Bangladesh may be approve bitcoin very soon according to ICT MINISTER

[leea-1334]

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.

I agree here,,, exchanges are where the volumes will happen for most individuals and eventually even traders will use exchanges for their bigger volumes. Even today not everybody is willing to use BTC to spend as it is too volatile, much less merchants to agree using them when their whole business is still on fiat margins.

Legalize exchanges first as a first step.

[1714871902]

1714871902

[1714871902]

1714871902

[Vishnu.Reang]

Bangladesh is the same country where a few Bitcoin traders got arrested recently, right? The reason being given was that Bitcoin is illegal in Bangladesh and the traders were operating without a license. So why this u-turn now? Still personal comments from one minister can't be translated as support from the government. From what I understand, he is a junior-ranking minister and don't have much influence on the decisions that are being taken by the finance ministry. I am waiting for an official statement from the Bangladesh Bank.

[verita1]

I love this news because I know of some people who use crypto from this nation and that I have shared with them on social media.

Fortunately, Bangladesh has already been studying the points of view to accept bitcoin and with that to achieve the stage so that the inhabitants begin to be interested.

By accepting bitcoin they would take an important leap as other countries have dared to do. It is what the economy deserves and the use of bitcoin and cryptocurrencies will open opportunities for development.

[Little Mouse]

Meanwhile Bangladesh Bank on Bitcoin,
"Bitcoin is a strange cryptocurrency, it is a currency of the black market, it doesn’t have a lot of usages. There are companies who run the bitcoin have no license, it doesn’t give bitcoin acceptance. It can be hacked bla bla bla." This is an earlier report from Bangladesh released in last month.
Anyway, this is really good stuff to see. He was directly talking about mining etc. Liked it. Maybe something will happen.

[Kittygalore]

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

That's talking big, I mean India has far more population than any other countries in East Asia and that only means that there's probably no way that they can match that manpower in terms of workforce plus India is more developed compared to Bangladesh that has been war torn if I recall correctly.

[AicecreaME]

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.

It's nice to know that their prime minister is well-aware about Bitcoin's potential as well as the sensitive area such as bitcoin being blamed on illegal activities then making a valid point to counter it. He thinks radically and I hope other government officials will do the same. Although I suppose it would be a tough time for him to convince his fellow government officials because it seems that their government do not really support anything related with cryptocurrencies, which explains the banning and illegal status of bitcoin in their country.

The prime minister voicing out his opinion about bitcoin could be one of the stepping stones to make a change in Bangladesh's take on bitcoin. Despite him not being really powerful and influential, if he could open the eyes of other government officials, collective efforts and voices will make a difference. Hopefully, he'll be able to do it.

[so98nn]

That is refreshing to see neighbouring country us making great discussions about the crypto. I hope this just gets into hearts of my government and make them think regarding the bitcoin adoption. Country like Bangladesh is under-developed to developing stage and this could be the right point to accept the new form of currency so that peeps can start dig in the new possibilities of earning money.

When this happens, lot of money come into the country from overseas and could open up whole new channel. Today The Minister is accepting bitcoin, sooner or later peeps with like minded will start to mine within the country. This will increase the electricity usage, more money for Government in that form, properties on lease for mining space and more money getting minted within the country.

Sounds great, but they should really stick to the statement and rest will follow.

[abdurrahman99]

Didn't know that there is an ICT ministry to give a permission to act in Gayasi. He has already held a press conference and there will be more meetings on this subject so he will invite some experts and some online from abroad.

[newwest]

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

Bitcoin is going to be the key for many new business and blockchain anyways being used by many big organizations. I think country which accepts and make it count will move much ahead then their previous years. And those who still unsure or ban might have to suffer in their economic GDP too. As many new businesses and entrepreneurs could be born related to crypto business itself and just add value to country.

[dothebeats]

His comments do not represent the stance of the whole government, though either way it's still great input considering that his remarks are positive towards bitcoin. It's just that it's hard to bank on the weight of his words right now that most of the government are still having second thoughts and extreme doubts about bitcoin. Perhaps he can use his position to influence or at least have other members of the government view bitcoin in a different light, but right now he needs to do what he has to do for the government and maybe just integrate plans on legalizing bitcoin with it.

[jostorres]

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.

It is a great news to have, if they approve bitcoin in their country then it’s not going to be a bad decision for them. It’s all about them understanding cryptocurrency in general and knowing how they can utilize it to make sure that it is going to benefit the country and help them to build their economy to a level that is above what we are seeing it today.

I do understand that it is all a process, and as usual they will have to start from somewhere and start working on it. But, I think it’s always best that the government first of all get to know what their citizens are into and whether they will go with the idea of making it a legal tender, or they can just make it a legal asset that anyone is free to use.

[pakhitheboss]

I doubt that Bangladesh will legalize Bitcoin. All governments in the South East Asia region are pretty much confused about Bitcoin and cryptocurrency. They have not yet decided what they will do? But, if any one of them legalizes or adds regulation then all of these countries will follow each other. All we can do is to wait and watch.

