2.4% People from Bangladesh Hold Cryptocurrency

[Little Mouse]

That was my surprise when I last time read this. This was a few months back when I read in one of the local newspapers where they mentioned around 4 million Bangladeshi people use Bitcoin and other cryptocurrencies. I didn't believe in that stats but today once again I found the same stats on another website namely Triple A, I have no idea about them. According to them, 2.4% of people are holding cryptocurrency in Bangladesh which I think is impressive. No matter whether most of them have invested just because they are greedy. Still, it's a piece of great news in my opinion. Bangladesh is one the countries where using Bitcoin is declared illegal by the government. But this number/stats say something we are going to get in the very near future. There was a discussion regarding cryptocurrency between some employees from Bangladesh Bank. They were hinting Bangladesh may legalize Crypto within 2/3 years. Maybe finally, it's happening.

[elevates]

I remember reading a few news related to Bangladesh & Cryptocurrency. This might be somewhere around 2014 or 2015 when holding crypto was illegal. I have no clue whether this law is still active. If it is then the percentage of people who are into crypto is impressive. As an individual from your neighboring country, I can imagine how tough it is to deal with this business.

The governments in the Indian subcontinent do not have any clue about crypto. Likewise, every government in a third world country believes that its citizens are a slave to their terms of governing. To an extent, it is true as we have been colonies of the UK or Europe. That mentality is so strong that it is not so easy for anyone to leap into the idea of financial freedom with Bitcoin.

I am happy that things are changing for good. I hope it continues to go into the path of decentralization and the leader leading it should be Bitcoin.

[Zaguru12]

This is certainly a great number considering that the country isn’t that friendly to cryptocurrency. The news article says the country is looking at regulating cryptocurrency, this has been the case of most third world nations. The ban the use of cryptocurrency and then its citizens grow increasingly in it usage, they come up with CBDC idea and again starts to regulate the whole thing.

One thing I see that could have impacted this adoption is the fact that 62% of the nations population are aged between 15-64 and this is the age group that are mostly internet users. Could the nations local currency (Bangladeshi Taka) which is weak against the top international currencies like dollar, pounds and Euro be the reason for the increase. With cryptocurrency most especially bitcoin it is easier to transact with cross boarder countries.

[Dunamisx]

That was my surprise when I last time read this. This was a few months back when I read in one of the local newspapers where they mentioned around 4 million Bangladeshi people use Bitcoin and other cryptocurrencies. I didn't believe in that stats but today once again I found the same stats on another website namely Triple A, I have no idea about them. According to them, 2.4% of people are holding cryptocurrency in Bangladesh which I think is impressive.

The more bitcoin awareness increases the more the adoption and it's acceptability, people are now getting confidence in bitcoin unlike before when they thought it would cease from existing, the fear is getting diminished each day and people are getting more exposed about bitcoin, in this case, this is not only felt as a massive adoption in Bangladesh but in many countries and parts of the world, bitcoin adoption is fast growing each day.

No matter whether most of them have invested just because they are greedy. Still, it's a piece of great news in my opinion.

The more to goodnews coming ahead this time which is more anticipated for is in seing which country will be next on adoption of bitcoin as a legal tender after El-Savador and Central African Republic, maybe the unexpected may come in through Bangladesh this time around if it's leaders have much interest in bitcoin as the people have shown.

[Adbitco]

Well this could be very possible because I often noticed that whenever a country ban her citizens from trading and involving their self with cryptocurrency that is when the numbers of their usage will increased uncontrollably, typical example of what I am saying is Nigerians, since from the announcement about cryptocurrency restrictions that's how the numbers of bitcoin and cryptocurrency traders increases exponentially. I don't doubts same thing might happen to bangladesh or to any other country's that tends to ban or restricts cryptocurrency activities within them. Sincerely speaking this is encouraging showing how the max adoption is gradually taking over.

[Frankolala]

This is good news for a country that see cryptocurrency to be evil and put a ban on it,has now realize the usefulness of cryptocurrency and now they have accepted it but chose to regulate cryptocurrency. The fact of that government cannot shut bitcoin down even though they try by placing a ban or it,bitcoin adoption we still keep on increasing in that country that it is illegal. Isn't this ridiculous ?

