal imo. I think you are making the right choice.

I'd do the opposite. If my country decided to ban crypto I wouldn't sell it. Why should I take any losses because my government wants me to? I'm not a slave of my government, the borders are open. I'd rather sell my apartment and keep my bitcoins. They're worth more than the apartment anyway and if the government doesn't care about my financial freedoms then I have to take matters in my own hands and move somewhere else.

First they take your bitcoins, you obey, then they come and take your fiat money, because they can, then they take your land and make you a slave. I wouldn't live in a country that wants me to be poor.

[xSkylarx]

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.

It would make your business illegal, which is bad for you and your business. The law is always a law, so if we follow it, we won't have a problem. If that's the case, it would be better to stop to prevent problems, and let's hope that it will be lifted soon so that you can start accepting this as the payment method. Though I've read the announcement of it, which was 2017? How are people reacting to this? as other businesses still continue to accept or not? because it is nice to not completely stop this but again you'll always get nervous if you still continue this and worrying so much that someone will come up and will close your business as you still continue accepting crypto.

[MFahad]

If you want to do this for just safety then I couldn't say anything but I will definitely say that if you just hold BTC in your cold wallet and will not convert into fiat then it impossible for anyone to track it. We know that State Bank system may down due to BTC For this reason they always oppose BTC
 
It is very good that you follow the rules of the country But I would like to give you a tip that might be the best for you. You should not conduct bank transactions or P2P that involve crypto. You can hold BTC and other crypto activities And no one should be informed about it. I hope sooner or later your country will allow crypto And then you will have no regrets either.

[AverageGlabella]

The people here saying they would continue to use btc are lying if they found themselves in this situation they would do the same. They would not risk jail time because hoarding that btc would be worthless when they are in jail. I know we love btc but there are things that are more important then btc and living your life with freedom is one of them imo.

[stompix]

What about p2p, does that has to do with centtal authorities,

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.

Do you guys realize that p2p is not something magical that will shield you from authorities?
You still trade with a stranger, you send a complete stranger your bank account, your PayPal address your whatever 3rd party information, all the authorities have to do if they really want to crack down on such trades is make two-three sections in a database and there you have it:
- people that have sent wires multiple times of different values at random intervals not matching monthly payments
- people that are constantly making wires to ones that are not relatives and not situated near them
- people that have no business registered which would involve those transfers

And this is only if the government hasn't already turned so-called p2p platforms into honeypots.

P2P is used to stop a CEX from having all your data and IDs, it's not able to completely erase all your tracks unless you deal with a complete stranger in fiat every time.

The people here saying they would continue to use btc are lying if they found themselves in this situation they would do the same.

Everyone is a hero and defies the authorities till a tear gas canister explodes in their face or a door knock is heard at 2 am at their door  

[KiaKia]

If crypto is prohibited in my country it still won't stop me from receiving Bitcoin as a standard form of payment because I have never seen where the police or forces are looking for those that are accepting BTC as payment.

The worst that could transpire is you transacting in BTC online and sending crypto money into your bank account.

Well, not all countries are the same, and since OP is from Bangladesh things might be different over there, so I won't advise you to break the law, also if you have some enemies or haters around you they can report you to the force or police.

Who knows? Your government might already be on the lookout for scapegoats, pls do not be one.

[AverageGlabella]

What about p2p, does that has to do with centtal authorities,

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.

Do you guys realize that p2p is not something magical that will shield you from authorities?
You still trade with a stranger, you send a complete stranger your bank account, your PayPal address your whatever 3rd party information, all the authorities have to do if they really want to crack down on such trades is make two-three sections in a database and there you have it:
- people that have sent wires multiple times of different values at random intervals not matching monthly payments
- people that are constantly making wires to ones that are not relatives and not situated near them
- people that have no business registered which would involve those transfers

And this is only if the government hasn't already turned so-called p2p platforms into honeypots.

P2P is used to stop a CEX from having all your data and IDs, it's not able to completely erase all your tracks unless you deal with a complete stranger in fiat every time.

Thank you for saying this it seems a lot of people are repeating P2P just because they have heard other people saying it but you still have to declare your taxes if you want to be legal. P2P is not a get out of taxes card that you can play and the platform can still potentially report any trades to the authorities if they receive a subpeona. P2P protects you from certain things but it does not protect you against the police and you still have to report your taxes. I do not know where people got the idea that you can avoid taxes because you use a P2P exchange and the police can still trace those transactions and the platform you are using probably has records of conversations to. 

[Yatsan]

Risk is on everything in this world. But this industry is decentralized in the first place and I doubt there'd be a way for the government to track your transactions especially if you won't announce it to the public. As long as the servers are not strictly prohibited, you'd be able to use this technology freely not unless you'd be having problems with exchanging your crypto assets into fiat by any case. 'coz if it is just prohibition of accepting such kind of payment, there's no need to worry about I guess. It is somewhat the same with other countries wherein cryptocurrencies are just neutral the only difference is that there is an announced prohibition with its use in your country.

