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

[stompix]

~

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.

Minimize the risks?
You do realize that by actively trying to hide your payments from the financial authorities or inspectors or whatever the IRS counterpart is there you're committing an aggravating crime,  from gross negligence your charge will switch to aggravated fraud since they will have the proof you have planned and taken all measures to actively avoid detections, so you knowingly did this and you can't even defend yourself in court anymore!

You're not minimizing the risks, you're just maximizing how bad this could end!
The difference here between negligence and aggravated form is from a maximum of 6 months to up to ten years, doesn't look less risky to me!

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[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.

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.

We agree here to stop accepting crypto payments because crypto is indeed banned in Op's country. it's just that, if you want to trade, you can use VPN access, because if you only trade, it's still possible. If someone doesn't want to divulge anything about the information about crypto that you have, then don't publish anything about crypto, let crypto be your personal secret and it will be safer. The ban on cryptocurrencies in Bangladesh has existed since 2017, but until now crypto is still thriving and there are more and more users.

[The Cryptovator]

To stay on the right side of the law, businesses that want to accept cryptocurrencies must carefully research the laws and regulations in their jurisdiction. They should also consider partnering with a reputable payment service provider that has experience in the crypto space and can help ensure that their transactions are compliant with the law.

While the use of cryptocurrencies as a payment gateway is illegal in some countries, businesses and consumers are still interested in this innovative technology. However, it is important to be aware of the legal risks and to take steps to ensure that transactions are conducted in a compliant and responsible manner. By doing so, they can help promote the growth and adoption of digital currencies while protecting themselves from legal consequences. So I will prefer don't use crypto as payment gateway since it's illegal in your country

[AverageGlabella]

To stay on the right side of the law, businesses that want to accept cryptocurrencies must carefully research the laws and regulations in their jurisdiction. They should also consider partnering with a reputable payment service provider that has experience in the crypto space and can help ensure that their transactions are compliant with the law.

While the use of cryptocurrencies as a payment gateway is illegal in some countries, businesses and consumers are still interested in this innovative technology. However, it is important to be aware of the legal risks and to take steps to ensure that transactions are conducted in a compliant and responsible manner. By doing so, they can help promote the growth and adoption of digital currencies while protecting themselves from legal consequences. So I will prefer don't use crypto as payment gateway since it's illegal in your country

Big businesses are required by law to register their company so using a escrow is not as important because the people are known to run the business and could be held liable if they commit a crime. The difference with members on this forum is most are anonymous and could just run away without consequence. I can see why large amounts of money would still be put in a escrow but you $10 or $20 spend is not worth it and it is not worth them stealing that amount.

[fullhdpixel]

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.

It is trackable because our transactions can still be seen in the blockchain but we can brake this link if we will use a mixer. Indeed p2p is not an escape route. There are still risks in there and we don't know what if the one that we are transacting with is the authority? Same scenario I see on my locale when they bust a drug addict that continues to buy drug even if it's illegal. Tracking through p2p isn't that simple as what they have in banks because banks are more regulated.

Do not worry @OP we understand your decisions and you actually did the right thing there. I know BTC is superior but it's not worth the risk once you got caught as you can face severe consequences. No btc and satoshi can save you after.

[Russlenat]

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".

Sometimes it’s just safe to follow the rules of the government than to make your own rules and you become instantly the target of the government. So my advice is just to stop accepting crypto in your business temporarily so you will not be reported by your neighborhood that you are going against the government. But do not stop on buying and accumulating bitcoin as your investment because it will surely be a hit investment of all time, rather than seeing it as a legal currency.

[lalabotax]

It must be hard for you, but in other hand, you have no choice for the shake of your business run to have no problems in the future. Because after all, when it comes to regulations from the government, sometimes we won't be able to hide much longer. It's a shame actually when Bitcoin could become a transaction method and ultimately failed because it collided with regulations in the country. Likewise with the conditions in this country that still have not legalized Bitcoin as a transaction tool. However, at least you have tried and let people know about Bitcoin.

[Adbitco]

Sorry to say this, same thing is applicable with my country after the CBN warned every bank in my country not to associate our local account with cryptocurrency trading or involving in any illegal activities that concerns crypto. At then the only choice was to use p2p services and also makes it mandatory not to include any cryptocurrency narration during the payment to avoid being monitored by the CBN, Hence anyone caught while doing that their account will be freezed and all funds with be held by CBN. But guess what?
After the restrictions, my country is one of the biggest among cryptocurrency trading country and yet the government doesn't know how it moves.

My advice is that, you can keep accepting bitcoin but do not include any cryptocurrency narrations and only use p2p.

[carlfebz2]

It must be hard for you, but in other hand, you have no choice for the shake of your business run to have no problems in the future. Because after all, when it comes to regulations from the government, sometimes we won't be able to hide much longer. It's a shame actually when Bitcoin could become a transaction method and ultimately failed because it collided with regulations in the country. Likewise with the conditions in this country that still have not legalized Bitcoin as a transaction tool. However, at least you have tried and let people know about Bitcoin.

