Is it the right time to legalize Bitcoin in Bangladesh

[Swopon]

Today, I am reading newspaper at online as daily basis in my routine and the article is found (link will be given below, if you are not Bangladeshi people then google translate will be needed). I will try to give a summery to understand this article shortly.

The news published today at the most renowned national newspaper named The Daily Inqilab. In this article, some government officials also give their own opinion regarding the digital money.

The Chief Executive of Bangladesh Bank, Sirajul Islam said to BBC that there is no existence of Bitcoin in Bangladesh. That's why, the transaction is illegal here.

Journalist asked to him that is there any plan in future to legalize it? He replied, there is no such plan till now. Actually, these is no specific rules regarding cryptocurrency.

In Bangladesh, though it is not legalized here but some people connected with it and they are doing transaction too. Mining is also done by the people and previously it was not possible due to electricity problem but now electricity is available here. People are doing such transaction using mobile banking and digital Media.

The Economist specialist of Bangladesh Development Organization, Naznin Ahmed said to BBC, the such money is getting popular all over the world. So there is no question of trust here. That's why, Bangladesh Bank should research it without fully neglecting it. Though it is accepting by the world so do we should go accordingly with such thing. There should also be a regulatory board to regulate it's legality or illegality or to control it.

Bangladesh Bank is still not in a good position. Other banks are not doing well. That's why money laundering can't resistance here immediately. That's why Bangladesh is protective in nature in cryptocurrency's perspective.

News link: https://tinyurl.com/174nut88 [Use Google Translator]

[Lorence.xD]

I think that anytime is the right time to legalize bitcoin, Bangladesh can benefit from this if they put taxes on cryptocurrency transactions happening in their country, imagine the magnitude of that legalization not to mention the influx of crypto industries that are going to invest in their country, crypto in my opinion doesn't attack any religion whatsoever so I think that it won't be a problem in any way.

[Review Master]

Indeed, government should take a look into the legalization of Bitcoin as country's GDP is increasing and it'll boost up if government legalize it. Also, everything has pros and cons. That's why i think, bitcoin legalization in Bangladesh will be profitable for those who're whales among others of Bangladeshi users as we don't know what type of rules will be implemented after legalization. TBH, it'll be good for both Bangladesh and it's users.

[Little Mouse]

Actually, these is no specific rules regarding cryptocurrency.

Did I read it correct? It says there’s no specific laws on crypto and it falls under foreign exchange rules. But if I'm correct I have seen BB has put some punishment for using it specifically for crypto. I don't know, may be I'm wrong.
Anyway, I think govt should come forward, it’s high time or we will be late in the party. If it was legalized earlier, we could have some big whale from our country while it’s very impossible to have such big whale as per current market.
This is one of biggest problems for developing countries. They don't want to get advanced with technology and when it comes to such a corrupted country versus transparent currency system, they will have a big no.

[Wenbing]

The economist had explained it in the right way. when a new technology is evolving, the government and other powerful instititutions have a responsibility to its economy and citizen, it is the responsibility of knowing what is happening and how to explore what is happening.

The question is not to ban what has a very compounding effect .  One of my mentors sad he want to be wrong with Elon Musk, Paypal and other business leaders that know the potential of blockchain and cryptocurrency.

Actually, these is no specific rules regarding cryptocurrency.

Did I read it correct? It says there’s no specific laws on crypto and it falls under foreign exchange rules. But if I'm correct I have seen BB has put some punishment for using it specifically for crypto. I don't know, may be I'm wrong.
Anyway, I think govt should come forward, it’s high time or we will be late in the party. If it was legalized earlier, we could have some big whale from our country while it’s very impossible to have such big whale as per current market.
This is one of biggest problems for developing countries. They don't want to get advanced with technology and when it comes to such a corrupted country versus transparent currency system, they will have a big no.

This is one of the problems of developing countries, they always position themselves to be victims of circumstances. When will they ever lead a revolution.

Another opportunity to lead a revolution is presenting itself in the crypto and blockchain space but they are no where to be found.

Until they all believe that Digital technology will take over everything, there approach will be limited.

