Bangladesh Bank will not leave any digital currency in the market

[Sithara007]

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.

In India, when the government came up with their own stupid plan to make the ownership of cryptocurrency a criminal offense, it ended up making crypto even more popular. Because there was a lot of debate generated after the bill was uploaded to the parliament website, a lot of people who were previously unaware of cryptocurrency became suddenly interested in it. I guess the same will happen in Bangladesh as well. The government ban will end up popularizing BTC.

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[Xinarae*]

I agree that even if any digital currency is released in the bangladesh bank market the demand for Bitcoin will increase despite the fact that it is banned. Because it is not under the control of the government the digital currency bitcoin has no institutional recognition no transaction guarantee no authority to control no chance of getting compensation in case of loss of currency or fall in price. Even then the global demand for digital currency bitcoin is at its peak rising prices have made many unemployed people find their source of income by working in crypto seeing the huge demand for bitcoin many countries around the world are supporting bitcoin even after it is banned.

[jaberwock]

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.

When you say digital currency do you mean CBDC or decentralized cryptocurrency such as Bitcoin, Ethereum and the rest of them? Because your last statement kind of confused me a bit, you said that there is no plan of them implementing digital currency; if you’re referring to decentralized cryptocurrency here, then it’s not the work of the government to do anything about it, it is up to you on whether you want to make use of any cryptocurrency or not, nobody controls that decision.

And if you can, be making use of P2P or DEX, so that you won’t run into problems with the bank and things like that. Then if you’re referring to CBDC when you said that, well then, it’s up to the government to decide about that one.

[Swopon]

How long will the Bangladesh government lag behind where the world is moving forward? I hope crypto will be legalized in Bangladesh soon.

Government can give the best answer of it. By the way, the major reason behind not legalized Crypto in Bangladesh is Corruption which is in their (govt officials) blood. Maybe those people can't think anything fair. Each and every sector is being corrupted by them. Until it (corruption) gets tolerable amount, we won't see anything change here. Because it increase the money laundering which will make thr county more poorer then before. So, maybe government will think about it with the other countries, but we should give up the corruption first and should be implemented a zero tolerance policy against corruption.

[YOSHIE]

I often see news about Bitcoin in Bangladesh and India, a lot of controversy and pros and cons, both from the bank and also the local government, this is also the same thing happening in other countries.

However, at least even though the Bangladeshi bank did not leave digital money on the market, I think they do not prohibit crypto transactions against any user. The bank is already very good for crypto users, especially Bitcoin in Bangladesh.

[Swopon]

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.

When you say digital currency do you mean CBDC or decentralized cryptocurrency such as Bitcoin, Ethereum and the rest of them? Because your last statement kind of confused me a bit, you said that there is no plan of them implementing digital currency; if you’re referring to decentralized cryptocurrency here, then it’s not the work of the government to do anything about it, it is up to you on whether you want to make use of any cryptocurrency or not, nobody controls that decision.

And if you can, be making use of P2P or DEX, so that you won’t run into problems with the bank and things like that. Then if you’re referring to CBDC when you said that, well then, it’s up to the government to decide about that one.

Maybe I failed to make you understand that it means Cryptocurrency here in that news. I think you don't know about the laws and regulations of Bangladesh, it is not crypto friendly. And transferring money through Cryptocurrency is strongly prohibited here and considered as a punishable crime. Some people already got arrested before for using it and getting punished. We, the people can't do anything from our end. But sometimes positive news make some sense to them maybe. Some people like us is continuously using it secretly and we are optimistic that one day it will be legalized here and we can do it publicly.

[eaLiTy]

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.

The main reason Bangladesh banned the use of cryptocurrency is because they think that it is mainly used for money laundering and until you have users who could convince the authorities that it has a blockchain that collects every transaction made that cannot be altered you will not hear anything from them as they do not like to take the initiative without any public outcry.

[iamsheikhadil]

Going cashless according to governments and using crypto as payments are exact opposite even if the methods are similar lmao because if you pay using cash, governments can never know about the transaction and how much while if you pay using online like cards and banks, they can monitor and regulate every transaction, while using crypto is deadlier to them than using cash because they can't even trace it properly

[Sithara007]

The main reason Bangladesh banned the use of cryptocurrency is because they think that it is mainly used for money laundering and until you have users who could convince the authorities that it has a blockchain that collects every transaction made that cannot be altered you will not hear anything from them as they do not like to take the initiative without any public outcry.

I have to disagree to this point. The main reason was that the Bangladesh government was afraid that they will lose their control over the population. Till now, there is no proven cases of money laundering in that country using cryptocurrency. It is just a mirage created by the government to justify their crackdown on cryptocurrency. But at the same time, it is not practical to spy on such huge number of cryptocurrency users in that country and take legal action against a significant portion of them. I really don't think that the authorities have enough manpower to do this.

[Obito]

Going cashless according to governments and using crypto as payments are exact opposite even if the methods are similar lmao because if you pay using cash, governments can never know about the transaction and how much while if you pay using online like cards and banks, they can monitor and regulate every transaction, while using crypto is deadlier to them than using cash because they can't even trace it properly

That's basically the reason for it, I mean if you don't have a control over your people then your power is going to be threatened and I don't think that any politician is going to let that kind of thing to happen. If they ban it then people should just start using fiat again because it can't be traced too.

[plr]

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.

They are very late in accepting this technology just when the world is embracing it and integrating it in their system the Bangladesh government is not open and still close the door for this technology, if there are strong community of Cryptocurrency holders there they can lobby to have this discuss by their lawmakers, they are the one who are putting people in the government position, they should unite so they will be heard.

[JohnBitCo]

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.