Really hard to get against with the government, they do have the power and they do have the rights and the influence which could easily fucked you up and kicked out your business and it would be the end for you.

If you are really that optimistic towards crypto adoption and recognition and violates their warning then go ahead but you do know the consequences which i dont really see that it would really be that ideal
or worth to do so.
If you do value your business that much then you arent that dumb not to know on what you should gonna do which is to stop completely on dealing with crypto.
You dont really have the choice.

[coupable]

No one can blame you for trying to avoid legal harassment or for any of your activities to be suspected. In fact, I did not know before now that you accept bitcoin payments in your business, and I would like to know the volume of transactions you have in bitcoin and whether there is really a demand for using bitcoin as a payment system. Most countries in the world do not have the appropriate technical infrastructure to carry this system.

[suzanne5223]

I was shocked when I read the news about the Bangladesh ban on cryptocurrency last week but I don't know if the movement will be this fast. If you know that accepting cryptocurrency as payment leads you into trouble is better you stop but if your business is something that has to do with online then you have the option to offer p2p services.

[Lanatsa]

I was shocked when I read the news about the Bangladesh ban on cryptocurrency last week but I don't know if the movement will be this fast. If you know that accepting cryptocurrency as payment leads you into trouble is better you stop but if your business is something that has to do with online then you have the option to offer p2p services.

Better not to touch up because once the government would find out that you are still making some crypto transactions then you would really be putting yourself in harm or you would really be put up in jail
and this is something that we dont want to happen, right? Its better to stop and even if i do make myself on the same foot of op then i wont really be hesitating in doing so.There are other ways which you could still deal with crypto despite of the ban but of course it cant be that possible that it would be integrated or would really be applied into your business.This is why
its better to move on and deal with it.

[peter0425]

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.

I can't say more about experience because we don't have issues here about acceptance of crypto as business payment though it is not completely accepted or adopted here in my country but at least not banned .

but for my personal opinion? better to follow the rules because remember that you cannot blame them once they seized your funds if founded you are doing it illegally .

try to benefit from following your government mate.

[kotajikikox]

you are a businessman mate and not a criminal , why accept bitcoin when it is clearly being banned in your country? you are not only risking the business but your entire life once being caught .
obey the authorities so your business will go long and face no big issues.
if you still wanted to support or hold crypto ? then invest with it secretly and not by using the business as tools for this.

[GreatArkansas]

Don't worry OP, I believe this is just temporary. Because there are already a lot of countries that already changing their minds about legalizing using of Bitcoin or other cryptocurrencies.
And there are also some governments that are not clear with their own regulation, so much better also to verify everything first before concluding.
I'm glad to see that there are small-medium businesses that accept Bitcoin as payment.

[Minor Miner]

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.

He can still accept bitcoin or crypto payments for his business in a non-public way to circumvent the law but I don't think it's a good idea, it's too risky for him and his business. In business, there is always competition and if the opponent knows he is circumventing the rules, they will not pass up the opportunity to take him down. The decision to stop accepting cryptocurrencies and comply with the law is absolutely the right one.
Bitcoin is inevitably just a matter of time, we don't need to rush, bitcoin will soon be accepted in all countries.

[ethereumhunter]

I was very surprised to learn that crypto is now illegal in your country, which makes you unable to continue using bitcoins in your business anymore. For now, just play it safe with your government and give in to their wishes because I hope this is only temporary and they will legalize the use of crypto in the future.

And if the existence of crypto in your country has turned normal again, you can start using bitcoin as a payment option. Until then, you have to be patient while looking at the situation.

[crypticj]

This is sad man, but don't worry, I believe that mass adoption is coming and soon crypto will be regulated in some way and I think it would be allowed to freely use it in business. But until then, we just need to wait. Best of luck to you!

[kro55]

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".

Exactly, the government can still ban bitcoin outright that way, bitcoin's decentralization is not such a big problem that it can't be solved if the government is determined to get rid of it. But fortunately, bitcoin is not a toxic product that can be lethal like drugs, bitcoin has various benefits, so it is very unlikely that governments will join forces against it, I can say it is impossible. Some countries still hate bitcoin, but they will soon change their mind when they see countries that already accept bitcoin achieve success in accepting bitcoin.

[ancafe]

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.

P2P could be a solution to the problem you are facing right now, as many people here have suggested, and for that reason it is best to store bitcoins in a wallet not on a centralized exchange. As far as I can see from the circulars and other regulations from the government of Bangladesh, they are quite serious in banning crypto/bitcoin in your country, regardless of whatever decision you make, but considering the risks is far more important than trying to impose.

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.

You should also consider the ban, because from several sources I researched, the Central Bank of Bangladesh has completely banned the use of bitcoins and cryptocurrencies, because it violates the Money Laundering Act and will be subject to a criminal penalty of 12 years for those who violate it, although you can avoid open transaction and I'm sure you know what that means?

If your security is starting to be threatened you should stop accepting payments using bitcoin/crypto, because there are other things that are more important for you to do, family continuity and security are far more important to pay attention to, for me bitcoin will not mean anything, if security and family are not be our priority.