Bangladesh may be approve bitcoin very soon according to ICT MINISTER

[DapanasFruit]

Good to see someone from the government making a good impression on Bitcoin but it does not mean that we can already expect the government to be approving and legalizing Bitcoin in Bangladesh. Though I would say that this is a good development am sure this ICT Minister can be an advocate of Bitcoin in the country and who knows there can be a time when some other government officials will also see the advantage of Bitcoin and they can be a force for its acceptance by the government. But I am sure this can be taking some time...though no problem because we can wait. Is this a kind of a good effect from the El Salvador adoption? Maybe yes...

[leea-1334]

Thank you for sharing.

Just I hope it happens the right way over there. Usually in our part of the world when one minister says something,,, it often translates not really into what we think it is intended.

But he has a very good point of course in that Bitcoin should not be associated with crime just because people think it enables criminal activity and this is one of the biggest myths the media loves to play.

[michellee]

If that can happen, it can boost the adoption in that country and if the side country can see what Bangladesh did, they will follow or learn more about that and apply it to their country. Hopefully, that will not need too long for them to apply and use bitcoin in their country as when bitcoin price can increase, they will get the benefits of that. There is no need to block crypto for their people's benefit, especially if their people already feel the benefits to their lives and if more people can use bitcoin to make money, that will benefit others.

[Kong Hey Pakboy]

If Bangladesh cryptocurrency is legalized, it will be much happier for all of us. Bangladesh is currently working on how to legitimize cryptocurrency. Junaid Ahmed Palak says we are working with cryptocurrency. We need to think about cryptocurrency now so that we do not lag behind the developed world. This is good news for us.

That still depends on how big the population that will adopt bitcoin in Bangladesh and how stable the nation is which is a big factor since a stable country won't mean that people will panic everytime. It's a good news but we hope that the effect will make something for the market.

[Leviathan.007]

As well as I know and I could I understand during the last months, The governments with invaluable and worthless fiat currencies are going to accept and use bitcoin in their transaction because their fiat is already worthless so it makes sense to look for bitcoin, In the other hand for other countries such as the US since they have already strong fiat currency they usually try to support their own fiat currency and surly they will stand against any other thing including bitcoin. There is the same story for Bangladesh and their government, so, I won't be surprised if I see they accept bitcoin soon.

[DdmrDdmr]

There’s also an article I found today, which I presume derived its information from the same event (at least the ICT State Minister is wearing the same clothes, as is the person to his left), where there are a bunch of translated quotes. Although he does mention bitcoin, the text gives the impression of being more focused on vouching for a "central digital currency". He also mentions that:

Prevention of cheating in e-commerce, money laundering, and the financial scam is the key challenges for the government. We have to solve the problem with technology. We will launch an interoperable transaction platform in the year. If we can launch it we can collect the details of money transaction of a client.

I’m not convinced that bitcoin isn’t being simply being used as a talking gateway to approach their own digital currency, but this type of assumption is better made or refuted by people with local knowledge (or at least language knowledge).

See: https://www.daily-sun.com/printversion/details/579554/Don%E2%80%99t-ban-bitcoin-out-of-ignorance

[Mpamaegbu]

the prime minister of bangladesh is planning to accept crypto in their country, but i think the steps that will be taken by the prime minister will not be supported by their president, because until now the bangladesh government has not talked about crypto currency at all, i think it will be very difficult to prime minister to be able to convince their government, hopefully the efforts made by the prime minister get positive support from their government..

Let's not dampen the good news with pessimism. What has happened is a positive for Bitcoin and the entire community. I think we should take each step as it comes. This first step is great and we should keep it at that. At least, someone is now speaking out in favour of Bitcoin in Bangladesh. With time, others will fall in place.

Bangladesh is a poor and corrupt country. Going the cryptocurrency way will enable it checkmate the essences of her leaders and prevent them from stealing. Everything on the blockchain is transparent; nothing is hidden. In fact, I think it's this part of the blockchain that scares most country from adopting it because it will prevent stealing of public funds.

