It seems the fellow got the entire logic incorrect. Digital currency is just a digital representation of fiat money and it will also be guaranteed by the central bank of the respective country. Rather cryptocurrencies can be used for illegal activities and money laundering. Digital currencies are rather difficult to use for illegal activities.
Bangladesh was one of the first nations to impose banking ban on cryptocurrencies. The central bank of Bangladesh is pushing very hard to finally make it illegal. Under the current government, I don't see Bangladesh legalizing cryptocurrencies.
Topic: New crypto law in Bangladesh? - page 2. (Read 213 times)
On March 28, 2022, Fakrul Imam, the Leader of the Opposition in the National Assembly of Bangladesh, spoke on the issue of the Digital Currency Act. He spoke on the "Payment and Settlement System Act 2022" on electronic money. he said "There are three stages of electronic currency around the world, known as virtual currency, digital currency, and cryptocurrency. Cryptocurrency is divided into many parts and Bitcoin is one such cryptocurrency".
According to him, the law mentioned above means that digital currency and cryptocurrency will be introduced in this country. At the same time, he criticized digital currency, saying that digital currency is usually used in criminal activities such as money laundering and payments in gambling(Gambling is illegal in Bangladesh).
He differentiated between fiat currency and digital currency by saying, "Bangladesh Bank has security against the legal tender or cash we currently use. But no such security or regulator is required for digital currency which makes it risky also it always requires a digital device to use those currencies which limits its accessibility."
The "Payment and Settlement System Act 2022" refers to digital currency as an electronic currency introduced by Bangladesh Bank as an alternative to legal tender for the use of banks or financial institutions or for public use. "
So we can expect Bangladesh to legalize cryptocurrency or Bangladesh bank is trying to issue their own CBDC?
According to him, the law mentioned above means that digital currency and cryptocurrency will be introduced in this country. At the same time, he criticized digital currency, saying that digital currency is usually used in criminal activities such as money laundering and payments in gambling(Gambling is illegal in Bangladesh).
He differentiated between fiat currency and digital currency by saying, "Bangladesh Bank has security against the legal tender or cash we currently use. But no such security or regulator is required for digital currency which makes it risky also it always requires a digital device to use those currencies which limits its accessibility."
The "Payment and Settlement System Act 2022" refers to digital currency as an electronic currency introduced by Bangladesh Bank as an alternative to legal tender for the use of banks or financial institutions or for public use. "
So we can expect Bangladesh to legalize cryptocurrency or Bangladesh bank is trying to issue their own CBDC?
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