Bangladesh Bank will not leave any digital currency in the market

wxa7115

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Quote from: SquallLeonhart on April 28, 2021, 03:45:33 PM

Quote from: wxa7115 on April 28, 2021, 02:22:43 PM

many governments are reluctant to make it illegal because if they do so and then they fail to make it disappear that will show how weak they really are against bitcoin and other cryptocurrencies.

But, Bangladesh government seems going the other way still the final result will not be different for sure. Most governments started thinking about having neutral stand against cryptocurrencies so that they could adopt the most viable solution which is believed to be derived by some technically sound country. I mean governments are most probably working for a system where they find assurances about retaining all their power still allowing people to make use of cryptocurrencies and generating usual revenues.

But that is precisely where governments are going to come up short, without a doubt they are trying to find a way to benefit out of bitcoin because that is what governments do, however bitcoin was created with the intention from the very beginning to be capable of avoiding the control of the government, nothing like it has been created before and as such governments do not know how to deal with it.

So the dream that politicians have of retaining their power while bitcoin still exists and they obtain all the benefits is never going to happen, they only have two options the first one is to ban bitcoin and this can be easily done on the books but it is going to be incredibly hard if not outright impossible to actually do, which means that their only real option is to accept bitcoin completely in their economy whether they like it or not.

awik p

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Quote from: bocyaj on April 30, 2021, 05:19:11 PM

Quote from: paxmao on April 29, 2021, 06:17:29 AM

As usual, the weaker and economy and a political systems, the more keen are they in banning anything that allows freedom and free flow of capital for their citizens. It should be considered an indication of democracy and economic freedom to allow citizens to own and trade any asset - other than drugs and the like - just as freely as cows or chickens. Obviously, when you run a shitty politic and financial system, you just have to kill any competing system such as crypto.

When the economy get weaker, the government will look into all flow of money in the country. Cryptocurrency is one among them, because they can easily imposes tax on people by legalising. If the legalised happened, the transaction in a county can be find by the government. So legalising had both positive and negative.

Indeed, with legalization, we will get a positive or negative effect. In the past, many were concerned that bitcoin could be misused for a crime, but I think we have to take a lot more into account which is positive or negative. Isn't it certain that every policy has pros and cons from their respective points of view

bocyaj

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Quote from: paxmao on April 29, 2021, 06:17:29 AM

As usual, the weaker and economy and a political systems, the more keen are they in banning anything that allows freedom and free flow of capital for their citizens. It should be considered an indication of democracy and economic freedom to allow citizens to own and trade any asset - other than drugs and the like - just as freely as cows or chickens. Obviously, when you run a shitty politic and financial system, you just have to kill any competing system such as crypto.

When the economy get weaker, the government will look into all flow of money in the country. Cryptocurrency is one among them, because they can easily imposes tax on people by legalising. If the legalised happened, the transaction in a county can be find by the government. So legalising had both positive and negative.

kolbalish

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Quote from: Cadaver20 on April 22, 2021, 07:07:14 PM

Although cryptocurrency is banned in Bangladesh, it is becoming popular among young people day by day. Now many people in Bangladesh are using cryptocurrency. However, since the use of cryptocurrency is a crime here, sometimes the police arrest someone.
Bangladesh is a populous country. There are a lot of educated unemployed people here. Cryptocurrency can create some workplaces here. But because of the crypto ban, that opportunity is not being created.
How long will the Bangladesh government lag behind where the world is moving forward? I hope crypto will be legalized in Bangladesh soon.

