Bitcoin Forum

It is not something important for cryptocurrency to be legal in Bangladesh. But blockchain based technology implementation is one step toward crypto to be legal because people will realize utility of blockchain based solution.
A Bangeldeshi government agency is collaborating with IBM to harness blockchain for modernizing the country’s digital pension system.
Source- https://cointelegraph.com/news/ibm-pilots-blockchain-solution-for-primary-teachers-pensions-in-bangladesh

This is good news. I hope the immutability and transparency which the blockchain technology features will greatly improve the digital pension system of the primary school teachers of Bangladesh.

This may not be about Bitcoin really, but considering that the country has already had a number of different blockchain initiatives in the past, this means to say that the government is now realizing the potential of that very same technology which Bitcoin is using.

And, hopefully, with the trust that they put to the technology in terms of improving the different systems of their country, they will also begin to realize that they could do the same to a currency built on it.

Considering how corrupted the government officials are in Bangladesh, blockchain implementation can become a key thing to bring back transparency into the system. It's not just about Bangladesh but also its neighbors like India and Pakistan as well. Majority of their government officials are highly corrupted and bribe is the only thing that will help you to get your work done.

Implementation of blockchain may help to bring transparency which is really needed to end the suffering of common people's dealing with government officials.

But it's just an assumption. It hard to break the hive of corruption so I can only hope for the best. In India, I had experience in dealing with Land Records & Revenue department for registering my property and 3 levels of bribes were nedded to get my legal job done and I wasn't at fault for anything.

There isn't really transparency in a permissioned blockchain, here we're talking about a private DTL and it's not the same as public DTLs since only some individuals can access it to r/w information.

I'm also not sure if it's a good thing to let private companies 'taking care of' state affairs, which usually destroy several aspects in the long run. If today they start to use IBM's infrastructure you don't know if in 10 years IBM will be able to make decisions. While a state isn't here for profits, a private company is.

The beginning of privatization?

The Blockchain system is very useful to carry this type of systems, the good thing is that they can do it efficiently as long as it complies with the relevant database requirements, if this is how they relate it in the article, I hope it can be well implemented in Bangladesh and be an example of a system to the world and they can adopt it as it develops.

This is good news for the country of India with the use of blockchain for primary school teachers in a pension program. By using it, they seek to ensure the trust and payment of the beneficiaries.
I am sure it will be very positive for this country because it is developed by the government and with the support of IBM blockchain.
The government of India is showing a model to follow by ensuring digital service, transparent and secure.

Not at all! Use of blockchain even by the prime minister doesn't have any relationship with cryptocurrency. Blockchain is a database technology while cryptocurrency is just one use case of blockchain. So even if government departments start using blockchain for all their daily routine work, it doesn't give cryptocurrency a leeway! Just to add, a municipality in India has started issuing birth certificates using blockchain technology,

Read below,
https://www.techcircle.in/2018/12/20/municipal-corporation-in-bengal-is-now-issuing-blockchain-based-birth-certificates/

But in India, the legality of cryptocurrency is still questionable and the government is now planning for a blanket ban on cryptos. So it's better not to link between blockchain usage and crypto legality!

So the point of this project is to ensure that primary school teachers receive a pension and those who never worked as primary teachers cannot bribe anyone to get that pension? Blockchain is good for prevention of inserting the data to past records or altering it because it makes it impossible, but I wonder if that's truly a problem in Bangladesh that requires such a solution. In my country, for instance, nobody would try to illegally get a school teacher's pension because it is ridiculously small and nowhere near enough to survive. But perhaps the situation in this country is different. Keeping records on blockchain would not hurt, and it's a good use case.

There is evidence of blockchain technology being explored by the various institutions without considering the token or any utility. Just a few weeks ago, One of the foremost bank here in my country hosted a webinar on blockchain and artificial intelligence. they discussed extensively on these two areas without mentioning the token aspect. If the blockchain technology will be more transparent to the pension system of the teachers in Bangladesh, fine but what makes you think they will consider the blockchain token as part of the utility?

It surprises me that a country like Bangladesh has a digital pension system.
I guess that blockchain technology can be used only for storing data in such pension system.
The days,when the people will receive retirement payments in cryptocurrencies are still too far away in the future and I don't think that implementing blockchain technology would immediately lead to cryptocurrency adoption.
You are wrong about people realizing the utility of a blockchain based solution.Most people simply don't care about technology.It doesn't matter if it's blockchain based or centralized.

They like to add some information about blockchain to make the title look catchy and their presentations more sophisticated. Government speakers all over the world are doing it even when there's no chance of this technology being used by their country. Reminds me of those years of FUD when Russian government was supposed to do this or that with blockchain.

Bangladesh is such a poor country that it's safe to assume most of the world will use blockchain before them. I'd rather focus on what the Indian government does.

