Is it legal to use cryptocurrency or bitcoin in Bangladesh?

 The value of the digital currency Bitcoin has increased multiplied overnight in the last few days. The price of digital currency has started rising again after US billionaire Elon Musk's company Tesla announced a 1.5 billion investment in cryptocurrency.

Bitcoin in Bangladesh

Bitcoin in Bangladesh: 

Although bitcoin trading is known to be very limited in Bangladesh, Bangladesh Bank says it is illegal to trade or store bitcoin or any other cryptocurrency under Bangladeshi law. Bangladesh Bank spokesman and executive director Sirajul Islam told BBC Bangla that bitcoin is not allowed in Bangladesh. Since there is no approval, so this kind of transaction is not valid.

"If news of such a transaction comes to our notice, we must take action."

In 2017, Bangladesh Bank issued a notification warning about Bitcoin transactions. It said that since the virtual currency is not issued by the legitimate authorities of any country, there is no recognition of financial claims. Bangladesh Bank has warned that transactions in virtual currencies could violate money laundering and terrorism financing laws. The central bank of Bangladesh has mentioned that there are financial and legal risks through such transactions. However, there is no specific law on cryptocurrency in Bangladesh. The action was taken under the Foreign Exchange Control Act.

What is Bitcoin?

Bitcoin is a type of cryptocurrency or virtual currency. These currencies are traded through the internet. The cryptocurrency was invented in late 2008 by Satoshi Nakamoto, a Japanese citizen, or a group of software scientists. Although the real name or identity of this person is not yet known. This new virtual currency is called Bitcoin. Bitcoin now has legal recognition in many countries around the world. However, bitcoin is still banned in Bangladesh, Egypt, Algeria, Morocco, and other countries.

Use of Bitcoin in Bangladesh:

As the use of bitcoin is illegal in Bangladesh, there is no official information about the exact number of people involved in bitcoin trading. However, a person involved in bitcoin and outsourcing professions, who did not want to be named, told BBC Bangla, "Some of those who are outsourcing in Bangladesh are trading bitcoin. But I don't want to talk about it in public because it's illegal. " He said that these transactions are usually done with foreign buyers. The help of friends or relatives abroad is taken in exchanging money. Even a few years ago, bitcoin mining was done in collaboration with foreign partners using high-powered computers. But now the trend has come down due to higher electricity bills and suffering.

Is it time to legalize bitcoin in Bangladesh?

Nazneen Ahmed, an economist at the Bangladesh Institute of Development Studies, told BBC Bangla that there are some complex issues in cryptocurrency. For example, the way it is doing business now, someone is buying and keeping it, selling it again when the price goes up. But there is also a chance of deception here because we do not understand well what has happened in the capital market in our country. 'He thinks that many more changes are needed to use Bitcoin in Bangladesh. However, Dr. Ahmed says that with this currency becoming more and more popular in the world, there is no way to deny it completely. As a result, Bangladesh Bank should conduct research on this without completely shutting it down. Because if it ever became common in the world, Then you have to adapt to it. Therefore, in order to prepare for that, Bangladesh Bank should not turn its back on them at all, they should make research on it, verify its rationality, its irrationality.

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