The reason for not approving Bangladesh blockchain technology

[Nostoman]

The reason for not approving Bangladesh blockchain technology is that the banks in Bangladesh consider the price of bitcoin to be very risky. Because when will the price of Bitcoin go. All banks will be affected. We will go towards the destruction of the economy. Again using bitcoin for various illegal transactions inside the country. That means heinous transactions like the drug business can happen with bitcoin. Because there is no person's information here. Overall, the Bangladesh government does not approve bitcoin. Post your comments.

[Malam90]

Blockchain technology and Bitcoin are different issues. Bangladesh Govt aren't willing to legalize Bitcoin for many reasons that you have mentioned but they aren't against of Blockchain Technology. They are already working on adoption with blockchain technology in Banking, E-governance, Medical, Education sectors and other sectors as well. So BD government are against of crypto but not against of Blockchain Technology.

National Blockchain Technology Bangladesh.

[Nostoman]

Blockchain technology and Bitcoin are different issues. Bangladesh Govt aren't willing to legalize Bitcoin for many reasons that you have mentioned but they aren't against of Blockchain Technology. They are already working on adoption with blockchain technology in Banking, E-governance, Medical, Education sectors and other sectors as well. So BD government are against of crypto but not against of Blockchain Technology.

There are a lot of users in Bangladesh. Those who use Bitcoin constantly. Bitcoin is very important for transactions in Bangladesh. Many users are constantly trading Bitcoin. Bitcoin in Bangladesh is much more popular for cryptocurrency transactions. He is currently being held captive by the government for various mastermind transactions. Their transactions have gone under money laundering. What do you think about this?

[raisajahan]

Now a days bangladesh has approved blockchain technology as discussed by ICT division of bangladesh but they done not approved crypto currency because they think that price ups and down is not accepted. They think that the growing price of bitcoin is not legally happening for that reason bangladesh is not approving crypto currency investment.

[Malam90]

Blockchain technology and Bitcoin are different issues. Bangladesh Govt aren't willing to legalize Bitcoin for many reasons that you have mentioned but they aren't against of Blockchain Technology. They are already working on adoption with blockchain technology in Banking, E-governance, Medical, Education sectors and other sectors as well. So BD government are against of crypto but not against of Blockchain Technology.

There are a lot of users in Bangladesh. Those who use Bitcoin constantly. Bitcoin is very important for transactions in Bangladesh. Many users are constantly trading Bitcoin. Bitcoin in Bangladesh is much more popular for cryptocurrency transactions. He is currently being held captive by the government for various mastermind transactions. Their transactions have gone under money laundering. What do you think about this?

Although a lot of users from Bangladesh are involved in cryptocurrency either trading or bounty. Bitcoin is now 2nd popular currency after Bangladeshi Money BDT but from the perspective of BD government, they think if they legalize Bitcoin it will enhance money laundering and criminal activities. Recently few occurrences happend that prevents them to think positive about but now a days, many press, medias are publishing, telecasting article, videos, live programs about Bitcoin and its many aspects which leads positive influence to the citizens. Too many negative marketing bring positive results for that product that happens for Bitcoin. So, we are hopeful that Govt are thinking about it as it is now a major trend of BD.

[TomPluz]

People who still believe that Bitcoin or any cryptocurrency for that matter can lead to more usage by illicit industries like narcotics are not updated with the fact that all transactions are recorded on the blockchain and that anybody can view them anytime - unlike transactions with paper money where the trails can stop once the money is already out from the banks or any financial institutions.

This is the reason why there had already many convictions on the court using the transparent transaction records using the blockchain technology. Sadly, many backward countries are using this alibi but what they are actually afraid is losing total control of the monetary system they forced on their people and losing this control can be disorienting for politicians. Sadly, leaders in Bangladesh are not briefed the right way on Bitcoin.

[Malam90]

Sadly, leaders in Bangladesh are not briefed the right way on Bitcoin.

Exactly, BD government are now still on dark as the are briefed the right way of using Bitcoin and its facilities to the national income. Experts of Bitcoin and cryptocurrency can't reach to the Govt as it is still illegal by law. Nobody shows courage to talk with authority about its proper use and what other countries are doing to legalize it. But good point is that, now many Electronic Medias, Print Medias, Online Medias and Social Medias are telecasting/ spreading/ promoting many contents about Bitcoin almost every days which is helping Bitcoin to the mass people and Govt to. I hope in the near future, we can get positive result.

[David0]

Really this is the reason why there had already many convictions on the court using the transparent transaction records using the blockchain technology. Sadly, many backward countries are using this alibi but what they are actually afraid is losing total control of the monetary system they forced on their people and losing this control can be disorienting for politicians. Sadly, leaders in Bangladesh are not briefed the right way on Bitcointalk.

[Master107]

Regardless of their possible self motives or whatever hiding conflict of interest. They have the freedom to implement things for the goods of majority and of course for the sake of country's economic grow (I hope so). Destruction might happen in case dip fluctuate take place in Bitcoin (we know this). Preparation is better than cure (this is the best) imo.

[Review Master]

If it's just about blockchain , than blockchain isn't ban here as government made 2 national blockchain olympaid in the past years. Point to be noted that Bangladesh support only private blockchain, not the public blockchain which is related to government as there are two types of blockchain. Without cryptocurrency , blockchain can exit and it'll be the private one. But public blockchain won't be able to stay without cryptocurrency. So, public blockchain like bitcoin or other cryptocurrencies aren't approved/regulated in Bangladesh. TBH, it won't be an hard task to regulate bitcon or cryptos on any county as government can't even do anything by making it illegal or banned one.

[wxxyrqa]

The reason for not approving Bangladesh blockchain technology is that the banks in Bangladesh consider the price of bitcoin to be very risky. Because when will the price of Bitcoin go. All banks will be affected. We will go towards the destruction of the economy. Again using bitcoin for various illegal transactions inside the country. That means heinous transactions like the drug business can happen with bitcoin. Because there is no person's information here. Overall, the Bangladesh government does not approve bitcoin. Post your comments.

As far as I understand, we are talking about the government's refusal to recognize bitcoin and this does not apply to the blockchain. it is quite understandable that the government of Bangladesh has the same prejudices as other governments of different countries and that is why they begin to threaten that they will introduce jail time for the owners of the cryptocurrency. I believe that in a certain future they will have no other choice but to legalize Bitcoin, because thanks to cryptocurrencies, international cooperation and international trade will improve.