I thoroughly agree with you because the unemployment rate is high in Bangladesh. As a result, unethical activities are improving day by day and there is no backwardness in corruption. So if the Bangladesh government legalizes any digital currency or bitcoin then the unemployed will provide a chance to do a chore. The government of Bangladesh is good at this.

paxmao

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As usual, the weaker and economy and a political systems, the more keen are they in banning anything that allows freedom and free flow of capital for their citizens. It should be considered an indication of democracy and economic freedom to allow citizens to own and trade any asset - other than drugs and the like - just as freely as cows or chickens. Obviously, when you run a shitty politic and financial system, you just have to kill any competing system such as crypto.

poodle63

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Really? using crypto is a crime but letting a poor people that should've been taken care of by the government as the main reason of the government existence ain't a crime. It's sometimes funny to observe how regulatory makers' mind works.
I know many developing countries always depict crypto as a way to launder money or terrorism funding but they never take a mirror and look back that before crypto even exists such activities already being done by the criminals using paper money and ran smoothly without government even knowing.
I really think that at this point the accusation to crypto that comes from such government is just an effort of spacegoating.

Hasan905

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Quote from: hugeblack on April 21, 2021, 06:57:22 AM

I couldn't understand the article, does the word "digital currency" mean "cryptocurrency"?

Sometimes its so hard to understand what are these articles trying to say and yes they mean cryptocurrency by this word "Digital currency". But don't know why they didn't mentioned it specifically...

Quote from: hugeblack on April 21, 2021, 06:57:22 AM

Or the government is not planning to accept any digital solutions and rely on cash?

PayPal is already acceptable in Bangladesh and its being used here.The government has given awards in the first, second and third phases based on PayPal income. The problem is with only crypto currency. And there have strong reason behind this decision...

iv4n

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Quote from: goldade on April 29, 2021, 03:24:31 AM

I strongly believe the Bangladesh government should know better. I hope they realise soon, just like the Vice-president of Nigeria, that bitcoin and cryptocurrencies at large is the goose that lays the golden egg.
I hope they will realise soon enough that they have been going in the opposite direction while world is moving forward. They should know that usage of bitcoin in a country can help improve the economy of such country and this is exactly what it is needed in a country like Bangladesh.

When they find a way to tax it they will approve it! It's how I see it! Simply third-world countries (and I believe I live in a third-world country) don't have the infrastructure to do more complicated tasks, so they don't know what to do with crypto! Of course, there's one more thing... stupidity! Most people who sit on the top are old, conservative, narrowminded... call them as you like! They don't know how to turn on the smartphone, how can we expect them to understand crypto?!

But times are changing... and change will happen in all countries, sooner or later! Younger generations are taking over and we are more digitally oriented! I guess for some countries, and people who live in those countries, hard times are coming! Transition is not so simple for all! While some are going through that without problems and casualties, others pay a lot higher price!

goldade

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I strongly believe the Bangladesh government should know better. I hope they realise soon, just like the Vice-president of Nigeria, that bitcoin and cryptocurrencies at large is the goose that lays the golden egg.
I hope they will realise soon enough that they have been going in the opposite direction while world is moving forward. They should know that usage of bitcoin in a country can help improve the economy of such country and this is exactly what it is needed in a country like Bangladesh.

SquallLeonhart

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Quote from: wxa7115 on April 28, 2021, 02:22:43 PM

many governments are reluctant to make it illegal because if they do so and then they fail to make it disappear that will show how weak they really are against bitcoin and other cryptocurrencies.

But, Bangladesh government seems going the other way still the final result will not be different for sure. Most governments started thinking about having neutral stand against cryptocurrencies so that they could adopt the most viable solution which is believed to be derived by some technically sound country. I mean governments are most probably working for a system where they find assurances about retaining all their power still allowing people to make use of cryptocurrencies and generating usual revenues.

wxa7115

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Quote from: Lorence.xD on April 22, 2021, 01:44:26 AM

Quote from: wxa7115 on April 21, 2021, 04:14:51 PM

The government can pass whatever laws they want the issue is if those laws are actually going to be implemented on the ground, where I live there are many laws that are nonsensical but people know there is simply no way for those laws to be put in effect and are effectively ignored.

