Is it time to legalize Bitcoin, cryptocurrency in Bangladesh?
Assalamu Alaikum
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
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Well it would be good to see cryptocurrency legalize in Bangladesh, in my country there is a going back and forth on cryptocurrency regulations, one minute is legal the next it's not, just wish there could be a proper legal framework for it once and for all
Cryptocurrency should be legalized in Bangladesh, it will benefit Bangladesh a lot.
Nice presented post on a topic. Currently there are many crypto users in Bangladesh and they are earning good dollar income. Bangladesh government should legalize cryptocurrency, many unemployed youths will get jobs.
It is very difficult to get bitcoin validation in Bangladesh because paypal has not yet got validation, how to get crypto validation there?