Bangladesh Bank will not leave any digital currency in the market - page 2.

Vishnu.Reang

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Quote from: JohnBitCo on April 25, 2021, 07:25:29 AM

No one is late in accepting crypto currencies if they accept it now. The governments and the banks have to see the bigger picture when they need to decide about the adoption of bitcoin and crypto currencies. Lack of knowledge will result in wrong decision which may cost a lot in the future. Just a note that you cannot stop money laundering if you put a ban on crypto, the money laundering can still continue with fiat currencies too.

Unfortunately, in the third world countries, it is very easy for the governments to fool the population. If they want to ban something, they will just make some imaginary connection between that target and money laundering or terrorism. If anyone voices his opposition, then that individual will be branded as a terrorist or a tax evader. But nowadays, social media has made this more difficult for the government. When the Indian government proposed to make possession of Bitcoin a criminal offense, there was a lot of outcry in the social media and they had to put that proposal on hold.

JohnBitCo

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Quote from: plr on April 25, 2021, 04:56:08 AM

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

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

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.

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.

They are very late in accepting this technology just when the world is embracing it and integrating it in their system the Bangladesh government is not open and still close the door for this technology, if there are strong community of Cryptocurrency holders there they can lobby to have this discuss by their lawmakers, they are the one who are putting people in the government position, they should unite so they will be heard.

No one is late in accepting crypto currencies if they accept it now. The governments and the banks have to see the bigger picture when they need to decide about the adoption of bitcoin and crypto currencies. Lack of knowledge will result in wrong decision which may cost a lot in the future. Just a note that you cannot stop money laundering if you put a ban on crypto, the money laundering can still continue with fiat currencies too.

plr

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

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

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.

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.

They are very late in accepting this technology just when the world is embracing it and integrating it in their system the Bangladesh government is not open and still close the door for this technology, if there are strong community of Cryptocurrency holders there they can lobby to have this discuss by their lawmakers, they are the one who are putting people in the government position, they should unite so they will be heard.

Obito

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Quote from: iamsheikhadil on April 23, 2021, 10:05:04 PM

Going cashless according to governments and using crypto as payments are exact opposite even if the methods are similar lmao because if you pay using cash, governments can never know about the transaction and how much while if you pay using online like cards and banks, they can monitor and regulate every transaction, while using crypto is deadlier to them than using cash because they can't even trace it properly Grin

That's basically the reason for it, I mean if you don't have a control over your people then your power is going to be threatened and I don't think that any politician is going to let that kind of thing to happen. If they ban it then people should just start using fiat again because it can't be traced too.

Sithara007

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Quote from: eaLiTy on April 23, 2021, 07:04:18 PM

The main reason Bangladesh banned the use of cryptocurrency is because they think that it is mainly used for money laundering and until you have users who could convince the authorities that it has a blockchain that collects every transaction made that cannot be altered you will not hear anything from them as they do not like to take the initiative without any public outcry.

I have to disagree to this point. The main reason was that the Bangladesh government was afraid that they will lose their control over the population. Till now, there is no proven cases of money laundering in that country using cryptocurrency. It is just a mirage created by the government to justify their crackdown on cryptocurrency. But at the same time, it is not practical to spy on such huge number of cryptocurrency users in that country and take legal action against a significant portion of them. I really don't think that the authorities have enough manpower to do this.

iamsheikhadil

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Going cashless according to governments and using crypto as payments are exact opposite even if the methods are similar lmao because if you pay using cash, governments can never know about the transaction and how much while if you pay using online like cards and banks, they can monitor and regulate every transaction, while using crypto is deadlier to them than using cash because they can't even trace it properly Grin

eaLiTy

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

Just noticed it today's morning heading that Bangladesh Bank will not leave any digital currency in the market to use. Though it is already banned and considered as a crime here to transfer the funds through using digital currency. But it seems the government has no plan to approve it.

The main reason Bangladesh banned the use of cryptocurrency is because they think that it is mainly used for money laundering and until you have users who could convince the authorities that it has a blockchain that collects every transaction made that cannot be altered you will not hear anything from them as they do not like to take the initiative without any public outcry.

Swopon

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Quote from: jaberwock on April 23, 2021, 10:59:03 AM

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.

When you say digital currency do you mean CBDC or decentralized cryptocurrency such as Bitcoin, Ethereum and the rest of them? Because your last statement kind of confused me a bit, you said that there is no plan of them implementing digital currency; if you’re referring to decentralized cryptocurrency here, then it’s not the work of the government to do anything about it, it is up to you on whether you want to make use of any cryptocurrency or not, nobody controls that decision.

And if you can, be making use of P2P or DEX, so that you won’t run into problems with the bank and things like that. Then if you’re referring to CBDC when you said that, well then, it’s up to the government to decide about that one.

Maybe I failed to make you understand that it means Cryptocurrency here in that news. I think you don't know about the laws and regulations of Bangladesh, it is not crypto friendly. And transferring money through Cryptocurrency is strongly prohibited here and considered as a punishable crime. Some people already got arrested before for using it and getting punished. We, the people can't do anything from our end. But sometimes positive news make some sense to them maybe. Some people like us is continuously using it secretly and we are optimistic that one day it will be legalized here and we can do it publicly.