[moderator's note: consecutive posts merged]

[avikz]

Bangladesh was probably the few first countries who have legally banned bitcoin and all other cryptocurrencies, just after China banned all types of ICOs. But if any country wants to impose a blanket ban on cryptocurrency, that will not be great for their own economy! If I take an example of the neighboring country India, banning cryptocurrency will destroy a start up ecosystem worth a billon dollar. It will also destroy the confidence of the venture capitalist companies who have invested in those startups and bring down the overall confidence. The world economic scenario is changing everyday. So any country holding onto such blanket ban, will in turn hurt their own economy, loose the job opportunities created around this ecosystem and loosing on a huge future tax revenue!

It is right time for every country to legalize bitcoin and other cryptocurrencies for their own benefit. No bad excuses should be made by the politicians!

[Momoamzad]

For me this is crazy decision by government of Bangladesh to ban bitcoin . Many developing countries are having profit from bitcoin transaction system  thus helps their society so much . So I think Bangladeshi government should know the benefits of cryptocurrencies  and legalize  it very soon.

[blockman]

If no rules yet then that's probably why Binance has opened fiat trading in Bangladesh. I think the stand becomes clearer if they haven't yet sorted out any rules about bitcoin, unlike the other countries that have totally banned bitcoin and cryptos.
I agree with it being the right time to legalize it. They should look into its potential and how it can help its people from trading/holding bitcoin. Support coming from them will make their crypto investors and holders gain confidence.

[Sled]

The Chief Executive of Bangladesh Bank, Sirajul Islam said to BBC that there is no existence of Bitcoin in Bangladesh. That's why, the transaction is illegal here.

News link: https://tinyurl.com/174nut88 [Use Google Translator]

They have been said it, there is no reason why we should push Bitcoin to be legalized if they're already not seeing its importance and no interest. What we gonna do now is to wait for them to change their minds and see the good things that Bitcoin can do. I know that there is less chance for them to appreciate this but can't be hopeless at all and leave the door open for a change.

They'll gonna see it soon.

[uneng]

The Economist specialist of Bangladesh Development Organization, Naznin Ahmed[/b] said to BBC, the such money is getting popular all over the world. So there is no question of trust here. That's why, Bangladesh Bank should research it without fully neglecting it. Though it is accepting by the world so do we should go accordingly with such thing. There should also be a regulatory board to regulate it's legality or illegality or to control it.[/i]

They look so confused about bitcoin yet, what is very surprising since we are already in 2021 and bitcoin is alive for more than 10 years. Probably they are just waiting other countries act about bitcoin to reproduce the same regulations in Bangladesh. In such events the most influent country on the area is the first to introduce the regulations, followed by other countries right after.
Personally I think legalizing bitcoin isn't a good thing, as it will cut your profits and introduce more bureaucracy to be followed, however it's inevitable. The currently gray area is the best status in my opinion.

[Swopon]

Actually, these is no specific rules regarding cryptocurrency.

Did I read it correct? It says there’s no specific laws on crypto and it falls under foreign exchange rules. But if I'm correct I have seen BB has put some punishment for using it specifically for crypto. I don't know, may be I'm wrong.

Yes you are right, the article gives us that news. But there are also some news on that where some people already got arrested due to making Bitcoin transaction.

Anyway, I think govt should come forward, it’s high time or we will be late in the party. If it was legalized earlier, we could have some big whale from our country while it’s very impossible to have such big whale as per current market.
This is one of biggest problems for developing countries. They don't want to get advanced with technology and when it comes to such a corrupted country versus transparent currency system, they will have a big no.

Both aspects are true. Government should take immediate decision so that the engagement can get some inspiration to take it as profession. On the hand, strong policy and zero tolerance against money laundering can be effective in this respect.

Developing countries are basically followed by the developed countries and if the developed countries got success then they would go for implementation of such technology. That's what we are seeing over the years in South Asian Zone.

[Little Mouse]

But there are also some news on that where some people already got arrested due to making Bitcoin transaction.

