How to Buy Crypto and Bitcoin in Bangladesh

Bangladesh, a nation often overlooked, is a land of extraordinary natural wonders. Home to the Sundarbans, the world's largest mangrove forest, it provides sanctuary to the elusive Bengal tiger and a myriad of other species. The country also boasts one of Earth's longest unbroken sea beaches, offering pristine shores and vibrant coastal ecosystems.

However, Bangladesh's exceptional qualities extend far beyond its natural beauty. The nation's forward-thinking attitude, as evidenced in its rapid embrace of technological advancements is another extraordinary facet of this dynamic country. 

This progressive spirit is exemplified by the country's burgeoning cryptocurrency landscape. The nation has witnessed a surge in crypto adoption, with an estimated 4.3 million citizens owning digital assets. This remarkable figure equates to 2.5% of the total population, positioning Bangladesh as the 17th most crypto-adoptive country globally in 2023.

Crypto enthusiasts from Bangladesh can acquire Bitcoin on various decentralized and centralized exchanges, including CEX.IO, which offers a robust platform for eligible participants to buy, sell, trade, and exchange crypto. 

In this guide, we explore how Bangladesh crypto aficionados can acquire Bitcoin and 200+ other supported cryptocurrencies on CEX.IO. 

A Step-by-Step Guide: How to Buy Crypto in Bangladesh

CEX.IO offers multiple avenues for Bangladesh-based participants to acquire crypto, including Bitcoin, the leading cryptocurrency by market cap. 

One way to obtain crypto is through Spot Trading, which allows verified customers to buy and sell various cryptocurrencies, trading them against fiat and crypto assets.  

However, the most intuitive gateway for obtaining crypto is Instant Buy. This functionality allows Bangladesh-based enthusiasts to seamlessly link their CEX.IO wallets with their preferred payment method in a few simple steps, as follows: 

1. Register and verify an account by providing the requisite information. 
2. Navigate to Instant Buy from the dashboard or locate this feature under the Products menu.
3. Select the fiat currency you wish to use for purchasing crypto. The available currencies are USD, EUR, and GBP. 
4. Choose the cryptocurrency you wish to buy from the list of vetted assets. 
5. Enter the amount of fiat you want to spend acquiring crypto or choose from predefined allotments. 
6. Select your payment method and follow the on-screen instructions to complete the purchase. 

For an on-the-go experience, eligible customers can choose the CEX.IO crypto mobile app and complete the following actions: 

1. Download and install the app from your iOS or Android store. 
2. Log in using your credentials and navigate to the Wallet tab. 
3. Click Buy, and select the preferred cryptocurrency from the list of available assets. 
4. Select a preferred funding method. 
5. Navigate to You Pay/Get and choose between a predetermined pack or enter a desired amount of crypto. 
6. Follow the posted instructions to complete the purchase. 

How to exchange crypto in Bangladesh

When it comes to exchanging crypto, CEX.IO offers flexible and efficient avenues for individuals to manage their crypto portfolios according to their specific purchasing strategies. One is Spot Trading, which enables interested participants to seamlessly exchange cryptocurrencies against other digital assets or fiat currencies. 

For instance, eligible customers based in Bangladesh can actively trade Bitcoin (BTC) for Ethereum (ETH), NEAR Protocol (NEAR), THETA Network (THETA), Tether (USDT), and USD Coin (USDC). 

Our beginner-friendly crypto trading platform caters to both novice and experienced traders empowering users with the ability to execute trades efficiently and confidently. 

However, eligible Bangladesh-based users can enjoy more than just trading on CEX.IO. Our innovative CEDEX service offers a streamlined approach to exchanging cryptocurrencies. Enthusiasts can bypass the hassle of transferring crypto to centralized exchanges and swap crypto directly from their Web3 wallet with a simple click/tap. 

With CEDEX, crypto aficionados from Bangladesh can experience enhanced liquidity with deep pools, ensuring competitive prices, minimal slippage, and swift transaction execution. 

