Topic: I am stopping for legal reasons. Is it really worth the trouble? - page 2. (Read 732 times)
February 08, 2023, 03:42:13 PM
There's no doubt you (OP) are left with the only option to leave crypto payments because your country's regulations are stopping it. However, I've got just one thing to say for such countries, "you guys are probably lacking enough knowledge of crypto or you are not interested in an opportunity that can potentially increase your GDP". I know what is the situation in your country and there are enough people living their life by earning through this forum and even through crypto, it's a seriously stupid behavior that your banks and gov has taken to stop you guys from accepting crypto, it's like taking back your freedom from your hands.
February 08, 2023, 03:34:54 PM
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.
Not really. I'm a rebel at heart so I'd continue to hold it. I'd do it the smart way though. I wouldn't tell anyone about it, just use it for online shopping, gift cards, maybe trading with friends who would want to own some. Do you really think there aren't rebels in every society? Those are the people that go to protests against the government when you sit on your butt and watch them on TV
There's a reason why a government would try to scare you away from crypto and that reason is always fear for their weak economy. That too many people using decentralized money would increase inflation and put their whole system at risk, so they want you to work for the good of the system, no matter if you support it or not. For me this would be a sign that the system is on the verge of collapsing and that I have to save whatever I have.
The moment they'd impose a total ban and start threatening me with jail, I'd start packing my bags.
Even if I can't use it publicly, I will keep it my secret. My forbidden fruit.
February 08, 2023, 01:55:12 PM
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.
For me it is wise to stop accepting crypto for your business it isn't worth the risk at all.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.
Don't risk your business if crypto is illegal in your country then stop connecting it to your business.
You might just lose both if you continue to accept it and the worst part is it would ruin your name or business.
February 08, 2023, 01:41:28 PM
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.
Not really. I'm a rebel at heart so I'd continue to hold it. I'd do it the smart way though. I wouldn't tell anyone about it, just use it for online shopping, gift cards, maybe trading with friends who would want to own some. Do you really think there aren't rebels in every society? Those are the people that go to protests against the government when you sit on your butt and watch them on TV
There's a reason why a government would try to scare you away from crypto and that reason is always fear for their weak economy. That too many people using decentralized money would increase inflation and put their whole system at risk, so they want you to work for the good of the system, no matter if you support it or not. For me this would be a sign that the system is on the verge of collapsing and that I have to save whatever I have.
The moment they'd impose a total ban and start threatening me with jail, I'd start packing my bags.
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February 08, 2023, 01:04:59 PM
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 jailand 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.
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.
I see that as a regular thing, although bitcoin has become more popular in recent years as more institutions and countries claim to accept it. But it is still being completely banned in some countries, and many countries have not legalized it nor have any regulations for it.
I think OP should stop all forms of accepting bitcoins or cryptos, including P2P, don't try to be smart and find ways to go against the government, getting rid of bitcoin won't affect his business. If he tries to circumvent the law and is found out, the cost is very high, even in prison, I think it is not worth the risk.
February 08, 2023, 12:24:05 PM
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That really sucks, OP. I thought it would stay in the gray area like they would not really put people in jail just because they hold crypto, but now that you mentioned it. You got no choice, OP but I guess it is for the best of your business. Not sure if you could still somehow hold crypto in hardware wallets, but I would not risk any single transaction just to get into crypto if I were you.For your business, crypto is completely out, but in your own personal secret stuff, you might still be able to hold, but again I would not risk it.
Good to hear that you're still somehow be able to access crypto-related sites though since I kinda expected that the government would tell all the ISPs to block these crypto sites to somehow stop it.
February 08, 2023, 12:18:21 PM
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.
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.
I asked myself what I personally know about the country of Bangladesh and came to the conclusion that I know nothing!
I began to search for information about this country on the Internet. Most of all I was surprised by the information about the population of this country - 177 million people! That's a lot!
This is more than a person lives in the Russian Federation and several times more than in any European country.
As for the ban on paying for goods (works, services) with bitcoins, such a ban also applies in my country. No organization can use Bitcoin to pay for goods. Bitcoin is considered a money surrogate, and the issuance and circulation of money surrogates is prohibited in my country.
Unfortunately, Bangladesh is tightening its legislation on cryptocurrencies.
It's a pity. I would like to see less such international news.
February 08, 2023, 11:59:18 AM
I think exchange with a complete stranger in fiat every time is also leave a trace, it's really risky if someone want to hide Bitcoin transaction from the government.
Unless you're doing it with an undercover officer or you're always doing it in the same place with cameras all around and you start drawing attention from either bank employees or security guards it's probably the safest thing. Really hard for somebody to even start tracing you and on what grounds at all.
The hard part is trying to hide your wealth cause if you buy a 50k car while unemployed, then all your secret dealings were a joke.
The best way the @OP need to wait until his country unban Bitcoin, move to other country which accept Bitcoin or he can convert his BTC to stable coin using Bisq if he's want to trade Bitcoin. If he's want to cash out his Bitcoin to fiat in other country, he shouldn't use his bank account or anything that link his real identity, he should use digital wallet which only require phone number verification on that's country.
He's not doing any of that, he accepted bitcoin for his business and now he stopped!
