The value of the digital currency Bitcoin has multiplied overnight in the last few days.
For the first time today, it has exceeded 50,000+$
The price of the digital currency has risen again since Tesla, the company of US billionaire Elon Musk, announced a 1.5 billion investment in the cryptocurrency.
When this report is being published, the value of a bitcoin in Bangladeshi rupees is about 4 million rupees.
But what is the status of this digital currency 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 2016, Bangladesh Bank issued a notification warning about Bitcoin transactions. It said that since 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.
Bangladesh Bank's warning notice said, "Transactions in an online virtual currency with an unnamed or pseudonymous partner may violate anti-money laundering and anti-terrorism financing laws."
In addition, the central bank has warned that customers who transact through online networks may face various risks, including the potential financial and legal risks of virtual currency.
Asked whether Bangladesh Bank would take any action on Bitcoin in the future, he said, "Bangladesh Bank has no plans in this regard yet."
However, there is no specific law on cryptocurrency in Bangladesh. Action was taken under the Foreign Exchange Control Act.
What is Bitcoin?
Bitcoin is a type of crypto-currency or virtual currency. These currencies are traded through the internet.
The cryptocurrency was invented in late 2009 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.
In 2013, the price of this currency began to become popular after exceeding 10 thousand dollars.
It is a direct peer-to-peer exchange between two users using the Internet without revealing their identities. The information on these transactions is protected through blockchain networks, but there is no authority like the central bank to oversee the transactions of these currencies. New bitcoins are created through these miners.
After Bitcoin is created or purchased, it is deposited as a customer. He can then use them to buy or sell products. If sold, it can be accepted in the conventional sense instead of bitcoin. Although the transaction is done using different computers, the information is updated on the central server.
Bitcoin is considered by many to be the currency of the future.
Since Bitcoin does not require any financial institution to transact and its transactions cannot be tracked, many fear that it is being used for drug, black market and money laundering.
In the last few years, the ecosystem of Bitcoin has expanded, and online bitcoin exchanges have also been launched.
Bitcoin is now legally recognized 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 business, 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 an opportunity for deception because of the misunderstanding of 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 do research on this without completely shutting it down. Because if it ever became commonplace in the world, it would have to be adapted 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. You should keep an eye on where Bitcoin is going. So if you have to make big transactions on Bitcoin in the future, you don't have to risk it. "
Several countries, including China and India, are planning to create their own cryptocurrencies.
However, he said that before allowing cryptocurrency in Bangladesh, it should be thoroughly researched and consulted.
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