New crypto law in Bangladesh? | Bitcointalksearch.org

CaVO32

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Quote from: milewilda on April 13, 2022, 05:19:00 PM

Quote from: Dhaniii on April 12, 2022, 10:42:59 PM

For now, the country of Bangladesh still prohibits the use of cryptocurrencies on the grounds to prevent money laundering and warns its citizens not to violate the Money Laundering Prevention Act, 2012”. but many Bangladeshi investors have been in cryptocurrency, so this ban cannot stop the growth of bitcoin in Bangladesh.

Due to decentralized aspect of crypto then it cant really be stopped no matter how government would tend to stop its citizens on involving with cryptocurrency market which is something to be norm.
Each country does have their own jurisdiction whether they do accept a particular thing or not but its not surprising that crypto would really be out of the list since it is totally decentralized.
It would really be that understandable that they would stand against decentralization for possible money laundering and other possible illegal transactions in correlated to it.
So laws and terms would really be created.

As I have read some of the posts here before from Bangladeshi people, they have hard time converting their crypto to their fiat, unless, they will use p2p trading platforms. Maybe, with the formulation of their laws towards digital, cryptocurrency, they may be open to the idea of having their own local crypto-exchange, under the jurisdiction of their Central Bank. Even if we say, they will require KYC, at least their customers will be protected from scammers and some of their crypto users will possibly use their services.

milewilda

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Quote from: Dhaniii on April 12, 2022, 10:42:59 PM

For now, the country of Bangladesh still prohibits the use of cryptocurrencies on the grounds to prevent money laundering and warns its citizens not to violate the Money Laundering Prevention Act, 2012”. but many Bangladeshi investors have been in cryptocurrency, so this ban cannot stop the growth of bitcoin in Bangladesh.

Due to decentralized aspect of crypto then it cant really be stopped no matter how government would tend to stop its citizens on involving with cryptocurrency market which is something to be norm.
Each country does have their own jurisdiction whether they do accept a particular thing or not but its not surprising that crypto would really be out of the list since it is totally decentralized.
It would really be that understandable that they would stand against decentralization for possible money laundering and other possible illegal transactions in correlated to it.
So laws and terms would really be created.

darewaller

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Did they say anything about releasing their own CBDC? If not, then there is no need to stress it because they wouldn’t, yet. They might have that thought of releasing a CBDC, but when they come to the conclusion that it is something that they would do, then they would let their citizens know their next move. So far the countries that I have seen which released their own CBDC are going nowhere with it, people don’t seem to be interested in it.

Like who even wants to do CBDC, it is basically the same everything with your fiat and making use of online banking? So it’s basically useless, people would choose cryptocurrency, online banking is already enough.

DVlog

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Quote from: Dhaniii on April 12, 2022, 10:42:59 PM

For now, the country of Bangladesh still prohibits the use of cryptocurrencies on the grounds to prevent money laundering and warns its citizens not to violate the Money Laundering Prevention Act, 2012”. but many Bangladeshi investors have been in cryptocurrency, so this ban cannot stop the growth of bitcoin in Bangladesh.

In fact, the information you provided is incorrect. Because no parliamentary law has yet been passed in Bangladesh to ban cryptocurrency or legalize cryptocurrency. So technically cryptocurrency is neither legal nor illegal in Bangladesh.

Bangladesh's central bank has also said that it is not a crime to own digital currency or transact digital currency. However, the law enforcement agencies of Bangladesh have advised the citizens of the country to be careful while transacting digital currency.

Dhaniii

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https://i.imgur.com/hgxNNiA.png

For now, the country of Bangladesh still prohibits the use of cryptocurrencies on the grounds to prevent money laundering and warns its citizens not to violate the Money Laundering Prevention Act, 2012”. but many Bangladeshi investors have been in cryptocurrency, so this ban cannot stop the growth of bitcoin in Bangladesh.

jaberwock

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Quote from: batang_bitcoin on April 12, 2022, 05:00:09 AM

Quote from: DVlog on March 29, 2022, 03:56:25 AM

So we can expect Bangladesh to legalize cryptocurrency or Bangladesh bank is trying to issue their own CBDC?

