Bitcoin in Bangladesh! | Bitcointalksearch.org

Silberman

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Quote from: Twinkledoe on February 10, 2021, 05:40:46 PM

Quote from: Silberman on February 10, 2021, 05:33:29 PM

Governments around the world are without a doubt understanding that bitcoin is a way bigger threat than what they thought originally, they thought that this coin will be used just by a few people that were anti-government or something and they are realizing that bitcoin is making its way around all society and they do not want that, so I'll not be surprised if we see many countries banning cryptocurrencies while others decide to apply very heavy regulations to them, and yet despite all of their efforts this is going to fail.

They will fail because large and known corporations are now joining the crypto community. And the latest of them is Tesla, who publicly announced their investments in crypto. If these governments will continue to ban the usage or dealings with crypto, their constituents will find a way how to use it. And I guess, it is better to regulate the usage of it rather than labeling it as illegal. Just look at first world countries, how they are treating cryptocurrencies and blockchain tech, they are more open-minded with this new technology. I hope they will change their perspectives to crypto and make something that will work for their citizens who are crypto users.

I agree, however it is not as if first world countries where that much understanding either, I can assure you that if they could in some way or form destroy bitcoin they will do it, they hate competition especially when it comes to their fiat currencies and many other attempts to create an independent currency in which government had no control were destroyed as soon as they became too big, but they are seeing this is something that they cannot do against bitcoin so they are left with no option but to regulate it, and even that is going to fail, so I'm not surprised that some countries and governments that are more authoritarian want to ban it completely but that will fail too.

Vaskiy

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Bangladesh in terms of growth has got high GDP over the past few years, and it is one among the fast growing economy. Maybe this could've led to fear, if cryptocurrencies is allowed the control over the financial system will be lost and affects the growth. Another thing that strikes my mind is the dependence. Most of the policies of Bangladesh were followed by the policies made by the Indian government. Maybe this could've caused Bangladesh to stay strong against cryptocurrency usage within the country.

Twinkledoe

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Quote from: Silberman on February 10, 2021, 05:33:29 PM

Quote from: bassbity on February 05, 2021, 08:46:05 AM

Bangladesh regulations have always instigated and tried to combat bitcoin users on the grounds of laundering. In fact, if viewed from the context of economic growth, this will be a solution for Bangladesh to get out of the crisis session that has been troubling them. The central bank there really doesn't like bitoin, while most of the country's citizens, however, remain secretly against the rules. remember they are smarter at doing it in secret. This doesn't mean that we are here to support crime, but we are trying to urge the central bank in Bangladesh to make room for bitcoin to be touched legally.

Governments around the world are without a doubt understanding that bitcoin is a way bigger threat than what they thought originally, they thought that this coin will be used just by a few people that were anti-government or something and they are realizing that bitcoin is making its way around all society and they do not want that, so I'll not be surprised if we see many countries banning cryptocurrencies while others decide to apply very heavy regulations to them, and yet despite all of their efforts this is going to fail.

They will fail because large and known corporations are now joining the crypto community. And the latest of them is Tesla, who publicly announced their investments in crypto. If these governments will continue to ban the usage or dealings with crypto, their constituents will find a way how to use it. And I guess, it is better to regulate the usage of it rather than labeling it as illegal. Just look at first world countries, how they are treating cryptocurrencies and blockchain tech, they are more open-minded with this new technology. I hope they will change their perspectives to crypto and make something that will work for their citizens who are crypto users.

Silberman

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Quote from: bassbity on February 05, 2021, 08:46:05 AM

Bangladesh regulations have always instigated and tried to combat bitcoin users on the grounds of laundering. In fact, if viewed from the context of economic growth, this will be a solution for Bangladesh to get out of the crisis session that has been troubling them. The central bank there really doesn't like bitoin, while most of the country's citizens, however, remain secretly against the rules. remember they are smarter at doing it in secret. This doesn't mean that we are here to support crime, but we are trying to urge the central bank in Bangladesh to make room for bitcoin to be touched legally.

