Bitcoin, the world’s first and most popular cryptocurrency, has sparked global interest for its ability to revolutionize the financial system. In Bangladesh, however, the journey of Bitcoin has been met with unique challenges and opportunities. While the technology offers exciting possibilities for freelancers, businesses, and individuals seeking an alternative to traditional financial systems, it also faces regulatory scrutiny and limited adoption.
In a word, Bitcoin is a digital cash system. It is visible in 2009 by someone named “Satoshi Nakamoto”. Bitcoin is a cryptocurrency that completely decentralizes peer-to-peer electron currency. It only exists electronically and opens source software and world-first digital currency. Here we are going to explore Bitcoin in Bangladesh in the context of the study. Learn more about Bitcoin Bangladesh
Table of Contents
What Is Bitcoin?
Bitcoin is a decentralized digital currency that operates without the need for a central authority or intermediaries like banks. Introduced in 2009 by an anonymous entity known as Satoshi Nakamoto, Bitcoin runs on blockchain technology, a secure and transparent public ledger that records all transactions. Unlike traditional currencies issued by governments, Bitcoin is powered by a peer-to-peer network, allowing users to send and receive payments globally without relying on conventional banking systems. It is often referred to as “digital gold” because of its finite supply—only 21 million Bitcoins can ever be created—which makes it resistant to inflation. Bitcoin’s unique features, such as security, transparency, and low transaction fees, have positioned it as a revolutionary financial tool with growing adoption worldwide.
You can transfer this currency from one person to another person secretly with the distributed ledger. With mining, process miners get rewarded a small amount of money by validating the cryptographic mathematical algorithm processes. the technology behind Bitcoin is open ledger Blockchain technology.
Bitcoin Bangladesh For The Beginners
Bitcoin In Bangladesh is not fully legal, but it’s used as an open secret digital currency among internet users in Bangladesh. The freelancer is earned by doing a freelancing job, such as affiliate marketing, doing the client job, online marketing commission, mining, and different way of work. Bitcoin Bangladesh For The Beginners
If you watch YouTube there you can find many cryptocurrency-related videos. Many of them have earned Bitcoin and ALT-coin doing jobs, trading, marketing, etc. Using mobile applications and desktop applications many Bangladeshis earn money. You can also earn money doing the small web task.
So, let’s start a brief discussion about the use of Bitcoin in Bangladesh.
The Legality Of Bitcoin In Bangladesh
In the past, only Bangladesh was considered “hostile” to Bitcoin, and it was one of six countries. At present, Bangladesh Bank is “warning” to use Bitcoin and any type of cryptocurrency, and such type of cryptocurrency will be illegal in our country. In 2014 Bangladesh’s central bank first started to protest against Bitcoin. In a statement, a transaction with any ad-coin or artificial currency that is unauthorized is stated in the Foreign Exchange Regulation Act, 1947, and the Money Laundering Prevention Act, 2012. Bitcoin Bangladesh Legality.
Bangladesh Central Bank
At present bitcoin is more popular worldwide that’s why Bangladesh Bank discloses another “Cautionary Notice” on their web portal on December 24, 2017. On this notice, they mention previous law caution. Moreover, they add another low about the Anti-Terrorism Act, of 2009. The low indicates the use of Bitcoin violates the law. Bitcoin Bangladesh
Also, they recommended to all Bangladeshi citizens to avoid all types of transactions with digital currency like Bitcoin, Ethereum, Litecoin, and Ripple. This recommendation helps citizens to avoid financial and legal risks.
Is Bitcoin Legal in Bangladesh?
Already we have mentioned the legality of Bitcoin in Bangladesh. So, when it comes to answering directly then the answer is ‘NO’ Bitcoin still is not allowed in the Asian country Bangladesh. But shortly, we hope Bitcoin will be permitted.
In the neighboring country, India Bitcoin does not fully have use permission. But low is coming soon. So in Bangladesh, our low authorities are taking a relabeling action soon. In the meantime, you can use Bitcoin as your local environment. Bitcoin Bangladesh.
Is Bitcoin Mining Legal In Bangladesh?
It is not fully clear, but you can understand if you read the recent Bangladesh Bank law. According to the Bangladesh bank statement September 2017
“anybody caught using the virtual currency could be jailed under the country’s anti-money laundering laws”.
But as per the realistic situation, it is an open secret that many people are mining Bitcoin in Bangladesh. To start a mining business in Bangladesh you should consider it. For mining, the law agency is not very strict. So, before mining simply get in touch with this cousin.
- The political climate should be friendly.
- Bitcoin mining is not open publicly.
- You need hardware, and it costs more than $1000
- Start your mining firm in a safe and secret place.
