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

[BitDane]

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.

There is nothing more to say here but what you did is the right thing. Since the government has labeled cryptocurrency as illegal, you have to stop dealing with cryptocurrency in your business else it is highly possible that you will be apprehended if you keep on accepting BTC or any other cryptocurrency.

It is a sad thing that the government is the main hindrance in cryptocurrency, specifically Bitcoin propagation.  There are really some leader who do not do deep research before acting against Bitcoin.  If only they know that Bitcoin is way more transparent than the national currency, I bet they will accept it than banning it.

I hope your country will soon realized that they are missing out on banning cryptocurrency.

[qwertyup23]

Basically what the government is trying to say is that they do not recognize BTC as a currency and neither should it also be used for transaction/investment purposes.

Are there some laws that absolutely prohibit the use of BTC as a form of alternative payment? From the wording of what you sent, the government is just expressing its views on the topic about BTC but it no where did it state that there will be penal sanctions if you transact using them. But I do understand where you are coming from as a businessman as you want to avoid any possible and potential legal affairs from affecting your livelihood.

I guess the best advice that I could give to you is to further research on the topic and know if your country absolutely prohibits the use of such. If there are no laws on its prohibition, I guess you are somehow relatively safe from using and accepting BTC as an alternative payment.

[lienfaye]

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.

It's understandable why you made such decision, even me I won't risk my safety just to continue accepting Bitcoin/crypto if the Government already set it as illegal. I will continue to hold for personal use but not for my business because there's a consequence already.

Hence, don't feel bad if you stop accepting Bitcoin because that would be the wise thing to do in your situation. It's just sad that some country is banning the use of crypto for some reason. Our Government also warn the citizens about the use of crypto but not to the point they're prohibiting us to use it. So somehow, we're still free to decide what we want to do with our crypto assets.

[Viscore]

This is what I often say about some people who do have the same desire as the OP by running their business and accepting bitcoins especially for some Nigerian friends I've seen threads on.

We still cannot fight the condition of government regulation and with this it is indeed better to avoid it than to do something that is really not really wanted which will actually backfire in the end.
Including bitcoin as a payment option is a good thing but the problem with regulation and government policy remains that it will be very difficult to do.

Unless you want to be reported and become a target of the government, you will keep on accepting bitcoin payment despite of the fact that bitcoin is being banned. Although there’s no wrong accumulating more bitcoin as for your own investment, but using it as a currency will not be worth the risk since the government will surely have to keep their eyes on you. So just learn to avoid the consequences so you can live at peace.

[laurenB7742]

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.

There is nothing more to say here but what you did is the right thing. Since the government has labeled cryptocurrency as illegal, you have to stop dealing with cryptocurrency in your business else it is highly possible that you will be apprehended if you keep on accepting BTC or any other cryptocurrency.

It is a sad thing that the government is the main hindrance in cryptocurrency, specifically Bitcoin propagation.  There are really some leader who do not do deep research before acting against Bitcoin.  If only they know that Bitcoin is way more transparent than the national currency, I bet they will accept it than banning it.

I hope your country will soon realized that they are missing out on banning cryptocurrency.

I believe the government knows bitcoin even better than we do, they are the country's leaders, they have expert advisors from every profession, and they know everything about bitcoin. The fact that they don't accept bitcoin because it benefits us only, not them. Such as the transparency of bitcoin is what they don't like, if they use bitcoin, they will not be able to corrupt, or do shady things to profit. We want transparency, and publicity, but the government doesn't want that.

[Rigon]

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.

Cryptocurrencies in Bangladesh are completely illegal. However, people do not stop working in the illegal underground and survive here. The advice I would give you from my personal side is that you have started and keep Bitcoin payments in your business. Because online business will buy your products from different countries and they will pay you in different payment methods. Finally you will convert the payment from your various methods to your Bangladeshi currency. I think there will be no administrative problems. But you can continue your business.

[xSkylarx]

This is what I often say about some people who do have the same desire as the OP by running their business and accepting bitcoins especially for some Nigerian friends I've seen threads on.

We still cannot fight the condition of government regulation and with this it is indeed better to avoid it than to do something that is really not really wanted which will actually backfire in the end.
Including bitcoin as a payment option is a good thing but the problem with regulation and government policy remains that it will be very difficult to do.

Unless you want to be reported and become a target of the government, you will keep on accepting bitcoin payment despite of the fact that bitcoin is being banned. Although there’s no wrong accumulating more bitcoin as for your own investment, but using it as a currency will not be worth the risk since the government will surely have to keep their eyes on you. So just learn to avoid the consequences so you can live at peace.

The government will eventually discover businesses that accept crypto as a payment method, as you need to obtain a license to operate within your business. This means that they are constantly monitoring businesses, and if they discover that you are accepting crypto, it is hoped that they will simply issue a fine. However, there is a possibility that you could face jail time. It would be best to avoid accepting crypto to avoid any trouble.

