Bangladesh Bank will not leave any digital currency in the market

[Swopon]

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

News link- https://bit.ly/3sE5emp

[Lorence.xD]

It seems that people in Bangladesh are stuck in a limbo and the only way to get out is to somehow break the prohibition of the usage of cryptocurrency as a whole. I hope that the government will not approve it to make it official and instead help the people and lean on supporting crypto in their country, 40% is a big number and I don't like that they are going to ignore that.

[hugeblack]

I couldn't understand the article, does the word "digital currency" mean "cryptocurrency"? Or the government  is  not planning to accept any digital solutions and rely on cash? Or they will not create a central digital currency, as some countries plan?

All decisions that governments try to implement require strictness and spend more money to ensure that they are implemented. Unless the governments are serious and willing to bear that cost, most of these decisions are ink on paper.

News link- https://bit.ly/3sE5emp

Please do not post shortcut links. 

[Taskford]

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

News link- https://bit.ly/3sE5emp

Your government seems cannot adopt the current trend on modern technology maybe cryptocurrencies didn't came to his knowledge yet thats why they have that ruling against crypto. Best for citizen to create a information drive about crypto so that the goverment would know how big the crypto adoption happening in his country, if they know the widespread maybe they will allow the locals to adopt  cryptocurrency legally.

[Swopon]

News link- https://bit.ly/3sE5emp

Please do not post shortcut links.  

If the previous one doesn't work, then you are requested to click on the link which is stated below.

Link- https://shorturl.at/vBZ25

Hopefully this one will work smoothly, one more thing, you must use translator to understand it if you are not belongs to Bangladesh or you are not understand Bangla language.

[Vishnu.Reang]

I have a feeling that the Central Bank of Bangladesh is punching above its weight. First of all, tracing Bitcoin transactions to individuals can be extremely tricky, even if a conversion to fiat currency is involved. I don't think that the authorities have necessary manpower and expertise available to monitor hundreds of thousands of Bitcoin users in their country. At the most, they may arrest a few, and try to scare others from using it.

[so98nn]

All the developing countries has same problem. Whether the country is on the verge of fully developed economic or underdeveloped yet!! They all have the same problem and that’s non acceptable demand of digital economy. The reason is simple, easy tracking of money transfers and wel you can’t corrupt around isn’t it ? 
The developing countries has emerging economy and thus everyone wants to take out their share of pie to become rich!! That’s where comes the political overpower who turns the digital stuff down. That’s why these developing countries are sinking day by day.

[fiulpro]

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

News link- https://bit.ly/3sE5emp

Bangladesh is a country which does need digital currencies the most. They have so much population and at the same time the job opportunities are so low. With the people involved in the digital currencies they can finally sell their services at a much better price. Many of the products are manufactured in Bangladesh and then sold at 10 times it's price. So what people can do is set up home based small businesses and then make some actual profits , unfortunately Government does not see this side of cryptocurrencies which could eliminate the need of the third parties which are most likely scamming the people. Just take the example of Kylie Jenner. These people are honestly using the skills of those people and paying them literally nothing. I do think Cryptos can revolutionize their economy.

[semobo]

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

News link- https://bit.ly/3sE5emp

But still people from Bangladesh are doing crypto currency trading through non KYC exchanges and p2p trading platforms so its a loss for the Bangladesh government not for the crypto traders. Maybe they will consider approving it only if most countries in the world accepted it and using it for border transactions.

[avikz]

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

News link- https://bit.ly/3sE5emp

Corruption and unemployment is a problem of every developing nation. But these don't have a relationship with the approval of cryptocurrency in that nation. What matters the most is the progressive mindset of the leaders. If a country doesn't have a progressive leader, they are bound to fail. That's what is happening in Bangladesh as well as in India.

The leaders are simply unable to understand the power of digitization here also unable to harness the positive influence from cryptos. So they are considering it as an evil. The banking lobby is obviously playing their own game but ineffective leadership is the major factor why Bangladesh is not legalizing the cryptocurrency in their country.

[Imran232]

You guys are only complaining about that Bangladesh dosen't support bitcoin. Bangladesh government dosen't gives us permission to use bitcoin easily. They are making strong punishment for users. Well i want to ask you a question what you guys do fir making bitcoin legal in your country. Do you guys ask government or Bangladesh bank why it can't be legal its a technology and why others countries gives permission to use it like india. Well do you guys know indian bank have to face a case on court against crypto users and they failed thats why india gets permission.  You guys didn't talk to government didn't ask them that we want bitcoin. We want it because its a way by which we are earning for our family. We aren't wait or gives you bribe to get job. Guys just do one thing just appeal to government and court with a community like all the youtuber and there subscribers comes together and appeal to court and government to remove ban. Because if you guys didn't take step then government won't work for you.

[wxa7115]

It seems that people in Bangladesh are stuck in a limbo and the only way to get out is to somehow break the prohibition of the usage of cryptocurrency as a whole. I hope that the government will not approve it to make it official and instead help the people and lean on supporting crypto in their country, 40% is a big number and I don't like that they are going to ignore that.