They are very late in accepting this technology just when the world is embracing it and integrating it in their system the Bangladesh government is not open and still close the door for this technology, if there are strong community of Cryptocurrency holders there they can lobby to have this discuss by their lawmakers, they are the one who are putting people in the government position, they should unite so they will be heard.

No one is late in accepting crypto currencies if they accept it now. The governments and the banks have to see the bigger picture when they need to decide about the adoption of bitcoin and crypto currencies. Lack of knowledge will result in wrong decision which may cost a lot in the future. Just a note that you cannot stop money laundering if you put a ban on crypto, the money laundering can still continue with fiat currencies too.

[Vishnu.Reang]

No one is late in accepting crypto currencies if they accept it now. The governments and the banks have to see the bigger picture when they need to decide about the adoption of bitcoin and crypto currencies. Lack of knowledge will result in wrong decision which may cost a lot in the future. Just a note that you cannot stop money laundering if you put a ban on crypto, the money laundering can still continue with fiat currencies too.

Unfortunately, in the third world countries, it is very easy for the governments to fool the population. If they want to ban something, they will just make some imaginary connection between that target and money laundering or terrorism. If anyone voices his opposition, then that individual will be branded as a terrorist or a tax evader. But nowadays, social media has made this more difficult for the government. When the Indian government proposed to make possession of Bitcoin a criminal offense, there was a lot of outcry in the social media and they had to put that proposal on hold.

[CaCO3]

I think this is a wrong decision of the Bangladesh government.  They should adopt digital currency system.  If Bitcoin is legal in Bangladesh, many people will get many benefits from here too.  I think bitcoin can never be a means of corruption.  Corruption is the manifestation of one's personal mind.  If someone wants to be corrupt, he can do it in any way.  For this he does not have to take the help of Bitcoin.  I think corruption is a kind of sick mentality.  For example, I can talk about television.  Television is made for the purpose of good work.  If someone uses television for bad, then it is not the fault of television.  The fault is in the mentality of that person.  So I think the Bangladesh government should accept Bitcoin well.

[Findingnemo]

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.

In India, when the government came up with their own stupid plan to make the ownership of cryptocurrency a criminal offense, it ended up making crypto even more popular. Because there was a lot of debate generated after the bill was uploaded to the parliament website, a lot of people who were previously unaware of cryptocurrency became suddenly interested in it. I guess the same will happen in Bangladesh as well. The government ban will end up popularizing BTC.

Ban in Bangladesh was there even before the incident happened in India if I am not wrong so yes the people already aware of the cryptocurrencies and the profit making opportunities but due to the ban from government they need to do every trading under the radar s they won't pay any taxes for it and also traders can set premium prices due to the ban in place.

[bryant.coleman]

Ban in Bangladesh was there even before the incident happened in India if I am not wrong so yes the people already aware of the cryptocurrencies and the profit making opportunities but due to the ban from government they need to do every trading under the radar s they won't pay any taxes for it and also traders can set premium prices due to the ban in place.

I have heard about a few incidents where cryptocurrency traders were arrested in Bangladesh. But it is a country with a population of 160 million and there are tens of thousands of users. One or two arrests are not going to discourage the traders. They have simply moved to P2P platforms and other anonymous exchanges to do trading. The Bangladesh government is going to lose tax money and that is the only outcome of this stupid move. And as far as the global cryptocurrency market is concerned, no one really cares about Bangladesh. It's such a small market.

[Kittygalore]

I think this is a wrong decision of the Bangladesh government.  They should adopt digital currency system.  If Bitcoin is legal in Bangladesh, many people will get many benefits from here too.  I think bitcoin can never be a means of corruption.  Corruption is the manifestation of one's personal mind.  If someone wants to be corrupt, he can do it in any way.  For this he does not have to take the help of Bitcoin.  I think corruption is a kind of sick mentality.  For example, I can talk about television.  Television is made for the purpose of good work.  If someone uses television for bad, then it is not the fault of television.  The fault is in the mentality of that person.  So I think the Bangladesh government should accept Bitcoin well.

It is wrong for us but I am assuming that they have their reasons as to why they are banning cryptocurrency in their nation. Corruption is indeed a sick mentality but if we continue to get blinded by riches and power then the chain of corruption will remain unbroken.

[goaldigger]

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.

I'm living on a corrupt country as well and fortunately, we are able to use cryptocurrency freely and I think this is not just a corruption maybe private institutions are preventing the government from accepting cryptocurrency because they know this is a big threat for their businesses.

Only if Bangladesh know the role of cryptocurrency in the lives of many and see this one as a whole not just because they thought its a crime which is totally not unless they are dealing with malicious transactions, their economy might have a chance to rise.

[Findingnemo]

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.

I'm living on a corrupt country as well and fortunately, we are able to use cryptocurrency freely and I think this is not just a corruption maybe private institutions are preventing the government from accepting cryptocurrency because they know this is a big threat for their businesses.

Only if Bangladesh know the role of cryptocurrency in the lives of many and see this one as a whole not just because they thought its a crime which is totally not unless they are dealing with malicious transactions, their economy might have a chance to rise.

Basically Bangladesh is an Islamic country so there are many misinformation spread all over the world that Bitcoin is created for gambling at all other illicit purposes so its against their Sharia law that is the reason why they banned it in the first place. But it is completely allowed in  some of the Arab nations which is surprising so who need to convince who about who is right?

[tbterryboy]

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.

Not just Bangladesh, I guess was all the countries might take time to understand the importance of having cryptocurrency regulated or with neutral stand. Until then, we might need to face such difficulties because government may impose any rule like they may start treating processing cryptocurrencies as the criminal activity as well. Not sure what the government is going to do but it is really an unfortunate situation for all the folks from Bangladesh.