What is "legal" and "illegal?": Social Norms, Current Practices and Perceived Risks among the Cryptocurrency Users in  Bangladesh

Tanusree Sharma; Atm Mizanur Rahman; Silvia Sandhi; Yang Wang; Rifat Shahriyar; S M Taiabul Haque

Paper 2025/005

What is "legal" and "illegal?": Social Norms, Current Practices and Perceived Risks among the Cryptocurrency Users in Bangladesh

Tanusree Sharma

, Pennsylvania State University

Atm Mizanur Rahman, University of Illinois Urbana-Champaign

Silvia Sandhi, Jahangirnagar University

Yang Wang, University of Illinois at Urbana-Champaign

Rifat Shahriyar, Bangladesh University of Engineering and Technology

S M Taiabul Haque, University of Central Missouri

Abstract

Cryptocurrency practices worldwide are seen as innovative, yet they navigate a fragmented regulatory environment. Many local authorities aim to balance promoting innovation, safeguarding consumers, and managing potential threats. In particular, it is unclear how people deal with cryptocurrencies in the regions where trading or mining is prohibited. This insight is crucial in conveying the risk reduction strategies. To address this, we conducted semi-structured interviews with 28 cryptocurrency traders and miners from Bangladesh, where the local authority is hostile towards cryptocurrencies. Our research revealed that the participants use unique strategies to mitigate risks around cryptocurrencies. Our findings indicate a prevalent uncertainty at both personal and organizational levels concerning the interpretation of laws, a situation worsened by the actions of the major financial service providers who indirectly facilitate cryptocurrency transactions. We further connect our findings to the broader issues in HCI regarding folk models, informal market and legality, and education and awareness.

Metadata

Available format(s): PDF
Category: Applications
Publication info: Preprint.
Keywords: Cryptocurrency Legality Social Norms Global South Bangladesh Law
Contact author(s): tanusree sharma @ psu edu
amr12 @ illinois edu
silviasandhi @ gmail com
yvw @ illinois edu
rifat @ cse buet ac bd
haque @ ucmo edu
History: 2025-01-01: approved; 2025-01-01: received; See all versions
Short URL: https://ia.cr/2025/005
License: CC BY

BibTeX

@misc{cryptoeprint:2025/005,
      author = {Tanusree Sharma and Atm Mizanur Rahman and Silvia Sandhi and Yang Wang and Rifat Shahriyar and S M Taiabul Haque},
      title = {What is "legal" and "illegal?": Social Norms, Current Practices and Perceived Risks among the Cryptocurrency Users in  Bangladesh},
      howpublished = {Cryptology {ePrint} Archive, Paper 2025/005},
      year = {2025},
      url = {https://eprint.iacr.org/2025/005}
}