Bangladesh government has taken to bold step to accept cryptocurrency and this should be an example to those countries who have placed ban on crypto to learn from them because it is the government of the country that is missing out,because its citizens will be using cryptocurrency behind them. I see that with time those government that placed a ban on crypto will remove the ban when they realize the benefits of cryptocurrency to individual and the government.

[pawanjain]

That was my surprise when I last time read this. This was a few months back when I read in one of the local newspapers where they mentioned around 4 million Bangladeshi people use Bitcoin and other cryptocurrencies. I didn't believe in that stats but today once again I found the same stats on another website namely Triple A, I have no idea about them. According to them, 2.4% of people are holding cryptocurrency in Bangladesh which I think is impressive. No matter whether most of them have invested just because they are greedy. Still, it's a piece of great news in my opinion. Bangladesh is one the countries where using Bitcoin is declared illegal by the government. But this number/stats say something we are going to get in the very near future. There was a discussion regarding cryptocurrency between some employees from Bangladesh Bank. They were hinting Bangladesh may legalize Crypto within 2/3 years. Maybe finally, it's happening.

Interesting news. I didn't know my neighboring country has acquired some bitcoins as well.
It's good to know that 2.4% of it's population are into crypto and I wish the number keeps increasing every year.
Bhutan has also been into crypto under the hood and is mining bitcoin [local board discussion]
While India has been into crypto and declared 30% flat tax on it many individuals have stopped using crypto yet the number of people using it remains significant.
I hope the tax rate decreases which will further boost the use of crypto in India.

[Little Mouse]

I remember reading a few news related to Bangladesh & Cryptocurrency. This might be somewhere around 2014 or 2015 when holding crypto was illegal. I have no clue whether this law is still active.

Back in 2014, when Bitcoin Foundation Bangladesh was founded and Sazeeb was named the President, with some other members, people discussed Bitcoin a lot. Back then, Bangladesh Bank declared using crypto as illegal, and still, they are in the same boat though they are not taking any steps either against cryptocurrency users. There was some update in 2017 and recently but that did change anything from the first statement.

The governments in the Indian subcontinent do not have any clue about crypto.

Same here in Bangladesh too. Govt and media are promoting Bitcoin as an illegal currency, the currency of the dark web, gambling, etc. But don't have any idea what Bitcoin is in reality.

Could the nations local currency (Bangladeshi Taka) which is weak against the top international currencies like dollar, pounds and Euro be the reason for the increase. With cryptocurrency most especially bitcoin it is easier to transact with cross boarder countries.

I would say yes, that's one of the reasons of course because people are more concerned about the inflation happening these days. Everything is getting expensive each day and I doubt govt can control it. That's why people are looking for alternatives. As investing in Gold isn't that easy because of investment size, storing etc, people are more interested in cryptocurrency investment.

While India has been into crypto and declared 30% flat tax on it many individuals have stopped using crypto yet the number of people using it remains significant.
I hope the tax rate decreases which will further boost the use of crypto in India.

That was a stupid decision, to be honest. I don't see why govt is discouraging cryptocurrency investment and encouraging illegal cryptocurrency investment to avoid taxes. I'm sure many people are secretly doing this.

[avikz]

The central bank of Bangladesh had indeed banned cryptocurrency couple of years back. They have also made some arrest back in those days to spread fear. But the statistics here is encouraging. Despite ban and arrests, if 2.4% of the entire population is holding bitcoin, then it's definitely going the right way for the future. The adoption should increase over time and since a lot of Bangladeshi people leave in foreign countries, it won't be a huge amount of challenge to convert them into fiat.

[Agbe]

Nice move by Bangladeshi. Bitcoin is having wave in the world. Bitcoin never force any country and individuals to adopt it but they on their own adopt it because whenever one see the potential and the value of the asset. Those countries which ban bitcoin directly or indirectly are the ones using bitcoin even the more by the their citizens. So is there any way to ban or stop the citizens that are interested to use the asset (bitcoin) again. Let the world just approved bitcoin as legal tender asset for all. So that those countries that interested to switch bitcoin can do it without wasting time. One thing in the bitcoin adoption is not only the approval of the asset for everyone to use but the government policies that will also favour the people who are using the asset. Because there are some government that will see the value of bitcoin for individual and start to do their wicked act of creating obnoxious laws and policies to suffer the citizens that using the asset. I wish Bangladeshi government to create a bitcoin and other Cryptocurrencies friendly environment for the citizens.