If the economy of Bangladesh gets in such a bad shape that people need to use bitcoin then regardless of the laws against it people will use it as they will prefer to take the risk of being caught than to lose their only source of income and the only way they have to protect their wealth.

I don't where you're from but we have the same government, it seems that most laws only have a maximum effectiveness of 3 months in my country and then it will fade in obscurity. I do agree, if people get desperate, they have to do whatever it takes to get those money.

Most places are like that, very few governments have the resources to implement every single law they pass and they prefer to give priority to the ones that actually matter, after all if a government can barely deal with the important stuff like violent crimes and similar then it is obvious many other laws that are administrative in nature are not going to be applied at all.

This is why bitcoin has a future, even in a world where bitcoin was completely banned everywhere as long as it is a valuable asset and it is a better store of value than fiat and even gold then people will use it regardless of whatever the governments say, which is why many governments are reluctant to make it illegal because if they do so and then they fail to make it disappear that will show how weak they really are against bitcoin and other cryptocurrencies.

herurist

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Quote from: Sithara007 on April 22, 2021, 10:42:09 PM

In India, when the government came up with their own stupid plan to make the ownership of cryptocurrency a criminal offense, it ended up making crypto even more popular. Because there was a lot of debate generated after the bill was uploaded to the parliament website, a lot of people who were previously unaware of cryptocurrency became suddenly interested in it. I guess the same will happen in Bangladesh as well. The government ban will end up popularizing BTC.

It is true, that in any country the more they are pressured against freedom and the love for something will lead to resistance. In terms of cryptocurrency, that is the fact. India is the largest country and to control a number of citizens with some government control is a difficult road. whereas with the large growth in crypto exchanges in India it has provided an alternative in running the economy there. so that the people of India do not depend on assistance from the government. they can gradually reduce the level of poverty. as long as the government is not selfish in making decisions.

pixie85

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Using crypto a crime? How are they going to prove it?

Say I get paid by someone in crypto to write an article or translate something. How is the government going to know about it and how is it going to prove anything to me in court?

They can say all they want to scare people but they don't have the means to check who owns what crypto and what people do with their coins.

tbterryboy

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Quote from: Swopon on April 21, 2021, 12:49:49 AM

In Bangladesh, 40% transaction is done regularly by using electronic money method. So there has a demand of using electronic system and people are enjoying it. But there has no plan of implementation of digital currency here.

Not just Bangladesh, I guess was all the countries might take time to understand the importance of having cryptocurrency regulated or with neutral stand. Until then, we might need to face such difficulties because government may impose any rule like they may start treating processing cryptocurrencies as the criminal activity as well. Not sure what the government is going to do but it is really an unfortunate situation for all the folks from Bangladesh.

Findingnemo

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Quote from: goaldigger on April 27, 2021, 03:49:02 AM

Quote from: Swopon on April 21, 2021, 12:49:49 AM

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

I'm living on a corrupt country as well and fortunately, we are able to use cryptocurrency freely and I think this is not just a corruption maybe private institutions are preventing the government from accepting cryptocurrency because they know this is a big threat for their businesses.

Only if Bangladesh know the role of cryptocurrency in the lives of many and see this one as a whole not just because they thought its a crime which is totally not unless they are dealing with malicious transactions, their economy might have a chance to rise.

Basically Bangladesh is an Islamic country so there are many misinformation spread all over the world that Bitcoin is created for gambling at all other illicit purposes so its against their Sharia law that is the reason why they banned it in the first place. But it is completely allowed in some of the Arab nations which is surprising so who need to convince who about who is right? Grin

goaldigger

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Quote from: Swopon on April 21, 2021, 12:49:49 AM

Bangladesh is a over populated country, here it is needed to create the job demands for its people. But as a developing country, corruption is the main problem here which is one of the main problem for using Cryptocurrency.

I'm living on a corrupt country as well and fortunately, we are able to use cryptocurrency freely and I think this is not just a corruption maybe private institutions are preventing the government from accepting cryptocurrency because they know this is a big threat for their businesses.

