Is Bitcoin Legal in Bangladesh?
While Bitcoin and cryptocurrencies are not officially recognized as legal tender in Bangladesh, owning them isn’t illegal. The Bangladesh Bank issued warnings in 2017 about the risks of trading cryptocurrencies, citing their unregulated nature. However, many Bangladeshis still buy and sell Bitcoin through peer-to-peer (P2P) platforms and international exchanges. Always consult a financial advisor to understand current regulations.
How to Buy Bitcoin in Bangladesh: 4 Simple Steps
Step 1: Choose a Cryptocurrency Exchange
Opt for platforms that support Bangladeshi users and P2P transactions:
– Binance P2P: Offers BDT deposits via bank transfers and mobile banking.
– LocalBitcoins: Connects buyers/sellers directly for cash or digital payments.
– Paxful: Supports bKash, Nagad, and Rocket payments.
Step 2: Create and Verify Your Account
1. Sign up with your email/phone number.
2. Complete KYC verification by submitting:
– National ID/passport
– Proof of address
– Selfie with ID
Step 3: Deposit Bangladeshi Taka (BDT)
Common payment methods:
– Bank Transfer: Direct deposits to seller accounts (1-3 business days).
– Mobile Banking: Instant transfers via bKash/Nagad (fees: 1-3%).
– Cash: In-person transactions for higher anonymity (use public places).
Step 4: Buy Bitcoin
On P2P platforms:
1. Search for sellers offering your preferred payment method.
2. Compare prices and completion rates.
3. Initiate trade, send payment, and confirm receipt.
How to Store Bitcoin Safely
– Hot Wallets: Convenient for frequent trading (e.g., Trust Wallet, Exodus).
– Hardware Wallets: Offline security for long-term storage (e.g., Ledger, Trezor).
Pro Tip: Enable two-factor authentication (2FA) and never share private keys.
FAQ: Buying Bitcoin in Bangladesh
Q1: What’s the cheapest way to buy Bitcoin in Bangladesh?
A: Bank transfers via Binance P2P typically have the lowest fees (0.1-0.5%).
Q2: Can I buy Bitcoin with bKash?
A: Yes, through Paxful or LocalBitcoins sellers accepting bKash payments.
Q3: How long do Bitcoin transactions take?
A: Network confirmations require 10-30 minutes. P2P trades depend on payment method speed.
Q4: Are Bitcoin profits taxable in Bangladesh?
A: No official tax guidelines exist, but report income to avoid legal issues.
Q5: What’s the minimum investment?
A: As low as ৳500 on most platforms.
Conclusion
Buying Bitcoin in Bangladesh requires using P2P platforms due to regulatory restrictions. Prioritize exchanges with strong security measures and transparent fees. Start with small amounts, diversify your portfolio, and stay updated on regulatory changes. Cryptocurrency investments carry risks—never invest more than you can afford to lose.
