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Bitcoin: Is it time to legalize cryptocurrency in Bangladesh?
What is Bitcoin?
Bitcoin is a type of cryptocurrency or virtual currency. These currencies are traded through the Internet.
The cryptocurrency was invented in late 2006 by Satoshi Nakamoto, a Japanese citizen, or a group of software scientists. However, the actual name or identity of this person is not yet known.
This new virtual currency is called Bitcoin.
In 2013, the price of this currency began to become famous after exceeding 10 thousand dollars. It is a direct peer-to-peer exchange between two users using the Internet without revealing their identities. The information on these transactions is protected through blockchain networks, but there is no authority like the central bank to oversee the transactions of these currencies. New bitcoins are created through these miners.
After Bitcoin is created or purchased, it is deposited as a customer. He can then use them to buy or sell products. If sold, it can be accepted in the conventional sense instead of bitcoin. Although the transaction is done using different computers, the information is updated on the central server.
Bitcoin is considered by many to be the currency of the future. Since Bitcoin does not require any financial institution to transact and one cannot track its transaction movements, many fear that it is being used for drugs, the black market, and money laundering. Bitcoin has been expanded, and an online Bitcoin exchange has been launched. Bitcoin is now legally recognized in many countries of the world. However, bitcoin is still banned in Bangladesh, Egypt, Algeria, Morocco, and other countries.
Bitcoin in Bangladesh
Although bitcoin trading is known to be very limited in Bangladesh, Bangladesh Bank says it is illegal to trade or store bitcoin or any other cryptocurrency under Bangladeshi law. Bangladesh Bank spokesman and executive director Sirajul Islam told that bitcoin is not allowed in Bangladesh. Since there is no approval, so this kind of transaction is not valid.
"If news of such a transaction comes to our notice, we must take action."
In 2016, Bangladesh Bank issued a notification warning about Bitcoin transactions. It also said that since any country' legitimate authority does not issue the virtual currency, there is no recognition of financial claims against it. However, the Central Bank of Bangladesh has stated that there is a risk. The Bangladesh Bank's warning notice said, "Transacting online virtual currency with an unnamed or pseudonymous partner may violate the law on prevention of money laundering and terrorist financing."
In addition, the central bank has warned that customers transacting through online networks may face various risks, including potential financial and legal risks of virtual currency. Asked whether Bangladesh Bank will take any action on bitcoin in the future, he said Bangladesh Bank has no plans yet. However, there is no specific law on cryptocurrency in Bangladesh.
Use of Bitcoin in Bangladesh
There is no official information on the exact number of people involved in bitcoin trading, as the use of bitcoin is illegal in Bangladesh. Someone trades bitcoin. But I don't want to talk about it in public because it's illegal. "
He said that these transactions are usually done with foreign buyers. The help of friends or relatives abroad is taken in exchanging money.
Even a few years ago, bitcoin mining was done in collaboration with foreign partners using high-powered computers. But now the trend has come down due to higher electricity bills and suffering.
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