How to create a crypto wallet

Creating a crypto wallet on CEX.IO is a straightforward process that requires only a few steps. Those looking to discover CEX.IO services, such as how to buy Bitcoin with a prepaid card, can complete the following actions:

1. Create a CEX.IO account or Log In using your credentials.
2. Complete the verification process (under five minutes) to meet essential platform KYC/AML procedures.
3. Access CEX.IO’s wallet services via a preferred web browser by heading to the Products tab on the home screen or by using the CEX.IO App.

In addition to the traditional web wallet, users can download the previously mentioned CEX.IO App for on-the-go crypto access. CEX.IO caters to all smartphone users, offering Android and iOS crypto wallets with interchangeable functionality. This means that, whether on a phone or a computer, the experience stays the same, making it easy for everyone to join in. 

Legal Framework and Regulations in Bangladesh: the Contradiction

In 2017, the Central Bank of Bangladesh officially declared all cryptocurrencies, including Bitcoin, illegal. This means that any crypto-related activity, whether buying, selling, or holding, is prohibited by law.

This was due to the bank's concerns about crypto's potential for money laundering and terrorist financing. It also believes that cryptocurrencies are inherently risky investments that could lead to financial losses.

However, despite this, the Bangladesh government recognizes the potential of blockchain technology and has even published a National Blockchain Strategy aiming to become a blockchain-enabled nation. This document outlines an ambitious plan to integrate blockchain across various sectors to improve efficiency, transparency, and innovation. 

The strategy's key goals include transforming Bangladesh into a blockchain-enabled nation by 2030 to enhance e-governance and support the Sustainable Development Goals (SDGs).

The plan identifies finance, land, healthcare, and agriculture as key sectors for blockchain implementation. It addresses technical and organizational challenges such as scalability, privacy concerns, a lack of regulatory frameworks, and integration with legacy systems. 

Furthermore, it promotes awareness, education, research, and capacity building, aimed at developing a skilled workforce and encouraging blockchain-based innovations.

The roadmap includes:

• Short-term goals like prioritizing use-cases and piloting blockchain integration in government services by 2021.
• Mid-term goals of implementing a national blockchain platform and expanding research by 2025.
• Long-term goals of achieving comprehensive e-governance integration by 2030.

By utilizing blockchain, Bangladesh aims to create more transparent, efficient, and secure systems, fostering innovation and supporting the country's broader development goals​.

Bangladesh Regulations: the Summation

In Bangladesh, the legal status of owning and trading cryptocurrency is somewhat ambiguous. According to Bangladesh Bank, while cryptocurrency ownership and transactions are not officially recognized, they are not considered criminal activities per se. 

The central bank has clarified that while these activities are not illegal, they are not legally sanctioned either. Transactions in virtual currencies could potentially be prosecuted under existing laws if they involve money laundering or terrorism financing.

FAQs

Is it legal to buy cryptocurrency in Bangladesh?

According to Bangladesh Bank, buying cryptocurrency in Bangladesh is not illegal unless it involves money laundering or terrorism financing. 

Is Bangladesh a crypto-friendly country?

Bangladesh presents a complex landscape for cryptocurrencies. While the government shows interest in the underlying blockchain technology and its potential for economic development, the central bank maintains a strict stance against cryptocurrencies. The central bank has categorically banned crypto trading and ownership, citing concerns over financial instability, money laundering, and terrorism financing. However, there is no explicit law prohibiting individual cryptocurrency ownership. It's crucial to note that using crypto for illegal activities remains strictly prohibited. This dichotomy between government interest in blockchain and the central bank's crypto ban creates a unique regulatory environment in Bangladesh.

Can I buy crypto with a credit card in Bangladesh?

Yes, Bangladesh residents can purchase supported cryptocurrencies using Visa or Mastercard credit cards on CEX.IO. However, it's essential to have a registered and verified account on the platform to proceed with these transactions.