There is no solution for him, moving out of the country means losing his customers, and decentralized exchanges are of no help when you plan on accepting the currency as they don't protect you at all, there is simply no chance of him avoiding this the moment the authorities will enforce a complete ban and do punish lawbreakers. Again, this is only for the scenario where they actually care and enforce such a ban, but then all that is needed for him to get busted is a police officer coming into his shop asking him if he accepts bitcoin and there he has it, the moment he says yes it's game over!
February 08, 2023, 10:17:16 AM
Okay, you can't legally accept payments at bitcoin in your business and don't want to get in trouble with the law. But wait, you can be an investor, right? The authorities will not be able to find out if you have btc and therefore, you can buy btc with a portion of the profits generated by your business. Yes, this is bad because it doesn't allow the business to develop in the direction of cryptocurrencies, but it doesn't prohibit you from being an investor at all.
If you have such harsh laws, then it is unlikely that people will keep and use btc, which means that there will be almost no client in your business with btc. So, it's not that much of a hassle. It's easier for people to pay in cash, like in the good old days.
If you have such harsh laws, then it is unlikely that people will keep and use btc, which means that there will be almost no client in your business with btc. So, it's not that much of a hassle. It's easier for people to pay in cash, like in the good old days.
February 08, 2023, 10:08:37 AM
a wise decision if you are a law-abiding person, even though as we know bitcoin payments can be made in various ways, but because you don't want to experience problems one day then stopping accepting payments with bitcoin is the right one in my opinion
and I think you can accept btc payments back when the government has made concessions for the adoption of bitcoin itself
and I think you can accept btc payments back when the government has made concessions for the adoption of bitcoin itself
February 08, 2023, 09:26:35 AM
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Op, do you have a registered crypto business in your country? and as a result of the ban on cryptocurrency activities in your country you are scared of pushing forward because you dont want to face the wrath of law enforcement agency. Well... all I can say it that you can still be doing a P2P trading and be getting paid. I'm from a country that places a ban on crypto but despite the ban people have been transacting with each other through P2P medium and I believe you can do same. February 08, 2023, 09:20:17 AM
Why has Bangladesh banned btc? I thought they would be better regulating it and profiting from it instead of banning it seems like a stupid move by them because now they will lose out on the income. I do not know much about how they run things were they not taxing btc earnings? If not this might be positive news they might be banning the use of btc until they have decided on the laws and then unban it when they have the regulations figured out.
February 08, 2023, 09:04:08 AM
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!
It's nice to be positive and all but mass adoption in Bangladesh looks like a wishful thinking right now. It seems the regulators have made their stance pretty clear and the only way for them to change their policy is for people like the OP to challenge the proclamation in a legal manner. Maybe some already did but lost or decision is still pending. 
February 08, 2023, 08:05:02 AM
They are not consistent with their policies, and probably it will cause more trouble if you will still accept crypto as a payment, for now follow their regulations and just stay in the market on your own. We are still far from this scenario where you can freely accept cryptocurrency as a payment without worrying about the regulations, many countries are still making this hard to adopt. Bitcoin will still prevail and time will come, just continue doing your business as usual.
It's better to be safe than sorry later because once you are in the police's custody, you will gonna have a really hard time explaining to them you are innocent and when you are unlucky, they put some heavy loads on you by putting some other case on you. It's better to lay low for now and do your business without engaging in any cryptocurrency-related matters because when they sent you those letters, maybe you are already been red-tagged and by showing them you comply with their rules, there will be no problem in the future.
February 08, 2023, 03:44:12 AM
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!
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!
February 08, 2023, 03:17:05 AM
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.
I think exchange with a complete stranger in fiat every time is also leave a trace, it's really risky if someone want to hide Bitcoin transaction from the government. The best way the @OP need to wait until his country unban Bitcoin, move to other country which accept Bitcoin or he can convert his BTC to stable coin using Bisq if he's want to trade Bitcoin. If he's want to cash out his Bitcoin to fiat in other country, he shouldn't use his bank account or anything that link his real identity, he should use digital wallet which only require phone number verification on that's country. 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.
February 08, 2023, 03:00:35 AM
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.
I see that as a regular thing, although bitcoin has become more popular in recent years as more institutions and countries claim to accept it. But it is still being completely banned in some countries, and many countries have not legalized it nor have any regulations for it.
I think OP should stop all forms of accepting bitcoins or cryptos, including P2P, don't try to be smart and find ways to go against the government, getting rid of bitcoin won't affect his business. If he tries to circumvent the law and is found out, the cost is very high, even in prison, I think it is not worth the risk.
February 08, 2023, 02:12:29 AM
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.
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.
February 08, 2023, 01:40:25 AM
You've been accepting bitcoin as a payment condition will not affect you even though the government enforces law into your environment so what I want to inform you is that it is the very difficult to see a country that bitcoin is legal or cryptocurrency is legal but I know quite well that Bitcoin if you receive the payment you can able in converted to usd and also to your country currency pro series of exchanges operational so I will advise you to continue to accept a cryptocurrency as part of payment
Receiving bitcoin for payment for a job done is not a problem from what the Op explained but to trade it as a business is the problem. If you follow his comment you will realise that he does a type of cryptocurrency exchange as a trader. If your country government declares anything illegal, it is bad to expose yourself to it. Government does not have the power to stop you from accepting cryptocurrency provided you are not exchanging it as business. Bangladesh is a very corrupt country like most of the Africa countries where checks and balances are not monitored.
February 08, 2023, 12:49:35 AM
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.Quote
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.
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