Based on that statement, they're thinking that digital currencies are risky. CBDCs should be classified as digital currencies and not as cryptocurrencies.
It is only the regulators that are describing it as cryptocurrency. So what do I think of their stance, currently bitcoin is still banned there, IIRC and CMIIW. And it's going to be a long way to go for Bangladesh before that happens but little did they know, there are Bangladeshis that no matter what they say about crypto and bitcoin, they'll continue owning, buying, selling and holding it.

No , that’s not true, the regulators sees CBDC as a digital currency and not a Cryptocurrency. I would borrow @Avikz's words for this –“digital currencies is just a digital representation of fiat”. And look at the full meaning of CBDC which is Central Bank Digital Currency, it shows that what the central bank has created is seen as a digital currency and not cryptocurrency. And from Wikipedia’s definition of that, Central Bank Digital Currency (CBDC) is a currency issued straight from the central bank and not commercial banks.

CaptainCrapper

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Quote from: DVlog on March 29, 2022, 03:56:25 AM

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?

This is very good news for every county so you should wait to see the next observation I think IF India valid its transaction BD can valid it very easy.

Moneyprism

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we know that the focus of many countries today is to create their own digital assets so that their currency is no less popular than cryptocurrencies ... in other words it does not have a positive impact on the development of crypto in the country or globally

Vaskiy

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I don't think Bangladesh will make a positive move relative to cryptocurrency. It is one among the country to impose strict ban over cryptocurrency usage. People were arrested if they were found connection with any of the cryptocurrency, it can be of holding cryptocurrency or engaged into business. Even after that people continued to use it through available loop holes.

What it has done looks like a framework for digital currency usage. Bangladesh won't make a fast move to legalise cryptocurrency. Also digital currency act seems like a plan to restrict people using cryptocurrencies

Kimonoe

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Quote from: Rupok on April 12, 2022, 06:31:15 AM

Waiting a long time to legally use crypto use in Bangladesh. But Bangladesh country don't do this.The lawyer and faculty person always say we are thinking about this.But isn't possible to legally crypto support in Bangladesh. Thay are talking always crypto is illegal and don't be use any one cryptocurrencies. If any person use crypto the law is punishment you. I am a Bangladeshi people so know that about this. Day by day crypto is move on to world famous so Bangladesh need to support crypto. Hopefully very soon law is support crypto.

maybe you know for sure the limits on the use of cryptocurrencies in your country. I personally can only judge, maybe there will be regulations regarding cryptocurrency, but not to legalize it as a currency and make it a legal tender. it is possible like in my country where starting this May the government will regulate cryptocurrency taxes but not to legalize it, maybe it will take a long time to move towards legality. and it was emphasized that the public may trade it but not as a means of payment

Taskford

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He's just narrow minded about digital currency since he is old school and seems doesn't know about technology. If he just do some feasible study about it first before releasing that statement for sure he will not say those words towards digital currency and for sure he will love to use this compare to fiat since there's a huge convenience it can bring to its consumer since we don't bring anything on our pockets and we can transact immediately on any parts of the world.

Rupok

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Waiting a long time to legally use crypto use in Bangladesh. But Bangladesh country don't do this.The lawyer and faculty person always say we are thinking about this.But isn't possible to legally crypto support in Bangladesh. Thay are talking always crypto is illegal and don't be use any one cryptocurrencies. If any person use crypto the law is punishment you. I am a Bangladeshi people so know that about this. Day by day crypto is move on to world famous so Bangladesh need to support crypto. Hopefully very soon law is support crypto.

batang_bitcoin

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Quote from: DVlog on March 29, 2022, 03:56:25 AM

So we can expect Bangladesh to legalize cryptocurrency or Bangladesh bank is trying to issue their own CBDC?

Based on that statement, they're thinking that digital currencies are risky. CBDCs should be classified as digital currencies and not as cryptocurrencies.
It is only the regulators that are describing it as cryptocurrency. So what do I think of their stance, currently bitcoin is still banned there, IIRC and CMIIW. And it's going to be a long way to go for Bangladesh before that happens but little did they know, there are Bangladeshis that no matter what they say about crypto and bitcoin, they'll continue owning, buying, selling and holding it.

