Is it time to legalize Bitcoin, cryptocurrency in Bangladesh?

sadek1 - 2024-05-11 03:57:24

Assalamu Alaikum

How are you all? Today I will discuss with you about Is it time to legalize Bitcoin, cryptocurrency in Bangladesh?.I will try to present my experience.  I am young and have very little experience so please excuse any mistakes.Bitcoin in Bangladesh
Although Bitcoin trading is known to be very limited in Bangladesh, Bangladesh Bank says it is illegal to buy, sell or store Bitcoin or any other cryptocurrency according to Bangladeshi law. Bitcoin is not authorized in Bangladesh, so such transactions are not legal.
Fatwa issued banning Bitcoin trading
Perhaps in 2017, the first Bangladesh Bank issued a circular warning against transactions in Bitcoin. It is said that virtual currency is not issued by the legitimate authority of any country and hence there is no recognition of monetary claims against it.
The Central Bank of Bangladesh has pointed out that there are financial and legal risks involved in such transactions.


The use of Bitcoin in the world is gradually increasing
"Transactions in virtual currencies online with anonymous or pseudonymous counterparties may violate anti-money laundering and counter-terrorism financing laws," Bangladesh Bank's warning notice said.
In addition, the central bank has warned that customers transacting through online networks may face various risks, including potential financial and legal risks of virtual currencies.In response to the question whether Bangladesh Bank will take any action regarding Bitcoin in the future, the authorities said that Bangladesh Bank has no plans in this regard yet.
However, there is no specific law regarding cryptocurrency in Bangladesh. Measures are taken in this regard under the Foreign Exchange Control Act.
What is Bitcoin?
Bitcoin is a type of crypto-currency or virtual currency. This currency is traded through the internet.
This new virtual currency is called Bitcoin.
Around 2013, the coin started to gain popularity after its price crossed $10,000.


It is exchanged directly between two users using the Internet without revealing their identity. This transaction information is secured through the blockchain network, but there is no central bank-like authority to oversee the transactions of this currency. New bitcoins are generated by this miner.
After creating or buying a Bitcoin, it is deposited as a customer. Bitcoin is considered by many to be the currency of the future.
Because bitcoin transactions do not require a financial institution and cannot be tracked, many fear that it is being used for drug, black market and money laundering.
As the Bitcoin ecosystem or market system has expanded over the past few years, online Bitcoin exchanges have also launched.
Bitcoin is now legally recognized in many countries around the world. However, Bitcoin is still banned in countries like Bangladesh, Egypt, Algeria, Morocco etc. However, before allowing cryptocurrency in Bangladesh, many people think that a decision should be made after better research and consultation.Today's discussion ends here.  I hope you find it interesting and able to understand.  Share your thoughts on today's topic.  Wishes and blessings to all.  Everyone stay well stay healthy stay with Steemit