[Sifat Redwan]

What do you think why doesnt the government legalize bitcoin ? As there is huge corruption in Bangladesh I think, everyone will use bitcoin to white their black money.

[Davidvictorson]

There, Junaid Ahmed Palak sir, State Minister for ICT of Bangladesh, made a number of comments in favor of Bitcoin. His comments suggest that they are thinking of legalizing Bitcoin in Bangladesh. This is the news link: https://youtu.be/oZogIfJBz7M

I am translating the news from banga to English. Here I will highlight his points.

• We should be updated with technology in money evolution. Because first we use products for products then paper money then bank then plastic card as visa or master card, then mobile wallet then we can't accept digital payment system as a degital currency. I think this is top point.
• He says if we buy any illegal products with legal fiat currency then can we blame fiat currency? The answer os no, obviously not. So if bitcoin uses for any illegal work then we can't blame bitcoin. Another best point
• And lastly he says we should discussed about it so that in crypto race we get last position. So we should discuss about it and teach our people about bitcoin. That is why Our ICT MINISTER suggest the Department to make a report about bitcoin and send it to Bangladesh bank then we will discussed together about it approval.  

I think this little conference of him with news channel is a huge jump for Bangladesh in bitcoin sector. For me it is a purely posetive news for us. Might be we can see very soon that our country means Bangladesh approve bitcoin. I am waiting for the day.

This is a start. I like it. Although the Central Bank has reiterated its position on owning or trading in cryptocurrencies saying that it goes against the country's financial regulation and could lead to a punishment of up to 12 years in prison. The ICT minister's point has also echoed by the Syed Almas Kabir, president of the Bangladesh Association of Software and Information Services (BASIS) who once said that “Cryptocurrency is the future. When we want to move towards a cashless society, we cannot be in denial. We have to start preparing to adapt to the implementation of such technology that has the potential to develop several industries.” Soon the  the world and even Bangladesh central bank will come to terms with the goodness of bitcoin and other cryptocurrencies, these stringent rules will be abolished. We just need good folks out there who would be pushing the word.

https://www.dhakatribune.com/business/2021/07/27/bangladesh-bank-to-cid-trading-owning-cryptocurrency-not-illegal

[kryptqnick]

What op wrote sounds promising, but let's not get ahead of ourselves. After all, it's one minister, and there are many other people who can affect the decision, such as the parliament, the financial sector (Central bank or something like this), as well as other ministers. So saying that Bangladesh may approve Bitcoin very soon based on one guy among those in power who happens to be in favor of it seems too optimistic to me. I hope it happens, of course, and I hope that, based on the opinions of this minister from the original post, Bitcoin will be regulated as a kind of money rather than an asset there, but that can take a lot of time and effort because there should be at least a team of people in the government who see it as a priority in order for this to work.

[Ucy]

• He says if we buy any illegal products with legal fiat currency then can we blame fiat currency? The answer os no, obviously not. So if bitcoin uses for any illegal work then we can't blame bitcoin. Another best point

Ofcourse, lots of things can be used for either good or evil, whether they are good things or not. It's our responsibility to ensure they aren't used wrongly . Luckily, Bitcoin is designed in a way that makes its misuse hard ... We just need to take advantage of this feature to help create a safe space for its users

[Yogee]

...
BTC has been popular a long time ago and I don't think they did not recognize by them. Probably they saw the potential of BTC, the usage on it to their country, instead of banning, why not legalizing and it could be potential their country have benefits on it.

I see more benefits to their Government by allowing centralized exchanges to operate than approving BTC as a legal tender. They can monitor these exchanges and they can tax them accordingly.

We hope that they are the 4th countries that legalized BTC.

Long way to go for this.

However, this is good news to us as crypto enthusiasts, because it has an impact on the price.

I do not know about the price impact since the news wasn't so widespread. I was searching for supporting articles yesterday but I couldn't see write ups from more popular online news platforms.