Governments around the world are without a doubt understanding that bitcoin is a way bigger threat than what they thought originally, they thought that this coin will be used just by a few people that were anti-government or something and they are realizing that bitcoin is making its way around all society and they do not want that, so I'll not be surprised if we see many countries banning cryptocurrencies while others decide to apply very heavy regulations to them, and yet despite all of their efforts this is going to fail.

ninabobo

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Bitcoin isn't perceived in Bangladesh because of the way that the public authority has some severe approach against digital money in India as a country, that have influenced the use and admittance to bitcoin in that country so regardless of whether residents think about bitcoin they can openly utilize it as a method of installment.

tygeade

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Bruhhh

these people should just free people for once!!! Why can’t they let people do what they want to do? Okay we are very much aware of the money laundering part and terrorism financing, but I think these are issues that can tackled if we look into them.

Moreover, based on my research, most of the money laundering and funding of terrorism is usually done with fiat and these people don’t even make use of cryptocurrency, so why are they bothering crypto users so much? Maybe they should start looking for ways they stop all those things instead of stopping cryptocurrency.

mdzahed134

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Quote from: BrewMaster on February 03, 2021, 12:44:35 PM

the central banks of no country can ban anything, only the government can do that. and even though the central banks are part of the government but they still need the government to ban anything.
also Bangladesh banned bitcoin many years ago. if i am not mistaken they did it in very early years and nothing has changed over the years except the fact that people have learned how to buy bitcoin easily over the counter.

Absolutely right, The central bank cannot take any decision without the intervention of the government that's the real scenario on the behind. Bangladesh is always in a strict position against cryptocurrency, there are many times arrested a lot of crypto trader's to punished like as jail for a several months.

Alucard1

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Even though bitcoin is not recognized in Bangladesh this is still a good chance for their citizen to buy bitcoin without any hesitation because of thinking that authorized people could hunt them. That is also something advantage for you guys, we don't need to please government to accept bitcoin in our country because cryptocurrency is still there even though the government is against it.

Evgenklm

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this is not the only country where they think so, of course there is a small percentage of fraud in transactions with bitcoin, but it is negligible, and therefore there is no escape, we do not know, for example, how much money is laundered in fiat, and there I think the percentage is much higher. I am sure that some countries are afraid of bitcoin and blockchain technology in general, because it is probably the future analogue of the new financial system, but this is not accurate Tongue

Shasha80

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Actually the main reason for countries that ban Bitcoin is the fear of fiat being replaced by Bitcoin and also Bitcoin is widely used for illegal activities.
It is possible that the Bangladesh government banned Bitcoin for the two reasons I have mentioned. Even though there is no way Bitcoin will replace
fiat, because not all places have electricity and internet networks.

So for me there is too much reaction from the government if the reason for banning Bitcoin, because Bitcoin will replace fiat. Then for the second
reason I don't agree that Bitcoin is widely used for illegal activities. However, if you do your research properly, fiat is more used for illegal activities.

btc78

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Quote from: Respite09 on February 03, 2021, 12:02:54 PM

Bitcoin is not recognized in Bangladesh, in a word, it is banned. The Central Bank of Bangladesh Bangladesh Bank has not legalized the use of this currency in the country. The central bank said the transaction could violate anti-money laundering and anti-terrorism financing laws.

That is your country's rule then you Must obey , if you still wanted to trade Bitcoin then Go to other country that has different laws, or Just handle Bitcoin and keep holding.

Quote

Bangladesh Bank also issued a notification in December 2016 warning the people of the country about bitcoin. It said that bitcoin is being traded in the country using various websites and social media, which is not approved by any regulatory body.

Bank of bangladesh ? and not the Government ?
or you mean Central bank of Bangladesh?

Quote

The use of these virtual currencies is not supported by the Foreign Exchange Control Act 1948, the Anti-Terrorism Act 2009 and the Prevention of Money Laundering Act 2012. As a result, there is a risk of financial loss to the people.

So what is your point here ? you just educate us abou the rules of your country but you have not even ask something.

Alamin1444

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I am from Bangladesh and i know the Rules implemented by Bangladeshi GOV. In my opinion until there is proper regulation BTC will not be acceptable here, cause there is many problem will happened if BTC accept without proper management. I think Already you know everywhere is corruption so if It's accepted Money laundering will be much higher then now. ( my opinion) . I will be very happy if GOV takes Risk and Accept BTC. I will be waiting.

