Bangladesh Bank will not leave any digital currency in the market

wxa7115

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Quote from: SquallLeonhart on April 28, 2021, 02:45:33 PM

Quote from: wxa7115 on April 28, 2021, 01:22:43 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.

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Quote from: bocyaj on April 30, 2021, 04:19:11 PM

Quote from: paxmao on April 29, 2021, 05:17:29 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

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Quote from: paxmao on April 29, 2021, 05:17:29 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.

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Quote from: Cadaver20 on April 22, 2021, 06:07:14 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.

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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.

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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, 05:57:22 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, 05:57:22 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...

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Quote from: goldade on April 29, 2021, 02:24:31 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!

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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.

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Quote from: wxa7115 on April 28, 2021, 01:22:43 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, 12:44:26 AM

Quote from: wxa7115 on April 21, 2021, 03:14:51 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, 09:42:09 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.

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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.

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

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

Quote from: Swopon on April 20, 2021, 11:49:49 PM

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

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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, 09:46:28 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, 11:34:42 AM

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, 09:42:09 PM

Quote from: Cadaver20 on April 22, 2021, 06:07:14 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.

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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.

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Quote from: JohnBitCo on April 25, 2021, 06:25:29 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.

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Quote from: plr on April 25, 2021, 03:56:08 AM

Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

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Quote from: iamsheikhadil on April 23, 2021, 09:05:04 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.

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Quote from: eaLiTy on April 23, 2021, 06:04:18 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.

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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

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

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Quote from: jaberwock on April 23, 2021, 09:59:03 AM

Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

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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.

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Quote from: Cadaver20 on April 22, 2021, 06:07:14 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 20, 2021, 11:49:49 PM

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.

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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.

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Quote from: Cadaver20 on April 22, 2021, 06:07:14 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.

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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.

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Quote from: Lorence.xD on April 22, 2021, 12:44:26 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 20, 2021, 11:49:49 PM

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, 03:14:51 PM

Quote from: Lorence.xD on April 21, 2021, 12:17:52 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, 06:44:09 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.

arallmuus

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

Theb

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Bangladesh is a big country I don't know why it went under the radar but maybe it's not similar to India where it became popular before any kind of regulation that is why there is no opposition against any ban which makes it harder for any kind of reversals with their decision. In this kinds of matter your only hope is for your own government to realize what opportunity they are missing with the ban for the crypto industry, it might be a long process but this is the only thing I see a change would happen.

Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

Even if a big portion of the transactions happening in your country is through electronic means it doesn't necessarily mean that there is a demand for another payment, like what you have said there is already 40% of your transactions being completed through electronic means so there is already an existing way your fellow citizens are using through that method. Even if they legalized crypto it won't be that fast enough to be implemented and accepted as a payment just like what is happening to other countries where crypto is legal.

wxa7115

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Quote from: Lorence.xD on April 21, 2021, 12:17:52 AM

It seems that people in Bangladesh are stuck in a limbo and the only way to get out is to somehow break the prohibition of the usage of cryptocurrency as a whole. I hope that the government will not approve it to make it official and instead help the people and lean on supporting crypto in their country, 40% is a big number and I don't like that they are going to ignore that.

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.

Imran232

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You guys are only complaining about that Bangladesh dosen't support bitcoin. Bangladesh government dosen't gives us permission to use bitcoin easily. They are making strong punishment for users. Well i want to ask you a question what you guys do fir making bitcoin legal in your country. Do you guys ask government or Bangladesh bank why it can't be legal its a technology and why others countries gives permission to use it like india. Well do you guys know indian bank have to face a case on court against crypto users and they failed thats why india gets permission. You guys didn't talk to government didn't ask them that we want bitcoin. We want it because its a way by which we are earning for our family. We aren't wait or gives you bribe to get job. Guys just do one thing just appeal to government and court with a community like all the youtuber and there subscribers comes together and appeal to court and government to remove ban. Because if you guys didn't take step then government won't work for you.

avikz

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

News link- https://bit.ly/3sE5emp

Corruption and unemployment is a problem of every developing nation. But these don't have a relationship with the approval of cryptocurrency in that nation. What matters the most is the progressive mindset of the leaders. If a country doesn't have a progressive leader, they are bound to fail. That's what is happening in Bangladesh as well as in India.