[bL4nkcode]

If the news is true then that's probably good news for all of the locals of bangladesh who are secretly trading/using bitcoin as earlier bangladesh government is harsh towards bitcoin and cryptocurrency.
Even though crypto was banned, there are still who risk and trade who probably got jailed based on different news.

[avikz]

Due to today's media, we don't really get to understand what statement someone ihas actually made. Today evening, I was reading through my dailyhunt app and seen this news. It seems the newspaper I read, has depicted the story in a different way.

The minister has never given a positive indication. He has only said that government should first know about it before thinking of banning it. Otherwise they may loose an opportunity to stand as per the market. That's a noble statement, no doubt about it! But not sure what's exactly gonna happen. The Bank of Bangladesh has already imposed a banking ban few years back which is still in force.

[The Cryptovator]

Seems he is very positive so far to approve Bitcoin in Bangladesh. But Bangladesh bank's statements are totally different. It's not an easy task for Bangladesh to accept Bitcoin due to various reasons. But I am positive though it's a lengthy procedure. Just giving a positive speech on the press briefing wouldn't help to allow Bitcoin. A legal authority should take a step like Bangladesh banks about Bitcoin legalization. The entire government should think about positivity. We can't prevent money Laundering ever, either with Bitcoin or with fiat money. Millions of dollars saving on Swiss Bank, who are they? Government should realize the positive sides rather than just accuse Money Laundering. Then it would possible to legalize Bitcoin. But I don't think very soon the Bangladesh government will allow Bitcoin.

[suzanne5223]

I don't how relevant this news was but it was mind-blowing to read positive news about Bitcoin to be acknowledged by the government not to even talk about Bangladesh which was once among the list of countries that don't allow his citizen to accept or trade cryptocurrency some years ago.
This is a sign that the next Bitcoin halving market price will be off-limit.

[wxa7115]

Although Bangladesh's ICT department has previously commented positively on Bitcoin, no positive response has been received from government officials. MP Palak Sir does not take Bitcoin seriously, no matter how much he talks about it. Therefore, such news does not carry any importance in the context of Bangladesh.

People need to curb their enthusiasm when they see news like this, how many times in the past we have seen a politician which is part of the government say good things about bitcoin only to change their tune relatively quickly.

This is a classic tactic called bait and switch, basically a person promises something but when the time comes to fulfill their promises they fail to deliver and offer something else, so like always people need to exercise caution as I would not be surprised if in the future governments promise to do something similar to what El Salvador did and lure bitcoin holders to reveal their holdings to them only to change their tune and then try to get taxes out of them or even confiscate their coins.

[hemzer]

They will progress far ahead of India.
India trying to ban Bitcoin will look like fools soon under the current BJP rule.

[Hypnosis00]

Maybe I miss something but I'd never found the news in regards to adoption but only I got this one https://www.dhakatribune.com/business/2021/07/27/bangladesh-bank-to-cid-trading-owning-cryptocurrency-not-illegal
which has been published last July 2021 which is the use of crypto was not illegal unless if their is a fraud.

If the news is true then that's probably good news for all of the locals of bangladesh who are secretly trading/using bitcoin as earlier bangladesh government is harsh towards bitcoin and cryptocurrency.
Even though crypto was banned, there are still who risk and trade who probably got jailed based on different news.

And now they change their mind and found out that Bitcoin will give them help in providing jobs for their countrymen and more benefits to get.
This will surely gain support from the community and this will not be getting far from how El Salvador has been doing.

[kawetsriyanto]

What do you think why doesnt the government legalize bitcoin ? As there is huge corruption in Bangladesh I think, everyone will use bitcoin to white their black money.

Very strange comment!! How can you suspect legalizing Bitcoin is a trick made by Bangladesh corruptors? Do you have proof of this?
Black money is black money, cannot be converted to be white money. Anyway, I think you have no reasons to be so worried about this case right now. You can be wrong, legalizing Bitcoin is probably the way for the Bangladesh government to improve the economy or financial sector in Bangladesh. Don't you realize this?