- Caution about online mining offers because there are a lot of scams.
Bangladesh Police Is Hunting Bitcoin Traders
All types of digital or virtual transactions like cryptocurrency are punishable by up to twelve years in jail. BD central bank is concerned with all the local commercial banks aware to protect trade, and exchange of cryptocurrency like Bitcoin, Bitcoin Cash, Ripple, etc.
Already (BFIU) is searching for bitcoin traders. BTRC also cooperates with them. However, police are hunting digital currency traders in Bangladesh. Many of them have already been arrested for illegal financial activities.
Many local banks are to hang a notice on stopping the use of crypto. For example, see the Bangladesh Bank Bitcoin notice below.
Though Bitcoin is not legal in our country, we hope it will be legal in the future. Everything has a good and bad side. Hopefully, we will use this innovative technology for a good purpose in our country.
How To Buy Bitcoin In Bangladesh
Though Bitcoin is not fully open and legal to buy and sell in Bangladesh, you can still buy BTC in different ways. There are many online exchanges where you can buy Bitcoin with Skrill, Web Money, Payoneer, Payza, etc. Bitcoin Bangladesh.
You can buy Bitcoin locally which is offering to sell BTC to BDT. Internet search there have lots of offers if you find one. After that, you can contact them to buy directly face-to-face. There are many online websites and social media groups where you can get potential sellers. Moreover, using a credit card, buy Bitcoin from your wallet account directly. For example, to buy Bitcoin In BD follows the article. Bitcoin Bangladesh.
Here is a list of where you can buy Bitcoin from Bangladesh.
- Localbitcoins: This site allows you to buy Bitcoin from Bangladesh. You need to create an account and find the BTC seller to buy Bitcoin. Now verify your account with a national ID or with your passport. You can use Bkash Rocket or Bank-In to buy Bitcoin in Bangladesh.
- Paxful: This company gives you the option to buy Bitcoin instantly in BD using any payment method. Different payment method is accepted to buy BTC by Paxful. Before buying Bitcoin you should see the positive feedback of the seller account.
Buy BTC with Paxful
Note: Here is only these two companies, but there are a number of sites to allow you to buy Bitcoin in Bangladesh. Such as Bitcoin Bangladesh for users.
Bitcoin Bangladesh Convert BTC To BDT
Converter displays currency BTC To BDT price. An automated calculator shows you the currency exchange price. However, It can be varied from one exchange rate to another exchange rate. BTC converter not only shows BTC to BDT but also all the ALT coins. It gives you the advantage of understanding the current Bitcoin price in Bangladesh.
In our home page has the BTC to USD converter/ calculator. The Google search page has the option to see the real-time Bitcoin to BDT Tata price. Anyone can exchange the price for a small fee. Bitcoin Bangladesh.
BTC ATM In Bangladesh
Still, there is no Bitcoin ATM booth in Bangladesh. Some money exchange is working for it. In the future, they plan to start service in our country. For instance, Spectrocoin is a Crypto service company that provides many services in Bitcoin Bangladesh.
To see all the Bitcoin ATMs by country here
Bitcoin Foundation’s First Affiliate from Bangladesh
Bitcoin Foundation is one of the leading organizations in the crypto world. The main mission is to promote the cryptocurrency use case, legality, crypto, community development, and so on. Moreover, they promote different aspects of Blockchain technology and different things around the world.
Probably it is the first time an affiliate from the Asian religion in Bangladesh. They announced Bangladesh is the new affiliate of the Bitcoin Foundation to contribute to cryptocurrency promotion all over the world. Recently they wrote on their website —“Join us in introducing Bitcoin to the world and contributing to its sustained development”,
I think it is the only cryptocurrency-related organization in South Asia. Last eight months there have been another 7 other Bitcoin affiliate partners joining this organization. They are from Australia, Canada, Mexico, Germany, or the Netherlands. Bitcoin Bangladesh
As per World Bank through the NewsBTC portal Bangladesh outsourcing and IT, the market gets $14 billion in remittances during 2013 which is about 8.6 million migrant workers. In this case, Bitcoin brings an advantage and plays a vital role in the crypto markets among Bangladeshi workers and remittance markets. Bitcoin Bangladesh
The Bangladesh team is incredibly passionate about Bitcoin and helping their communities. This is a win for the region and a win for Bitcoin. Mark Woods, Bitcoin Foundation Affiliate Director.
Hopefully, the Bangladesh team of the Bitcoin Foundation will be responsible to promote and grow Bitcoin in the Asian region. Moreover, in the near future, there will be more affiliates from many parts of the world. Bitcoin Bangladesh.