[Vyeon11]

if it's a matter of understanding and experience, I'm still new to the world of crypto and bitcoin.
in my country also bitcoin is legal as an investment tool, so there are no problems that prevent investing in crypto or bitcoin.
but what you experience there about the new crypto and bitcoin rules, will definitely make you hit, which is usually the habit of using crypto, and now it is illegal, will definitely make you pretty down.
but if it is related to the legal realm, it is better to stop for a moment, especially since it affects your business and your future.
better save your soul, your family and your business first.

[AverageGlabella]

Risk is on everything in this world. But this industry is decentralized in the first place and I doubt there'd be a way for the government to track your transactions especially if you won't announce it to the public. As long as the servers are not strictly prohibited, you'd be able to use this technology freely not unless you'd be having problems with exchanging your crypto assets into fiat by any case. 'coz if it is just prohibition of accepting such kind of payment, there's no need to worry about I guess. It is somewhat the same with other countries wherein cryptocurrencies are just neutral the only difference is that there is an announced prohibition with its use in your country.

Of course they can track it you do know that the government knows your net worth right? If you have ever deposited or used a bank to purchase btc they know how much you have because they know the address that you have deposited that btc into. It does not matter if this is on a p2p exchange they can still investigate and see that you have purchased btc through a bank account and they will know because of the time of trade how much you have. If you do not report any taxes when you withdraw a profit they will know where that came from. I hate that people think that btc allows you to tax evade and it gives the community a bad reputation.

[Wiwo]

What about p2p, does that has to do with centtal authorities,

Snip~

Do you guys realize that p2p is not something magical that will shield you from authorities?
You still trade with a stranger, you send a complete stranger your bank account, your PayPal address your whatever 3rd party information, all the authorities have to do if they really want to crack down on such trades is make two-three sections in a database and there you have it:
- people that have sent wires multiple times of different values at random intervals not matching monthly payments
- people that are constantly making wires to ones that are not relatives and not situated near them
- people that have no business registered which would involve those transfers

And this is only if the government hasn't already turned so-called p2p platforms into honeypots.

P2p is not 100% percent untrackable and not an escape route from authorities if the authority want to trace p2p transaction it as simple as tracking a bank transaction.
*no one is really out of the radar if the authority really mean to identify the individual, but then we still can transact securely with verified P2P clients who have no criminal tack record.
*I have seen situation we're the police pick a Bitcoin seller up at odds hours all because he hard a deal with someone on p2p who wired the money into his bank account, using funds gotten through fraud and the seller went in for what he know nothing about, because bitcoin trasaction were termed illegal I'm my jurisdiction.
So I am very aware of the risk of P2P but then we can only work to minimize the risk by avoiding some things because Bitcoin is only anonymous when you deal based on Bitcoin to wallet but once you exchange into fiat it then mean your records are expose to the third party.

[tjtonmoy]

I just stopped accepting payments on my business. I will continue to hodl my assets on my personal wallet. If I don't disclose my personal information, then this won't be a problem. And the ban news is quite old for your information, but the law enforcement is taking action recently. Something might have happened, I don't know. But now they are active on arresting people involved with crypto. I will manage to keep my involvement secret, and I am not doing any illegal works. So it's all ok. Even if something happens, I will keep you guys informed here.

Also, thanks to everyone for their valuable advice. Hope everything will go well.

P2p is not 100% percent untrackable and not an escape route from authorities if the authority want to trace p2p transaction it as simple as tracking a bank transaction. 

Yes this is the main reason I am stopping this. For me to run the business, I have to convert those cryptos into fiat. So there's a chance of my info getting leaked to police. That's why I am concern and stopped it.

[avikz]

The crypto status is not in gray anymore in Bangladesh. Your Central Bank had made it quite clear last year as well. The current circular is just a reminder on it.

Being a layman, I would not go against the government. In my country the tax on crypto is 30% so I have stopped converting my cryptos to fiat since last one year. We as a commoner, don't have resources to fight the government. So I will suggest you to stop any crypto dealings.

[Jet Cash]

Bitcoin won't be banned in every country, as some of the major financial players consider it as hard money. Hard money is money that is backed by a hard asset, usually a valuable metal. In the US, I believe it is only gold and silver, but in the UK and many other countries, it is gold, silver and copper. Bitcoin is unique amongst cryptos, as it is the only crypto with a real hard value. Not many people understand how a virtual asset can have a real hard value, but there seems to be an increasing number in the financial world, and this is why they have been accumulating Bitcoin. Because of this, Bitcoin is likely to be treated in the same way that gold has been treated in the past, and will probably receive the same attention in the future.

I don't know much about Bangladesh, but I suspect that it doesn't have many representatives in the major financial markets, and therefore there won't be the same pressures to maintain P2P transactions. The Taka has been weakening against the dollar, and I believe that there may be restrictions on taking the currency out of the country. The ban on Bitcoin may be an attempt to avoid weakening the Taka, rather than an attack on Bitcoin itself. Someone should tell them to allow Bitcoin mining to build the wealth of some of its citizens.