[Fivestar4everMVP]

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.

Ride on mate, in a situation as this, stopping is the best decision, and i am glad that that is what you did, it is actually not worth the trouble to keep accepting bitcoin and crypto payments when the government of your country have declared it illegal, they say obedient is better than sacrifice, so it better to be on the safe side.
If you want to hold crypto, I believe there are P2P traders in your country, you can easily use that to buy crypto with your local currency, this is exactly what we do here in Nigeria, and for a long time now, we've never had any issues with the bank or government, at least from then till now.

So stopping, for your own safety, to me, is the best decision in situations as this.

[Botnake]

It's not a secret as to how governments of the world have put efforts to hamper the development of bitcoin or virtual assets around the world and they take there toll on most of us still, affecting our usage and the way we exercise our freewill about these assets. It's just bad but, what else can we do than to abide by the regulations. If looking out for yourself would mean abstaining from using it in your daybto day transaction as a payment media then by all means do.

Still, I'll encourage that, this don't be a stop from taking bitcoin investments. You can and should still do some investing on the sidelines.

These guys (government) treats those innovative project as though it was some vice. Its just sad!

As long as those innovative projects will develop a threat on the  part of the government and making them less important, probably the most possible thing to do is just to banned it permanently or regulate it so they can still have the full control over the innovation. So there’s no point holding on to your goal as it’s not worth the risk anymore, otherwise you’ll be subject for imprisonment due to disobedience of the government laws.

[Silberman]

The government will eventually discover businesses that accept crypto as a payment method, as you need to obtain a license to operate within your business. This means that they are constantly monitoring businesses, and if they discover that you are accepting crypto, it is hoped that they will simply issue a fine. However, there is a possibility that you could face jail time. It would be best to avoid accepting crypto to avoid any trouble.

It depends on the government in question, there are governments out there which pass all kind of laws but they rarely enforce them, so not much changes and people keep doing what they want even if now is considered to be illegal, however there are governments that not only use the police excessively but they even have a secret police monitoring their citizens, in that case it is better to stay away from any illegal activity as if you get caught the consequences can be dire.

[dunfida]

The government will eventually discover businesses that accept crypto as a payment method, as you need to obtain a license to operate within your business. This means that they are constantly monitoring businesses, and if they discover that you are accepting crypto, it is hoped that they will simply issue a fine. However, there is a possibility that you could face jail time. It would be best to avoid accepting crypto to avoid any trouble.

It depends on the government in question, there are governments out there which pass all kind of laws but they rarely enforce them, so not much changes and people keep doing what they want even if now is considered to be illegal, however there are governments that not only use the police excessively but they even have a secret police monitoring their citizens, in that case it is better to stay away from any illegal activity as if you get caught the consequences can be dire.

Once a law had been passed out or been integrated or been implied then as a citizen then you wont really be having no choice but to abide them because if you cant and trying out to oppose and on the time you have been caught then of course you do know on what are the probable consequences with that.We know that each country does have its own stance when it comes to Bitcoin or crypto which it is really that normal for you to act according into your countries laws and regulations.Tending to oppose? If you do see that your business at risks then it would be impossible that you would continue to violate considering you do
know on what are the things that could possibly happen ahead and im sure that all people would be deciding on the same thing.

[Vaculin]

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.

That’s the sad thing about bitcoin because we cannot just do it freely without the intervention from the government. Even in my country, bitcoin is not that fully legalized because you can really observed that banks are still avoiding it and treat  it like a trash, as if it’s non-valuable thing. But somehow, it’s good enough because once they fully legalize it, they will take in control everything about crypto and monitor all our crypto assets which I think would be totally unfair on part of us. So back with OP, it would be best if you stop temporarily accepting crypto payments for your own safety.

[imamusma]

I don't think everyone needs to consider bitcoin or crypto adoption at a level of urgency because I think it's a payment alternative. Bitcoin has legality issues that differ from country to country, which does not guarantee that it is safe for us to adopt it especially when the law does not support adoption. Anyone can easily find a business that accepts bitcoin as a means of payment in countries where it is legal, but if the government doesn't legalize it then it's definitely illegal. You don't have to go ahead with the adoption if it conflicts with the law, so there are good reasons why you should stop adopting.

The same thing about most business people in my country, bitcoin is not adoptable even though we can legally trade it and invest with it. I don't have a problem with that, but maybe have a little gripe about how the government expects to tax traders and investors.

[Bushdark]

Instool don't know the reasons why the government would have to restrict the use of cryptocurrency that had been a way for to save for the future and making some income by holding there coins and waiting for when it will appreciate. I think the government does not want to invest in an asset to will increase our income.