Foremost, it is delighting to know that leaders of a country is taking initiatives toward Bitcoin adoption.
Although, there purpose is not much big and there are doubts regarding the intention of Bangladesh people with this act.
But I am wondering if this will be really the start of Bitcoin and blockchain being fully utilize by the country.

May be you are right but still I think it's better because you know something is better than nothing. May be this is the beginning of private blockchain and when people have no transparency, there will be demand of public blockchain too and at some point, it will be possible to have crypto legal here.

BlockChain technology is getting wider usage in the global market. As a result of the same, countries that have banned cryptocurrency too is getting into blockchain technology usage. Pension system is a big thing that is giving life to lot many people after retirement. The same being integrated with blockchain technology will make the system function free from corruption.

This is a good news. I think such collaboration is what is needed at the moment for cryptocurrency rather than trying to disregard crypto because cryptocurrency is a financial revolution taking over soon. As we know that we have different project now trying to have a crypto payment system which will make financial transaction easier.

I absolutely agree with you, integration of blockchain technologies will raise trust among people but at the same time government has to educate people around blockchain, what it is, why it's used and why it makes them sure that things will be fair and transparent. Without this kind of education, they can't make people sure in things by just saying that we integrated blockchain technologies.
Very good news, I like when blockchain technologies really rock in things where it's necessary and this one is really the one among other things that includes land title registry and so on.

Well, that is the good news to Bangladesh, sooner or later they will end up adopting bitcoin soon as a good partnership in blockchain technology. We all know how useful the blockchain technology is and now they know the benefits that brings behind on that technology. Blockchain technology is very suitable for this system, a financial system where you can trust because all transactions are having transparency and it should be publicly visible for them to trust their government holding the fund for the pension.

seems to be modernizing the way bitcoin is used in a newer and more exciting direction. if this does have a positive use for it I think it will not be a problem and make sure to always make it easy for whatever steps are going to be carried out

Blockchain technology is widely used in many more sectors. And if Bangladesh is interested to adopt this blockchain technology, it seems to be very reasonable. For, we can see that many people in that country at least have realized one of the uses of blockchain in relation to cryptocurrency. However here what IMB and IPDC Finance Limited do is about using the blockchain technology, not specifically creating a cryptocurrency.
I thought that it would be interesting and it stands to reason that this is the digital age. If by using this blockchain technology the system becomes more transparent, then why not? This might be one way to minimize the corrupted funds for these.
However, the question then is why the only pension of primary school teachers? Maybe this is the beginning and the next may be widely used.
I think, if this technology is applied, at least it must be right on target and also easy. because this is specifically for retirees where automatically their age is not young anymore. And maybe they don't really understand the world of technology like this. So, it is hoped that the system will be applied easily and will not create obstacles for these retirees.

This is a good thing because right now they can store all of the information within the blockchain and also this is secure, unlike the traditional way.

Speaking of the traditional way is called as "cabinet file system" they storing literally into the cabinet and instead it's good to use this also to makes easier recovering files and backup also with the cloud save.


Also, a good thing too because they can now easily monitor those projects and funds they are using and sending to avoid some inside job and unexpected transactions came from your account.


Right now there are a lot of businesses adopting the use of this blockchain also I recently read about the Vechain which is spreading the use of the blockchain which is a good thing to know to make more transparent.

It's all about using blockchaim technology for "pension system". They actually proposing it for  good reason. And this is also good to influence other to use such blockchain for convenient and fast systematic approach that others may want to try and use.
 
 
 See? Governments wanted to integrate a fair and honest system with accuracy for the sake of teachers. They wanted to use some modern technology like blockchain system to fix some issues like inaccurate payouts and infos.

I already knew about them engaging in the legalization of cryptocurrency and blockchain into their country.

Bangladesh government's transparency is really what its people need so that they can achieve quality regulation of cryptocurrency in their economy.

Most of the countries do really need to engage with this new kind of technology to achieve much faster development. Security and transparency should be the aim of the government so that verification will be implemented and normalized once they access some third-parties. This is the first step for modernization in Bangladesh if they regulate it properly.

Where did you see Bangladesh to be engaging with legalization of cryptocurrency? I see negativity around crypto everywhere. Within last couple of weeks, I have watched almost all the reports on cryptocurrency in my local and I see none has positivity. Most of the people from the authority shit talk about crypto and point money laundering will be increased if we allow crypto.

     Ah, it is always so refreshing to hear any kind of good news that are related to the crypto currency industry. This year has really been heavy for a lot of us with all those calamities happening around the world plus the corona virus pandemic. Just wanna express how happy I am every time I see some good news here because it benefits my bags as well if good things continue happening for this industry. I hope that because of good news like this one, people who are wary of bitcoins or any other coins in this industry would start to open their minds for the innovation that this industry can offer to the world.

This is really good news, I hope that the government in my country can do the same thing, namely using blockchains for various government sectors because this will really help the government and will also make better security, especially minimizing manipulation and also acts of corruption