Only if Bangladesh know the role of cryptocurrency in the lives of many and see this one as a whole not just because they thought its a crime which is totally not unless they are dealing with malicious transactions, their economy might have a chance to rise.

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Quote from: CaCO3 on April 25, 2021, 10:46:28 AM

I think this is a wrong decision of the Bangladesh government. They should adopt digital currency system. If Bitcoin is legal in Bangladesh, many people will get many benefits from here too. I think bitcoin can never be a means of corruption. Corruption is the manifestation of one's personal mind. If someone wants to be corrupt, he can do it in any way. For this he does not have to take the help of Bitcoin. I think corruption is a kind of sick mentality. For example, I can talk about television. Television is made for the purpose of good work. If someone uses television for bad, then it is not the fault of television. The fault is in the mentality of that person. So I think the Bangladesh government should accept Bitcoin well.

It is wrong for us but I am assuming that they have their reasons as to why they are banning cryptocurrency in their nation. Corruption is indeed a sick mentality but if we continue to get blinded by riches and power then the chain of corruption will remain unbroken.

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Quote from: Findingnemo on April 25, 2021, 12:34:42 PM

Ban in Bangladesh was there even before the incident happened in India if I am not wrong so yes the people already aware of the cryptocurrencies and the profit making opportunities but due to the ban from government they need to do every trading under the radar s they won't pay any taxes for it and also traders can set premium prices due to the ban in place.

I have heard about a few incidents where cryptocurrency traders were arrested in Bangladesh. But it is a country with a population of 160 million and there are tens of thousands of users. One or two arrests are not going to discourage the traders. They have simply moved to P2P platforms and other anonymous exchanges to do trading. The Bangladesh government is going to lose tax money and that is the only outcome of this stupid move. And as far as the global cryptocurrency market is concerned, no one really cares about Bangladesh. It's such a small market.

Findingnemo

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Quote from: Sithara007 on April 22, 2021, 10:42:09 PM

Quote from: Cadaver20 on April 22, 2021, 07:07:14 PM

Although cryptocurrency is banned in Bangladesh, it is becoming popular among the young people day by day. Now many people in Bangladesh are using cryptocurrency. However, since the use of cryptocurrency is a crime here, sometimes the police arrest someone.
Bangladesh is a populous country. There are a lot of educated unemployed people here. Cryptocurrency can create some workplace here. But because of the crypto ban, that opportunity is not being created.
How long will the Bangladesh government lag behind where the world is moving forward? I hope crypto will be legalized in Bangladesh soon.

In India, when the government came up with their own stupid plan to make the ownership of cryptocurrency a criminal offense, it ended up making crypto even more popular. Because there was a lot of debate generated after the bill was uploaded to the parliament website, a lot of people who were previously unaware of cryptocurrency became suddenly interested in it. I guess the same will happen in Bangladesh as well. The government ban will end up popularizing BTC.

Ban in Bangladesh was there even before the incident happened in India if I am not wrong so yes the people already aware of the cryptocurrencies and the profit making opportunities but due to the ban from government they need to do every trading under the radar s they won't pay any taxes for it and also traders can set premium prices due to the ban in place.

CaCO3

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I think this is a wrong decision of the Bangladesh government. They should adopt digital currency system. If Bitcoin is legal in Bangladesh, many people will get many benefits from here too. I think bitcoin can never be a means of corruption. Corruption is the manifestation of one's personal mind. If someone wants to be corrupt, he can do it in any way. For this he does not have to take the help of Bitcoin. I think corruption is a kind of sick mentality. For example, I can talk about television. Television is made for the purpose of good work. If someone uses television for bad, then it is not the fault of television. The fault is in the mentality of that person. So I think the Bangladesh government should accept Bitcoin well.

Topic: Bangladesh Bank will not leave any digital currency in the market (Read 371 times)