Hello folks there is a good news of another country making a positive move !
Bangladesh Bank the lighthouse of developing country's banking scenario paves the for crypto legitimization. Bangladesh Bank is one of the major banks in Asia holding 44 Billion USD reserve with 6% GDP amid pandemic years. Bank capital to asset ratio is notably high.
Recently BB's foreign monetary policy department has quoted, "Ownership, staking or trading of cryptocurrency is reckoned legal by BB". Recently BB has answered a letter from CID (crime investigation department) of Bangladesh police who have been investigating cases related to abuse of crypto trading in illegal financing. 18 may, 2021 BB foreign monetary policy department's director Safiul Azam denoted BB's stand on cryptocurrency, "Bangladesh doesn't acknowledge cryptocurrency as legal tender but holding, staking and trading of digital currency should not be described as illegal."
Image: Bangladesh has notable Bank capital to asset ratio compared to many developed countries
CID, the authority responsible for investigations into cryptocurrency fraud cases mentioned, "Cryptocurrency is now a reality. Tesla boss Elon musk has announced his move on digital currencies and many multinational companies are accepting crypto payments now. The right decision for Bangladesh will be evaluating the risk management strategies followed by countries authorizing crypto and reconsidering the decision soon as possible. Similar remarks has came from IIT professor of Dhaka University.
Government's Information and communication technology division made a strategy whitepaper on March 2020 about legalizing billion dollar cryptocurrency market for software industries, denoting crypto startups has received 23 billion dollar investment worldwide. The paper also suggested Bangladesh should tactically consider its policies keeping the hazards in mind.
All these are positive signs from policymakers of Bangladesh in legitimizing cryptocurrency in near future.
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