Actually it’s media who focused on bitcoin and presented it in a negative sense. If we look at the guy who got arrested last month (the audi guy), he was a fraud and was involved in hacking activities which was the main reason but media more tried to focus bitcoin in this case too.

[Findingnemo]

Probably the official who gave the interview not aware of the crypto ban in that country? How he can mention that there is no special regulations on cryptos when it was completely banned there?

I don't think Bangladesh is interested to make it legal again and also it is an Islamic country so most of the people consider using bitcoin is against the Sharia Law due to their ignorance and keep their words against bitcoin.

Probably there will be chances if India make it legal so the nearer countries might follow the same.

[amishmanish]

Bangladesh Bank is still not in a good position. Other banks are not doing well. That's why money laundering can't resistance here immediately. That's why Bangladesh is protective in nature in cryptocurrency's perspective.

When it comes to money laundering, there are vast networks that involve in it in developed countries. The entities that enable this flow are some of the biggest and, considered to be, prestigious banks.

Yet, the financial institutions there have absolute control over individuals. This control is not as absolute in developing countries like Bangladesh and India. This is one of the main reason why authorities fear the prospect of people using bitcoin for transacting business. Bitcoin and crypto can enable people to bypass a lot of red tape and bureaucracy which is otherwise meant to enrich the authorities.

[tranthidung]

The Chief Executive of Bangladesh Bank, Sirajul Islam said to BBC that there is no existence of Bitcoin in Bangladesh. That's why, the transaction is illegal here.

Two big faults from that statement

• No existence of bitcoin in Bangladesh. Is it true? Which evidence or data that guy used to make that conclusion? It is unknown. Bitcoin network and the bitcoin distribution are both decentralized globally. Bangladeshians have bitcoin definitely. Only how much bitcoin they have and how many people have bitcoin are unknown.
• Transaction is illegal. It is a bad idea description. People can make any bitcoin transaction they want. They only get potential troubles with local laws if they make bitcoin transactions to sell bitcoin for fiat, for products (cars, real estates, etc.)

[Similificator]

You know as a whole, I really do think that any time is the right time to legalize bitcoins and any other alternative coins out there in not just Bangladesh but in every nation. Because if you think about it, more and more people are getting interested in this industry and for me, restrictions only equates to rebellion. So instead, I think regulating it would be better since it can prove to be beneficial not to just the crypto enthusiasts but also to the government, banks, and the economy as a whole.

[lifeforcepools]

It's time to legalize bitcoin not only in Bangladesh, but also around the world.

[Swopon]

But there are also some news on that where some people already got arrested due to making Bitcoin transaction.

Actually it’s media who focused on bitcoin and presented it in a negative sense. If we look at the guy who got arrested last month (the audi guy), he was a fraud and was involved in hacking activities which was the main reason but media more tried to focus bitcoin in this case too.

So true, media isn't cryptocurrency friendly here even they maybe don't understand the real thing too as I believe. By the way, the audi guy was a fraud and these types of guy should be punished.

It's time to legalize bitcoin not only in Bangladesh, but also around the world.

Don't know when we are going to see Bitcoin as legal currency all over the world. Hopefully all the countries government will come forward to take the proper decision based on logic and evidence. I am optimistic that Bitcoin will survive and will be legalized over the world.

[suvo05]

While all countries around the world are accepting cryptocurrencies and blockchain as a new technology, then why the Asian countries like Bangladesh, India, Bhutan are against it? If they won't legalize it right now, then it would be their loss. Because in the future they will find every company in the world is accepting Crypto at that time they have to legalize it.

[aprilnot]

The Economist specialist of Bangladesh Development Organization, Naznin Ahmed said to BBC, the such money is getting popular all over the world. So there is no question of trust here. That's why, Bangladesh Bank should research it without fully neglecting it. Though it is accepting by the world so do we should go accordingly with such thing. There should also be a regulatory board to regulate it's legality or illegality or to control it.

what he said was very precise. by creating an institution and regulating it can be profitable for the government. one of which is to tax every bitcoin trade, this will be a profitable income. rather than banning it, it will only prevent the government from benefiting from bitcoin.