In 2020, the government released the "National Blockchain Strategy" which identifies blockchain technology as a cornerstone of the Fourth Industrial Revolution (4IR). The strategy places special emphasis on the use of blockchain technology in achieving the Sustainable Development Goals (SDGs).
This shows that Bangladesh is eager to advance in technological capabilities, but the ban on cryptocurrency is depriving the country's people from exploiting the technological potential.
Cryptocurrency laws
The Bangladesh government has imposed several legal restrictions related to cryptocurrencies, especially in 2017.
Reasons for invalid declaration:
Prevention of Money Laundering Act, 2012
Anti-Terrorism Act, 2009
Foreign Exchange Control Act, 1947
Cryptocurrency transactions are considered a violation of this law.
Bangladesh Bank warns citizens to refrain from cryptocurrency transactions.
Challenges and opportunities
Challenge:
Bangladeshi citizens are deprived of the benefits of crypto and blockchain technology due to the government's negative stance.
Keeping up with the global economy is becoming difficult.
New employment opportunities working with cryptocurrency are being missed.
Opportunities:
1. Financial Freedom:
Using cryptocurrency makes it possible to have full control over money without being dependent on the banking system.
2. Investment:
There is a lot of potential for profit in the crypto market.
3. Global Access:
International transactions can be made easier and more affordable.
4. New employment:
Opportunities arise to work on global blockchain and cryptocurrency development.
Why should Bangladeshis participate in cryptocurrency?
Access to global finance:
Cryptocurrency facilitates access to the global economy.
Innovation partners:
Opportunities arise to lead in the future of financial technology.
Skill enhancement:
They can develop themselves by becoming skilled in the development of technology.
The ban on cryptocurrencies in Bangladesh is creating a major obstacle to technological and economic development. In addition to implementing blockchain strategies, positive steps need to be taken on cryptocurrencies as well.
Bangladeshis should learn crypto technology to enable themselves to compete in the global market.
This article logically explains the useful aspects of blockchain technology, current legal limitations, and future prospects.
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