[panganib999]

I remember reading a few news related to Bangladesh & Cryptocurrency. This might be somewhere around 2014 or 2015 when holding crypto was illegal. I have no clue whether this law is still active. If it is then the percentage of people who are into crypto is impressive. As an individual from your neighboring country, I can imagine how tough it is to deal with this business.

The governments in the Indian subcontinent do not have any clue about crypto. Likewise, every government in a third world country believes that its citizens are a slave to their terms of governing. To an extent, it is true as we have been colonies of the UK or Europe. That mentality is so strong that it is not so easy for anyone to leap into the idea of financial freedom with Bitcoin.

I am happy that things are changing for good. I hope it continues to go into the path of decentralization and the leader leading it should be Bitcoin.

From the looks of it I'd say the Bangladeshi government simmered down on their crusade against bitcoin, otherwise such a high number as 4 million confirmed active users wouldn't show up like that. I'm not saying they completely accepted bitcoin, coz no news of this thing ever going out has been released yet, but at the very least this means that whatever efforts they have made in the past either didn not work anymore, or they have stopped for some reason in favor of more upfront issues that the country is facing. Whatever that could be, this is a great gateway to better introduce bitcoin in the country. A chance to take a step with the right foot you know what I'm saying? Anyhow, nothing new about this, Bangladesh government still hates crypto, citizens finding out ways to get around this ban, yada yada.

[Aikidoka]

This is actually good news for Bangladesh and the Bitcoin community as well, if Bangladesh legalizes crypto in the coming years it would be really amazing imo. With a population of almost 170 million[1] the country could add a lot to Bitcoin, and the community would undoubtedly grow larger.

It's impressive that even though Bitcoin isn't yet legalized in their country 2.4% of the population is already into it, this shows that they are forward-thinking and recognize the potential of blockchain technology for their future.

[1]: https://www.worldometers.info/world-population/bangladesh-population/

[Fiatless]

According to the worlddata.info, the average inflation rate of Bangladesh from 1987 to 2022 is 6.5% per year and there has been a continuous increase in the price of goods. What cost 100 takas in 1987 cost 889.06 takas at the beginning of this year which is a 789.06℅ increase. Keeping or saving the local currency is a poor financial decision because it will lose value in a few years. The people of Bangladesh see bitcoin as a true hedge against inflation that's why they are using and investing in bitcoin.

Commercial Banks in Bangladesh are not healthy and cannot be trusted. Most of them are suffering from the effect of financial irregularities and bad debt. People prefer to be their own bank because these banks are not trustworthy and Bitcoin and others are the best and easiest options.

https://www.worlddata.info/asia/bangladesh/inflation-rates.php

[serjent05]

2.4% of the population of Bangladesh is still too small.  This simply implies that Bitcoin has still lots of room to grow.  Imagine if the adoption reached at least 25% of that population, that is automatically 10X more people that use and hold Bitcoin.  That means around 40m people in Bangladesh alone is using and holding Bitcoin.  If that happen we can see a dramatic increase of bitcoin demand thus pushing the price of Bitcoin to a new height.

This is actually good news for Bangladesh and the Bitcoin community as well, if Bangladesh legalizes crypto in the coming years it would be really amazing imo. With a population of almost 170 million[1] the country could add a lot to Bitcoin, and the community would undoubtedly grow larger.

It's impressive that even though Bitcoin isn't yet legalized in their country 2.4% of the population is already into it, this shows that they are forward-thinking and recognize the potential of blockchain technology for their future.

[1]: https://www.worldometers.info/world-population/bangladesh-population/

If Bangladesh legalizes Bitcoin in the coming years, the given statistics will surely balloon.  That incident might bring new hype to the market and may cause new demand to pour in.

[Z390]

The people of Bangladesh needs to be in crypto than to be out of crypto, for a country with a very bad economy like Bangladesh, Pakistan, Iran and others need to be into crypto than to be out of crypto because their governments don't give a heck about the people, the best coin that's worth calling people's coin is BITCOIN.