[Poker Player]

To me this is one more sign of the mistake China has made. The vast majority of countries in the world are going to embrace Bitcoin, regulating it legally in one way or another. Bangladesh is good news and follows the general trend that we see in the world. Now it only remains for countries to join in buying/mining Bitcoin, as El Salvador is doing. The moment they realize that whoever buys Bitcoin for their reserves will have a great advantage, the countries will enter into a FOMO.

[wxa7115]

To me this is one more sign of the mistake China has made. The vast majority of countries in the world are going to embrace Bitcoin, regulating it legally in one way or another. Bangladesh is good news and follows the general trend that we see in the world. Now it only remains for countries to join in buying/mining Bitcoin, as El Salvador is doing. The moment they realize that whoever buys Bitcoin for their reserves will have a great advantage, the countries will enter into a FOMO.

That is the next step in the adoption of bitcoin, we already have institutional investors coming to the market but then we are going to get countries getting into bitcoin and buying some to have as reserves, at the beginning the purchases will be small but will begin to increase as times passes and this will create a massive amount of FOMO.

So I agree with you, I think this is a historical mistake by China that will haunt them by generations to come, bitcoin was on their backyard and they had most of the mining hash rate and an active community there and they destroyed all of it just to have a little more control over their citizens.

[dupee419]

I love this news because I know of some people who use crypto from this nation and that I have shared with them on social media.

Fortunately, Bangladesh has already been studying the points of view to accept bitcoin and with that to achieve the stage so that the inhabitants begin to be interested.

By accepting bitcoin they would take an important leap as other countries have dared to do. It is what the economy deserves and the use of bitcoin and cryptocurrencies will open opportunities for development.

If this is true, Bangladesh's citizens and the country will finally be adopting crypto and Bitcoin, and the citizens of Bangladesh will finally be able to commit to crypto and benefit from it, though I've heard some posts that the Prime Minister is only having talks about approving Bitcoin, they're probably trying to figure out on how the actual government will benefit from this? I don't know but I do hope that they'll approve it as early as possible.

[teosanru]

This is quite interesting, primarily because Bangladesh was amongst those countries which were early in the party while banning Cryptocurrencies, first they stated through their national bank that they aren't going to allow crypto and then even government cleared their stance but now this U turn signifies that they are understanding the importance of Crypto and how they will never be able to remove Cryptos from their system now despite any number of bans, they are left with no resort than to legalize Cryptos because they actually are now inevitable.

[uneng]

Good to know state minister of Bangladesh is open minded about bitcoin benefits. It's comforting to see authorities refuting usual negative thoughts people have about bitcoin, like the popular one which says bitcoin is related to illegal activities and products. Now let's see what the status of bitcoin will be in Bangladesh.
They may pass a regulation similar to El Salvador considering it legal tender or may pass a softer regulation just legalizing the digital currency. The important is that poor countries can be the most benefited ones by adopting bitcoin, as they have nothing to lose and I have the impression many of these countries are already aware about the potential benefits in doing so. It's noticiable the number of countries interested in bitcoin in a short time period (El Salvador, Ukraine, Cuba, Brazil, Paraguay and now Bangladesh).

[DarkDays]

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.

Like many governments who were too fast to that they will never bend the rules to look positively on Bitcoin and crypto in general, India is starting to realize the potential introducing the population to blockchain and technology has.

Not only in terms of cheaper, easier and more secure way to processing payments but also providing new job opportunities, becoming more efficient and transparent.

If Indian government is really going to approve crypto and accept it as method of payment, the news will be huge, and the community will flourish with more innovations, opportunities and game-changing ideas. It will set a new era...

[Sanitough]

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.

Like many governments who were too fast to that they will never bend the rules to look positively on Bitcoin and crypto in general, India is starting to realize the potential introducing the population to blockchain and technology has.

Not only in terms of cheaper, easier and more secure way to processing payments but also providing new job opportunities, becoming more efficient and transparent.

If Indian government is really going to approve crypto and accept it as method of payment, the news will be huge, and the community will flourish with more innovations, opportunities and game-changing ideas. It will set a new era...

Exactly, China has the biggest population but India's population is skyrocketing, and might soon take the number 1 spot. If the government will go 100% positive on crypto, then that's big news that would increase the adoption, we need that for sure and thanks to the country especially El Salvador who believe in bitcoin as it really impacts and made other countries realize the opportunity it could bring to help a boost on their economy.

[Rengga Jati]

Is his statement really influencing crypto adoption and regulation in that country?
So far, crypto is still illegal, right?
But, there may be many expectations more about the legalization of crypto in that country, moreover, many people there are related to the crypto world, working in crypto.
There should be many more influencers or important parties again to come up and rise up the crypto. Although it will be not easy.
My country, at first also didn't legalize crypto, until 2019 there is a new regulation of legalizing crypto as a commodity asset (not currency). It may need more process and struggles again. Hopefully crypto can be many more accepted in the world.