The leaders are simply unable to understand the power of digitization here also unable to harness the positive influence from cryptos. So they are considering it as an evil. The banking lobby is obviously playing their own game but ineffective leadership is the major factor why Bangladesh is not legalizing the cryptocurrency in their country.

semobo

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

News link- https://bit.ly/3sE5emp

But still people from Bangladesh are doing crypto currency trading through non KYC exchanges and p2p trading platforms so its a loss for the Bangladesh government not for the crypto traders. Maybe they will consider approving it only if most countries in the world accepted it and using it for border transactions.

fiulpro

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

News link- https://bit.ly/3sE5emp

Bangladesh is a country which does need digital currencies the most. They have so much population and at the same time the job opportunities are so low. With the people involved in the digital currencies they can finally sell their services at a much better price. Many of the products are manufactured in Bangladesh and then sold at 10 times it's price. So what people can do is set up home based small businesses and then make some actual profits , unfortunately Government does not see this side of cryptocurrencies which could eliminate the need of the third parties which are most likely scamming the people. Just take the example of Kylie Jenner. These people are honestly using the skills of those people and paying them literally nothing. I do think Cryptos can revolutionize their economy.

so98nn

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All the developing countries has same problem. Whether the country is on the verge of fully developed economic or underdeveloped yet!! They all have the same problem and that’s non acceptable demand of digital economy. The reason is simple, easy tracking of money transfers and wel you can’t corrupt around isn’t it ? Tongue

The developing countries has emerging economy and thus everyone wants to take out their share of pie to become rich!! That’s where comes the political overpower who turns the digital stuff down. That’s why these developing countries are sinking day by day.

Vishnu.Reang

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I have a feeling that the Central Bank of Bangladesh is punching above its weight. First of all, tracing Bitcoin transactions to individuals can be extremely tricky, even if a conversion to fiat currency is involved. I don't think that the authorities have necessary manpower and expertise available to monitor hundreds of thousands of Bitcoin users in their country. At the most, they may arrest a few, and try to scare others from using it.

Swopon

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Quote from: hugeblack on April 21, 2021, 05:57:22 AM

Quote from: Swopon on April 20, 2021, 11:49:49 PM

News link- https://bit.ly/3sE5emp

Please do not post shortcut links. Cheesy

If the previous one doesn't work, then you are requested to click on the link which is stated below.

Link- https://shorturl.at/vBZ25

Hopefully this one will work smoothly, one more thing, you must use translator to understand it if you are not belongs to Bangladesh or you are not understand Bangla language.

Taskford

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Quote from: Swopon on April 20, 2021, 11:49:49 PM

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.

News link- https://bit.ly/3sE5emp

Your government seems cannot adopt the current trend on modern technology maybe cryptocurrencies didn't came to his knowledge yet thats why they have that ruling against crypto. Best for citizen to create a information drive about crypto so that the goverment would know how big the crypto adoption happening in his country, if they know the widespread maybe they will allow the locals to adopt cryptocurrency legally.

hugeblack

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I couldn't understand the article, does the word "digital currency" mean "cryptocurrency"? Or the government is not planning to accept any digital solutions and rely on cash? Or they will not create a central digital currency, as some countries plan?

All decisions that governments try to implement require strictness and spend more money to ensure that they are implemented. Unless the governments are serious and willing to bear that cost, most of these decisions are ink on paper.

Quote from: Swopon on April 20, 2021, 11:49:49 PM

News link- https://bit.ly/3sE5emp

Please do not post shortcut links. Cheesy

Lorence.xD

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It seems that people in Bangladesh are stuck in a limbo and the only way to get out is to somehow break the prohibition of the usage of cryptocurrency as a whole. I hope that the government will not approve it to make it official and instead help the people and lean on supporting crypto in their country, 40% is a big number and I don't like that they are going to ignore that.

Swopon

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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.

News link- https://bit.ly/3sE5emp

Topic: Bangladesh Bank will not leave any digital currency in the market (Read 442 times)