YOSHIE

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I often see news about Bitcoin in Bangladesh and India, a lot of controversy and pros and cons, both from the bank and also the local government, this is also the same thing happening in other countries.

However, at least even though the Bangladeshi bank did not leave digital money on the market, I think they do not prohibit crypto transactions against any user. The bank is already very good for crypto users, especially Bitcoin in Bangladesh.

Swopon

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

How long will the Bangladesh government lag behind where the world is moving forward? I hope crypto will be legalized in Bangladesh soon.

Government can give the best answer of it. By the way, the major reason behind not legalized Crypto in Bangladesh is Corruption which is in their (govt officials) blood. Maybe those people can't think anything fair. Each and every sector is being corrupted by them. Until it (corruption) gets tolerable amount, we won't see anything change here. Because it increase the money laundering which will make thr county more poorer then before. So, maybe government will think about it with the other countries, but we should give up the corruption first and should be implemented a zero tolerance policy against corruption.

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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.

When you say digital currency do you mean CBDC or decentralized cryptocurrency such as Bitcoin, Ethereum and the rest of them? Because your last statement kind of confused me a bit, you said that there is no plan of them implementing digital currency; if you’re referring to decentralized cryptocurrency here, then it’s not the work of the government to do anything about it, it is up to you on whether you want to make use of any cryptocurrency or not, nobody controls that decision.

And if you can, be making use of P2P or DEX, so that you won’t run into problems with the bank and things like that. Then if you’re referring to CBDC when you said that, well then, it’s up to the government to decide about that one.

Xinarae*

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I agree that even if any digital currency is released in the bangladesh bank market the demand for Bitcoin will increase despite the fact that it is banned. Because it is not under the control of the government the digital currency bitcoin has no institutional recognition no transaction guarantee no authority to control no chance of getting compensation in case of loss of currency or fall in price. Even then the global demand for digital currency bitcoin is at its peak rising prices have made many unemployed people find their source of income by working in crypto seeing the huge demand for bitcoin many countries around the world are supporting bitcoin even after it is banned.

Sithara007

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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 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.

Cadaver20

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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.

Vishnu.Reang

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

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.

I am from India, and even here millions of individuals are dependent on cryptocurrency for their major source of revenue, or passive income. A few months back the government proposed a blanket ban on cryptocurrency, but they were forced to put the proposal on hold due to massive outcry from the users. I just hope that in Bangladesh also the government will come to their senses and will deal with cryptocurrency in a more productive and mutually beneficial manner.

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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.

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.

I mean, corrupt officials would never agree on the implementation of cryptocurrency just for that single fact that it lets the public know of where they send those funds that they hold. Idk if Bangladesh has the same reason or has another reason, but it wouldn't be wrong to call it partly true.

As you said, the country has almost half of the transactions using electronic money (I'm assuing its digital money, not crypto), so that's also one more reason why they don't need to implement crypto. They have their own simple system, one that let's them be in control, so why implement crypto right?

Lorence.xD

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

Quote from: Lorence.xD on April 21, 2021, 01:17:52 AM

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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.

Sithara007

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Quote from: arallmuus on April 21, 2021, 07:44:09 PM

Im not sure why would you expect a developing country to actually implement crypto as part of the daily digital transaction. I doubt that a 60+ years old would be able to copy some bitcoin address then send 0.000xxxx amount of bitcoin . It is much easier to transact with the current e-money system. I hate to acknowledge this but this is the truth, crypto is not not friendly for the older generation that barely know how to use their smartphones.

There is nothing wrong in popularizing digital transactions, as long as they are not being made mandatory. It is going to be tough for the older generation, but they have the choice of opting for physical cash. But here the government is trying to steal technology from Bitcoin to use it for their own CBDC, and at the same time trying to ban the original invention (Bitcoin). For me, it looks as if the entire world is rapidly undergoing technological innovation, and a few countries such as Bangladesh still want to remain in stone age.

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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.

Im not sure why would you expect a developing country to actually implement crypto as part of the daily digital transaction. I doubt that a 60+ years old would be able to copy some bitcoin address then send 0.000xxxx amount of bitcoin . It is much easier to transact with the current e-money system. I hate to acknowledge this but this is the truth, crypto is not not friendly for the older generation that barely know how to use their smartphones.

dothebeats

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They really are cranking up their anti-cryptocurrency stance this time. I do not understand why Bangladesh just wants to ban bitcoin and other crypto without even thinking of the possible benefits it may have for the government and for its people. What's the use of forcing your citizens to just focus on your local currency if that currency in itself is not even performing relatively well? Regardless, I'm sure there will still be a lot of people who will use bitcoin in the country and would just not be vocal about it.

I do hope that lobbying groups would convince the government to lift the ban and put out points that would really make the Bangladesh government reconsider.

Topic: Bangladesh Bank will not leave any digital currency in the market - page 2. (Read 373 times)