Topic: I am stopping for legal reasons. Is it really worth the trouble? - page 3. (Read 732 times)

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.

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!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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!

Bitcoin won't be banned in every country, as some of the major financial players consider it as hard money. Hard money is money that is backed by a hard asset, usually a valuable metal. In the US, I believe it is only gold and silver, but in the UK and many other countries, it is gold, silver and copper. Bitcoin is unique amongst cryptos, as it is the only crypto with a real hard value. Not many people understand how a virtual asset can have a real hard value, but there seems to be an increasing number in the financial world, and this is why they have been accumulating Bitcoin. Because of this, Bitcoin is likely to be treated in the same way that gold has been treated in the past, and will probably receive the same attention in the future.

I don't know much about Bangladesh, but I suspect that it doesn't have many representatives in the major financial markets, and therefore there won't be the same pressures to maintain P2P transactions. The Taka has been weakening against the dollar, and I believe that there may be restrictions on taking the currency out of the country. The ban on Bitcoin may be an attempt to avoid weakening the Taka, rather than an attack on Bitcoin itself. Someone should tell them to allow Bitcoin mining to build the wealth of some of its citizens.