I have few friends that are from Bangladesh and I know them through online gaming and yes they do know about Bitcoin but most of them are learning trading, instead of holding Bitcoin for long term, few said they make money from playing Axie Infinite but I doubt they are still in this game because Axie is no more profitable like it used to, people living in Bangladesh are really struggling.  

[Cryptomultiplier]

It is good some people even are aware what crypto is and even hold it. For a country like Bangladesh where it is illegal to use cryptocurrencies, where I even read on the news about how the police do arrest any citizen of it with crypto wallets, the figure is quite impressive.
Crypto will continue to gain value as long as more persons get introduced to it and have found it as a better or safer haven than the banks, where they can keep or invest their funds without anyone or agencies prying.
BTC will gain more dominance with this figure doubling in coming years and there would be need to make it a legal tender if possible.

[_BlackStar]

That was my surprise when I last time read this. This was a few months back when I read in one of the local newspapers where they mentioned around 4 million Bangladeshi people use Bitcoin and other cryptocurrencies. I didn't believe in that stats but today once again I found the same stats on another website namely Triple A, I have no idea about them. According to them, 2.4% of people are holding cryptocurrency in Bangladesh which I think is impressive. No matter whether most of them have invested just because they are greedy. Still, it's a piece of great news in my opinion. Bangladesh is one the countries where using Bitcoin is declared illegal by the government. But this number/stats say something we are going to get in the very near future. There was a discussion regarding cryptocurrency between some employees from Bangladesh Bank. They were hinting Bangladesh may legalize Crypto within 2/3 years. Maybe finally, it's happening.

If the statistics are true and accurate, then surely the Bangladesh government should consider softer regulations for crypto users. If they ban bitcoin or other altcoins as a means of payment, then in no way should they ban trading that could ultimately benefit both parties. Trade legalization is expected as a first step, but I don't know what the status is now.

Bitcoin adoption is expected everywhere, but it is not the duty of governments to legalize bitcoin as a means of payment as long as they have a centralized financial system. I think 2/3 years is too close for adoption status, but who knows if the government finally approves it.

[tabas]

Hopefully soon that restriction will be lifted and the Bangladesh government will see the importance of adopting Bitcoin. It's a good news to see that there are still this percentage of people that holds crypto there despite the declaration of the government that it's illegal to have it.
Nothing can stop people from transacting in Bitcoin and they can't be traced unless they'll vocally say that they're into it. I wouldn't even be surprised if this number will grow in the next couple of years and that decision might also come out from the government that they're now be removing any restrictions that's placed upon the crypto market there.

[bittraffic]

2.4% of the people in the country must have the balls to do things despite some news where people are arrested.  You can just say the incentive of owning BTC is more enticing and that risking is more worth than just saving money in the bank.

The country I believe also can be compared to Sri Lanka where people are working hard every day for pennies. If I were also a citizen of the country, I would also be engaging in crypto.

[Nwada001]

Am I the only one who sees that there is always rapid growth and massive adoption of crypto, even if it's secretly in countries where the government always turns out to be against the currency?

This is just something I see now as normal. The government will make Bitcoin illegal and want to punish everyone who is using it, but this is the time that people always want to start using that currency more. This is because most times they believe that there is something special about that thing that the government said they should not use or that might also be a greater threat in one way or another to the government. Let me use my country (Nigeria) as an example. Since the crypto ban, all I can read and see in the news is the rapid increase in the use of Bitcoin and other crypto currencies by Nigerian citizens.

The citizens of Bangladesh know what they want, and they know what's best for them even if the government says it's illegal. All they need is an internet connection, and they will engage in whatever crypto transaction they want to do. The dedication of citizens and their continued resistance bring more pressure on them for more pressing laws, but in cases like this, when the government sees how people are using the currency and they can't control or victimize those using it, the best thing they can do is embrace it with a little form of regulation that will protect its citizens from being exploited by foreign crypto projects and exchanges that might have an interest in operating in Bangladesh. It's just a matter of time before the country makes a move to legalize Bitcoin, just as you have stated that a few bank workers are already in discussion about it.