DVlog

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Quote from: ajochems on March 31, 2022, 02:00:02 PM

It was an welcome move in Bangladesh.With my knowledge,their was huge number of crypto investors in the Bangladesh.This will change the current price of bitcoin,which is 45k dollars.After few days,the price of bitcoin was reduced to low value.Nearly 3000 dollars was reduced in few days.As we know as a traders,this change in price was just an number and it change in short period.

Crypto awareness in Bangladesh is very small compared to its neighbor India. I do not know where you get that data about a huge number of investors in Bangladesh. I think those people are just small traders and there is some youth working in the different sector of blockchain tech from Bangladesh. But this number is very small.

Cryptocurrency is not legal in Bangladesh yet but according to Bangladesh central bank owing cryptocurrency or virtual assets is not a crime. But the crypto presence in Bangladesh is still very small.

The price of bitcoin is moving sideway and this could continue like this for a long time. Former BitMEX predict the bitcoin price at 30k in June 2022.

Fortify

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Quote from: avikz on March 30, 2022, 01:19:33 PM

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.

When people talk about Bitcoin it is often compared to physical gold, which would make it more of a commodity. In reality the line is very blurred because some people are using it as a commodity type asset and hoarding it, rather than using it as a currency which would entail regular turnover and usage - as well as a unit of value. It seems that the definitions they are giving are a bit confused and it's more likely there are only two types of currency - hard cash supported by the central bank and digital payments which can lie outside their control. Making judgement calls that it's connected with certain activities is a weak attack, as even fiat currency can and is commonly used for this purpose. It sounds like this is a positive move in process and the opposing political party is bound to try to stir up anything negative.

ajochems

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It was an welcome move in Bangladesh.With my knowledge,their was huge number of crypto investors in the Bangladesh.This will change the current price of bitcoin,which is 45k dollars.After few days,the price of bitcoin was reduced to low value.Nearly 3000 dollars was reduced in few days.As we know as a traders,this change in price was just an number and it change in short period.

fiulpro

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I do think they fully understand the fact that : what they say does not really matter since at the end of the day people would still use the cryptocurrencies and other non governmental currencies to make payments perse since government is right now at a stage where these fiat does not hold a solid value causing huge probelms for the people since they cannot invest as well. Due to pandemic the value of these things are falling down every second therefore I do think government tries to actually control the investment, money through making such laws, to Direct the inflow of money into governmental assets. That's why they try and ban cryptocurrencies and and tries to make people adopt the governmental digital currencies which are indeed nothing but fiat served with different sauce.

Husires

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Digital money means that fiat money is represented in digital form and does not necessarily mean that they will launch a fully digital currency.

According to the quote that I willed, I expect that there will be regulation of the cryptocurrency market with a lot of taxes.
Bangladesh does not have enough resources to track cryptocurrencies and therefore the ban would be a waste of money that would have been brought in if cryptocurrencies were recognized.
The impact of these countries is small as users can travel to the nearest country or ask a friend to transfer money using traditional methods.

DVlog

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Quote from: avikz on March 30, 2022, 01:19:33 PM

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.

He may misunderstand the whole thing but my point here is that bill was meant for CBDC or cryptocurrency. His last comments point toward issuing CBDC from Bangladesh bank but in one of his statements he is also concerned about the negative consequences of legalizing crypto currencies. I am a little bit confused here.

yawars20

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I think the opposition lead was right is some aspects specially where he pointed the security risks of crypto base payment system as it is not be traced officially and can cause different type of problems later on. Also the fact that crypto is totally a digital currency and has no physical form mean it depends upon high tech and digital devices and for a country like Bangladesh it can be used on limited bases.
The other fact which I personally think can be great obstacles yo regulate the whole law is many people don't even know the basic concepts and need a great lengths of information to be able to trust Crypto payments and be able to regulate on daily basis.

avikz

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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.

DVlog

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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?

Topic: New crypto law in Bangladesh? (Read 198 times)