Legal Status And Regulations: The Bitcoin Landscape In Bangladesh
Bitcoin’s legal status in Bangladesh has been a topic of debate and confusion. While cryptocurrencies like Bitcoin are not officially recognized by the Bangladeshi government, there have been developments indicating a growing interest in blockchain technology.
Key Points to Include:
- Current Legal Framework: Highlight the government’s stance on Bitcoin, referencing any laws or notices issued by the Bangladesh Bank.
- Prohibited Activities: Explain activities considered illegal, such as trading or transacting Bitcoin within Bangladesh’s regulatory boundaries.
- International Influence: Discuss how global regulatory trends might influence Bangladesh’s policies shortly.
- Recent Developments: Mention any changes in government sentiment or talk about potential cryptocurrency regulation.
Educational Resources And Community: Building Knowledge In Bangladesh
Education is key to fostering the safe and informed adoption of Bitcoin. Providing resources for learning and community engagement can empower potential users. Bitcoin Bangladesh
Key Points to Include:
- Local Communities: Highlight any known cryptocurrency or blockchain communities, meetups, or forums in Bangladesh.
- Educational Initiatives: Mention workshops, webinars, or online courses that focus on Bitcoin or blockchain technology.
- Trusted Platforms: Suggest global and local platforms where users can learn about Bitcoin, such as Coursera, Binance Academy, or any Bangladeshi blockchain initiatives.
- Advocacy Groups: Introduce organizations working to promote cryptocurrency awareness and advocacy in Bangladesh.
Future Outlook: What’s Next For Bitcoin In Bangladesh?
Understanding the potential future of Bitcoin in Bangladesh can provide readers with valuable insights into its long-term viability.
Key Points to Include:
- Emerging Trends: Discuss trends like central bank digital currencies (CBDCs) and their potential impact on Bitcoin adoption.
- Technological Integration: Explore how blockchain technology could be used in government or private sectors, paving the way for cryptocurrency acceptance.
- Regulatory Evolution: Analyze how evolving global cryptocurrency regulations might influence Bangladesh’s stance.
- Potential Scenarios:
- Optimistic: Bitcoin becomes regulated, opening up avenues for growth.
- Pessimistic: Strict enforcement against Bitcoin stifles innovation and adoption.
- Balanced: A slow but steady path toward gradual acceptance.
Frequently Asked Questions (Bitcoin Bangladesh)
1. Is Bitcoin legal in Bangladesh?
Bitcoin is not officially recognized as legal by the Bangladeshi government. The Bangladesh Bank has issued warnings against using or trading cryptocurrencies, citing concerns about money laundering and financial crimes. However, many individuals still engage with Bitcoin discreetly.
2. Can I trade Bitcoin in Bangladesh?
Trading Bitcoin is technically prohibited in Bangladesh, and individuals involved in such activities may face legal penalties. However, some users bypass restrictions using international platforms and peer-to-peer (P2P) exchanges.
3. How do freelancers in Bangladesh use Bitcoin?
Many Bangladeshi freelancers use Bitcoin to receive international payments for their work. Bitcoin allows them to bypass traditional banking restrictions and access their earnings more quickly and affordably.
4. Are there any businesses in Bangladesh that accept Bitcoin?
While Bitcoin adoption among businesses is limited due to regulatory challenges, some tech-savvy organizations and freelancers discreetly accept Bitcoin for services such as IT consulting, web development, and digital marketing.
5. What are the risks of using Bitcoin in Bangladesh?
Key risks include:
- Regulatory Penalties: Using Bitcoin can lead to fines or legal action.
- Price Volatility: Bitcoin’s value can fluctuate dramatically, posing risks for investors.
- Security Concerns: Users face potential threats like hacking, phishing, and scams.
- Lack of Awareness: Limited knowledge about cryptocurrencies can lead to misuse or losses.
6. How is Bitcoin used for remittances in Bangladesh?
Bitcoin is used by some individuals to send and receive remittances because it offers lower transaction fees and faster processing times compared to traditional banking channels. However, this practice operates in a legal gray area.
Conclusion
Bitcoin’s journey in Bangladesh is both intriguing and complex. Despite legal and regulatory challenges, it continues to attract attention from freelancers, tech-savvy individuals, and investors who see its potential for transforming financial transactions. While the current landscape presents risks and uncertainties, it also highlights the growing interest in blockchain technology and its applications. Bitcoin Bangladesh
As global trends evolve, there’s a possibility that Bangladesh may revisit its stance on cryptocurrencies, opening up opportunities for broader adoption and innovation. For now, understanding the legal framework, staying informed about risks, and exploring educational resources are essential for anyone looking to navigate the world of Bitcoin in Bangladesh.