Cryptocurrency in Bangladesh

Cryptocurrency is growing rapidly by 2025 it’s going to generate a revenue of US$46.3 billion, yet sadly, Bangladesh will not be part of the crypto adoption list. Bangladesh as a country doesn't consider cryptocurrency as a legal tender or tool of investment. It is one of 6 countries that banned crypto trading, which is considered a risky and harmful investment. Trading cryptocurrency is an offense under the Foreign Exchange Regulation Act, the Anti-Money Laundering Act, and the Anti-Terrorism Act which can lead to criminal charges. On the other hand, while global countries and institutions are embracing crypto and constantly developing regulatory frameworks, Bangladesh is still not considering cryptocurrency as a part of its financial strategy. However, today’s young, tech-savvy Bangladeshis are finding alternative solutions by investing through overseas Forex brokers that offer Bitcoin CFDs—bypassing local restrictions and gaining exposure to the growing global crypto market.

How People Use Crypto in Bangladesh

In Bangladesh, crypto isn’t something everyone uses yet—it’s mostly popular with tech fans, freelancers, and young people who like new ideas. About 4.3 million people (around 2.5% of the country) own some crypto, according to a 2024 report. Mostly, it is done by opening an account with Forex brokers in Bangladesh offering Bitcoin CFDs, where Taka, the local currency, is converted into US Dollars to buy and trade Bitcoins. Currently, Bangladesh’s crypto market is not seeing a lot of expansion, but amidst the ban, it’s growing. People use it mainly for three things: sending money from abroad (remittances), investing to make a profit, and sometimes trading with each other. Since banks charge high fees (up to 6%) for sending money, crypto is a cheaper option. Others buy it hoping the price goes up. Big moments, like the government’s 2020 plan to use blockchain or a 2023 scam called MTFE that tricked many people, have made some excited and others careful.

The Size of the Crypto Market

It’s hard to say exactly how big the crypto market is in Bangladesh because it’s not fully legal, but it’s getting bigger. More than half the country uses the internet now, and young people are driving interest. Bitcoin and Ethereum are the most popular because everyone knows them, and Ripple is liked for sending money.

Big names like Binance and KuCoin, which are websites where people buy and sell crypto, are used a lot. There aren’t any official Bangladeshi crypto companies because of the rules, but some local people help others trade quietly, and social media is full of crypto talk.

What the Government Says About Crypto

The government in Bangladesh doesn’t allow cryptocurrency, not making it a legal tender nor an investment tool. In 2017, the Bangladesh Bank said it’s against the law, worried it could be used for bad things like cheating or hiding money. They use old laws about money and crime to keep it banned. If anybody uses it, they might get in trouble, but they don’t always catch everyone.
Lately, in 2024, more people are trading secretly, and some think the government might change its mind someday because crypto could help with money sent from abroad. Nothing’s sure yet, though.

Where People Buy and Sell Crypto

Since Bangladesh doesn’t have its crypto websites, people use big ones like Binance and KuCoin. These let you trade with others directly using apps like bKash or Nagad, which are popular here. They’re easy to use, charge small fees (like 0.1% on Binance), and have security like extra passwords.

But because it’s not legal, there’s a risk—your account could get locked if the government finds out. Still, lots of people use them anyway.

How People Store Their Crypto

To keep crypto safe, people use “wallets.” There are two kinds: hot wallets (online, like Trust Wallet or MetaMask) that are easy to use, and cold wallets (offline, like Ledger) that are safer. Most Bangladeshis use the online ones because they’re simple, but some pick the safer ones after hearing about scams.

Scams are a big worry—things like the MTFE trick in 2023 made people lose money. So, adding extra security like a second password is a must.

Taxes on Crypto

Right now, Bangladesh doesn’t have clear rules about taxing crypto nor is it legal to trade. The tax office hasn’t said if crypto traders need to pay anything for what they earn from it. Gains from crypto investments must be reported as regular income, but no one’s checking yet. This could change later, and people might owe money if new rules come.

Learning About Crypto in Bangladesh

More young people are hearing about crypto, but many still don’t trust it because of scams or the ban. There aren’t big events or classes about it here, but online groups and social media like X are where people talk and learn. Websites like CoinDesk or Binance Academy help too. Some groups, like the Bangladesh Blockchain Association, try to teach people, but no famous person has led the way yet.

What’s Next for Crypto in Bangladesh

Crypto could grow a lot here—maybe twice as many people using it by 2030—because of the internet and money from abroad. If the government starts to allow it, it could save millions in fees. They’re already testing blockchain for other things, like government work, which might help crypto later. But if they keep saying no, it’ll stay risky and hidden.

Conclusion

The cryptocurrency market in Bangladesh stands at a pivotal juncture—a quiet revolution brewing beneath a veil of restriction. With its promise of cheaper remittances and investment potential, it’s carving a niche among the bold and the curious, despite the government’s firm ban. As innovation and technology advances the world also evolves. Bangladesh needs to adopt cryptocurrency to strengthen its economy financially to compete with global countries.

1. Is crypto legal in Bangladesh?

No, it’s banned, but some use it anyway.

2. How do I buy it?

Use Binance or KuCoin with bKash.

3. Which are the popular coins?

Bitcoin, Ethereum, and Ripple.

4. Can I send money with it?

Yes, it’s cheaper than banks.

5. Do I pay taxes?

Not clear yet—maybe later.

6. What wallet is good?

Trust Wallet or Ledger work well.

7. Is it risky?

Yes—laws, scams, and price drops.

8. How do I start?

9. Can I mine it?

You can, but it’s not allowed and costs a lot.

10. What if I’m caught?

You could get fined or jailed, but it’s rare for small users.