There had been a continuous fight against the use of cryptocurrency from different countries of the world. I hope this will stop soon because the restriction had affected alot of businesses and people are now looking for alternative to get things done. We have nothing much to so than to keep our holdings private to prevent the wrath of the government.

[LDL]

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.

Give me some advice from your personal experiences.

Here you shared a screenshot but the Bangladesh Bank and Government have made it clear that all types of digital currencies are legally prohibited to invest, trade and invest under the 1947 Act. However, if you decide to introduce Bitcoin as a payment system in your business, you can't blame anyone for legal trouble. As far as I know as a Bangladeshi somewhere in Bangladesh say online business, offline business say Bitcoin is not approved.  Moreover, you constantly see Bitcoin traders from Bangladesh being arrested by the police. So how do you publicly introduce Bitcoin as a form of payment for your business? But if you can bring legal license from parliament then you can start.

[tjtonmoy]

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.

Give me some advice from your personal experiences.

Here you shared a screenshot but the Bangladesh Bank and Government have made it clear that all types of digital currencies are legally prohibited to invest, trade and invest under the 1947 Act. However, if you decide to introduce Bitcoin as a payment system in your business, you can't blame anyone for legal trouble. As far as I know as a Bangladeshi somewhere in Bangladesh say online business, offline business say Bitcoin is not approved.  Moreover, you constantly see Bitcoin traders from Bangladesh being arrested by the police. So how do you publicly introduce Bitcoin as a form of payment for your business? But if you can bring legal license from parliament then you can start.

Well I wasn't planning to get caught for illegal activity. And that's the reason why I am stopping right now. The plan was to attract more people with introducing something new and also let people know what cryptocurrency is. And it was in a gray area for a long time. So I thought why not? Then after sometimes I learned about those incidents about people getting caught for their involvement in crypto. So it has finally come to an end.
And getting permission from the parliament will not be an option as it is already banned and doing so will only get you under the radar. Why risk it?

[serjent05]

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.

Give me some advice from your personal experiences.

Here you shared a screenshot but the Bangladesh Bank and Government have made it clear that all types of digital currencies are legally prohibited to invest, trade and invest under the 1947 Act. However, if you decide to introduce Bitcoin as a payment system in your business, you can't blame anyone for legal trouble. As far as I know as a Bangladeshi somewhere in Bangladesh say online business, offline business say Bitcoin is not approved.  Moreover, you constantly see Bitcoin traders from Bangladesh being arrested by the police. So how do you publicly introduce Bitcoin as a form of payment for your business? But if you can bring legal license from parliament then you can start.

Well I wasn't planning to get caught for illegal activity. And that's the reason why I am stopping right now. The plan was to attract more people with introducing something new and also let people know what cryptocurrency is. And it was in a gray area for a long time. So I thought why not? Then after sometimes I learned about those incidents about people getting caught for their involvement in crypto. So it has finally come to an end.
And getting permission from the parliament will not be an option as it is already banned and doing so will only get you under the radar. Why risk it?

It is sad to think that a country banned something wonderful just because they don't have any control over it.  If only the government will look how to regulate it and take advantage of the opportunities the cryptocurrency, especially Bitcoin can bring to its constituents.  They can ban other cryptocurrencies but can make an excuse for Bitcoin because it has been proven that Bitcoin helps people in terms of profit from holding it, get new jobs from the company start-ups and get new clients worldwide since Bitcoin is a global currency that can be transacted by anyone anywhere in the world.

I hope your country can see the potentials of Bitcoin and somehow changed its stance about Bitcoin soon.

[Stalker22]

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.

If I understand correctly, OP was engaging in some kind of online activity or trade and accepting payments in the form of Bitcoin. I am not too familiar with the regulations in Bangladesh, but it seems like there may be restrictions on keeping the Bitcoin received from these transactions. It is likely that all the funds need to be exchanged into the local currency and deposited into a business bank account.

[DOH!]

The same thing about most business people in my country, bitcoin is not adoptable even though we can legally trade it and invest with it. I don't have a problem with that, but maybe have a little gripe about how the government expects to tax traders and investors.

Yeah, The issue of bitcoin legitimacy is not new, it has existed and changed as bitcoin took shape.  Some countries adopt and accept bitcoin as a means of payment - others do not.  This also changes bitcoin's next purpose to a store of value rather than payment.  Some of the regulations introduced in my country are “the act of issuing, providing, using illegal means of payment (bitcoin/crypto) will be subject to administrative fines/criminal investigation” Obviously you do not  can do nothing but comply with government regulations.  However, bitcoin is still not within the framework and has not been issued with policies such as a means of exchanging goods, buying and selling... Therefore, we need to understand clearly how to use bitcoin for many other purposes that are not included in the policy government regulations.