Digital Bangladesh Needs Digital Currency

[Fariwala]

Many remember 2009 as the period of the worst global financial crisis. But 2009 also gave us a new form of currency, redefining the meaning of money. Bitcoin was launched in 2009 by an individual or a group known by the pseudonym "Satoshi Nakamoto". Bitcoin gave the world the first application of blockchain and opened the realm of digital currencies, decentralised finance companies, and a 24/7 financial trading market.

Bangladesh is one of the few countries in the world that consider bitcoin and all other types of cryptocurrency as "hostile". Bangladesh Bank considers bitcoin and other cryptocurrencies as illegal under the Foreign Exchange Regulation Act, 1947, and the Money Laundering Prevention Act, 2012. However, there is much debate on how these laws can be enacted in court since the central bank never correctly defined bitcoin as a currency or commodity. Regardless, the Bangladeshi authorities are adamant to stop the use of bitcoin and had issued warnings and even made arrests in relation to bitcoin trading and selling. 
As we near the 50th anniversary of Bangladesh' independence and continue our transition into the digital era, I think the country should reconsider how digital currencies can be more beneficial. Our closest neighbour, India has recently legalised buying and trading of cryptocurrencies. In March 2020, after a historic verdict by the Supreme Court of India, cryptocurrencies were made legal and a previous ban imposed by the Reserve Bank of India was overruled. The way legalisation can be done can vary, but for now let me discuss why cryptocurrency adoption is helpful.

As a resident of Canada, I rarely visit the bank. Most of my banking needs are fulfilled online via a smartphone or computer. As Covid-19 took the world by storm, a strange incident shocked me and many others. While Bangladesh was on lockdown, thousands of RMG workers walked to the capital city and nearby districts from faraway destinations. The primary reason for their arrival was the collection of their salaries in person. Half of the country still does not have a bank account and many of these people still carry out their day-to-day spending in the form of cash. This is one of the core issues that digital currency can solve.

More info: https://www.thedailystar.net/opinion/news/digital-bangladesh-needs-digital-currency-1930845?amp

[0t3p0t]

Yeah, but crypto is not that easy as well for an individual without knowledge of it that is why they prefer to be paid in fiat and some I think cannot afford to open a bank account due to some reasons. Digital currency on the other hand can be a solution if only people has to educate themselves but we are also going to take into consideration about their local law if digital currency is not illegal hopefully not for Bangladesh. I am not sure if there were local businesses or exchanges supports digital currency most especially Bitcoin there.