The government can pass whatever laws they want the issue is if those laws are actually going to be implemented on the ground, where I live there are many laws that are nonsensical but people know there is simply no way for those laws to be put in effect and are effectively ignored.

If the economy of Bangladesh gets in such a bad shape that people need to use bitcoin then regardless of the laws against it people will use it as they will prefer to take the risk of being caught than to lose their only source of income and the only way they have to protect their wealth.

[Theb]

Bangladesh is a big country I don't know why it went under the radar but maybe it's not similar to India where it became popular before any kind of regulation that is why there is no opposition against any ban which makes it harder for any kind of reversals with their decision. In this kinds of matter your only hope is for your own government to realize what opportunity they are missing with the ban for the crypto industry, it might be a long process but this is the only thing I see a change would happen.

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

Even if a big portion of the transactions happening in your country is through electronic means it doesn't necessarily mean that there is a demand for another payment, like what you have said there is already 40% of your transactions being completed through electronic means so there is already an existing way your fellow citizens are using through that method. Even if they legalized crypto it won't be that fast enough to be implemented and accepted as a payment just like what is happening to other countries where crypto is legal.

[dothebeats]

They really are cranking up their anti-cryptocurrency stance this time. I do not understand why Bangladesh just wants to ban bitcoin and other crypto without even thinking of the possible benefits it may have for the government and for its people. What's the use of forcing your citizens to just focus on your local currency if that currency in itself is not even performing relatively well? Regardless, I'm sure there will still be a lot of people who will use bitcoin in the country and would just not be vocal about it.

I do hope that lobbying groups would convince the government to lift the ban and put out points that would really make the Bangladesh government reconsider.

[arallmuus]

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

Im not sure why would you expect a developing country to actually implement crypto as part of the daily digital transaction. I doubt that a 60+ years old would be able to copy some bitcoin address then send 0.000xxxx amount of bitcoin . It is much easier to transact with the current e-money system. I hate to acknowledge this but this is the truth, crypto is not not friendly for the older generation that barely know how to use their smartphones.

[Sithara007]

Im not sure why would you expect a developing country to actually implement crypto as part of the daily digital transaction. I doubt that a 60+ years old would be able to copy some bitcoin address then send 0.000xxxx amount of bitcoin . It is much easier to transact with the current e-money system. I hate to acknowledge this but this is the truth, crypto is not not friendly for the older generation that barely know how to use their smartphones.

There is nothing wrong in popularizing digital transactions, as long as they are not being made mandatory. It is going to be tough for the older generation, but they have the choice of opting for physical cash. But here the government is trying to steal technology from Bitcoin to use it for their own CBDC, and at the same time trying to ban the original invention (Bitcoin). For me, it looks as if the entire world is rapidly undergoing technological innovation, and a few countries such as Bangladesh still want to remain in stone age.

[Lorence.xD]

~

The government can pass whatever laws they want the issue is if those laws are actually going to be implemented on the ground, where I live there are many laws that are nonsensical but people know there is simply no way for those laws to be put in effect and are effectively ignored.

If the economy of Bangladesh gets in such a bad shape that people need to use bitcoin then regardless of the laws against it people will use it as they will prefer to take the risk of being caught than to lose their only source of income and the only way they have to protect their wealth.

I don't where you're from but we have the same government, it seems that most laws only have a maximum effectiveness of 3 months in my country and then it will fade in obscurity. I do agree, if people get desperate, they have to do whatever it takes to get those money.

[Wexnident]

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

I mean, corrupt officials would never agree on the implementation of cryptocurrency just for that single fact that it lets the public know of where they send those funds that they hold. Idk if Bangladesh has the same reason or has another reason, but it wouldn't be wrong to call it partly true.

As you said, the country has almost half of the transactions using electronic money (I'm assuing its digital money, not crypto), so that's also one more reason why they don't need to implement crypto. They have their own simple system, one that let's them be in control, so why implement crypto right?

[Vishnu.Reang]

I don't where you're from but we have the same government, it seems that most laws only have a maximum effectiveness of 3 months in my country and then it will fade in obscurity. I do agree, if people get desperate, they have to do whatever it takes to get those money.

I am from India, and even here millions of individuals are dependent on cryptocurrency for their major source of revenue, or passive income. A few months back the government proposed a blanket ban on cryptocurrency, but they were forced to put the proposal on hold due to massive outcry from the users. I just hope that in Bangladesh also the government will come to their senses and will deal with cryptocurrency in a more productive and mutually beneficial manner.

[Cadaver20]

Although cryptocurrency is banned in Bangladesh, it is becoming popular among the young people day by day. Now many people in Bangladesh are using cryptocurrency. However, since the use of cryptocurrency is a crime here, sometimes the police arrest someone.
Bangladesh is a populous country.  There are a lot of educated unemployed people here.  Cryptocurrency can create some workplace here. But because of the crypto ban, that opportunity is not being created.
How long will the Bangladesh government lag behind where the world is moving forward? I hope crypto will be legalized in Bangladesh soon.