Janation

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Don't forget that Bitcoin is still decentralized.

They might be able to stop the people, the store from accepting it but always remember that they can't stop Bitcoin from functioning and that also goes to ways in order to transact it to you despite the ban of it. There are a lot of ways you could still buy cryptocurrencies especially Bitcoin as long as they don't know it. They can't identify wallets functioning in your country.

shoreno

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Quote from: TribalBob on February 05, 2021, 05:58:10 PM

all countries reject the existence of bitcoin, but bitcoin users are getting more and more every day whether it's miners or trading,

no not all countries reject btc but only some and bangladesh is included in the banned list . when we say banned , all websites , searches and keywords , and everything related to btc are included so it was not possible for people living in these banned countries to learn btc .

Quote from: TribalBob on February 05, 2021, 05:58:10 PM

maybe in Bangladesh the government is afraid of its officials laundering money into bitcoin / cryptocurrency so that it strictly prohibits bitcoin transactions in the country,

some government officials are not good guys but they arent the only target for this banning but theres more people outside the government that can also do money launder using btc . i like how their government work because it was concerned but at the same time i dont like the fact that they ban btc

rokon1234

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In my opinion, the Bangladesh government should not have taken such a decision.Because many countries are now using cryptocurrency to earn money and this is causing their economic development.Moreover, one of the problems in Bangladesh is unemployment, which can be eliminated by approving cryptocurrency.So I think now all cryptocurrencies besides bitcoin should be approved by the Bangladesh government.

TribalBob

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all countries reject the existence of bitcoin, but bitcoin users are getting more and more every day whether it's miners or trading, maybe in Bangladesh the government is afraid of its officials laundering money into bitcoin / cryptocurrency so that it strictly prohibits bitcoin transactions in the country,

MCobian

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It is annoying if we live in a country that has banned Bitcoin, The government of Bangladesh indeed rejects crypto and considers crypto to be
widely used for illegal activities. I am sorry for the people of Bangladesh who find it difficult to use Bitcoin, but there are always ways to invest
in Bitcoin for people living in countries where owning Bitcoin is prohibited.

One of them can ask for help from our family or friends who live in countries where Bitcoin is legal. Then another solution uses a VPN to access
exchanges to buy Bitcoin, choose exchanges that don't need to do KYC procedures and don't prohibit users from using VPNs. And the most extreme
solution is to get out of Bangladesh, move to a country that does support cryptocurrency.

Kocret02

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This is natural for countries that have not approved bitcoin, I think many countries do that too. so for the people of Bangladesh who want to use bitcoin must wait for regulatory policies from the government to approve bitcoin in the country

BChydro

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Quote from: Respite09 on February 03, 2021, 12:02:54 PM

Bitcoin is not recognized in Bangladesh, in a word, it is banned. The Central Bank of Bangladesh Bangladesh Bank has not legalized the use of this currency in the country. The central bank said the transaction could violate anti-money laundering and anti-terrorism financing laws.

Attaching anti terrorism finacial laws will scare away many people from even trying to risk their life in investing in bitcoin and other similar digital currencies. We all know how silly these government could restrict people in the name of terrorism funding and what are the legal implications if you are caught using bitcoin and whether they have arrested people in the name of using bitcoin.

emmybd

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There are 6 countries in this world which condemn the use of Bitcoin, and Bangladesh is one of them. Bangladesh Bank had given a precautionary statement back in 2014 to forbid the countrymen from using it because it believed anonymity and decentralization could endanger our financial stability.
Further on December 24, 2017, another cautionary notice was provided along with an Anti- Terrorism Act, 2009, vulnerable to the use of Bitcoin. The use of Bitcoin may cause people to be jailed up to 12 years, as reported by the international press. Bangladesh Bank considering the usage of Bitcoin to be illegal doesn’t make it illegal nonetheless. The abuse may be illegal but Bitcoin being a harmless transaction platform couldn’t be illegal at all.
The Foreign Exchange Regulation Act considers a currency to be in physical forms or in any form permitted by the Bangladesh Bank, and since bitcoin is not a coin ironically, it falls out of the included currency forms.

Topic: Bitcoin in Bangladesh! (Read 463 times)