Bangladesh has imposed a strict ban on cryptocurrency use, citing concerns about money laundering and financial stability. Nevertheless, a significant informal market exists.
Are There Any Crypto Regulations in Bangladesh?
There are no specific crypto regulations in Bangladesh; however, the National Blockchain Strategy was presented in March 2020. This document was released under the guidance of the Bangladesh Computer Council (BCC) and aims to utilize blockchain technologies across various government sectors.
Why Is Crypto Banned in Bangladesh?
In 2014, Bangladesh Bank stated that any use of virtual currency could lead to criminal liability under strict anti-money laundering laws. The ban is due to concerns over potential money laundering and terrorism financing, as well as the challenge of monitoring anonymous transactions.
Bangladeshi Government’s Position on Cryptocurrency
Despite the strict ban, a thriving crypto market exists in the country. Crypto can be acquired through credit cards and local agents, which allows circumventing legal oversight. However, some experts, including Dr. B. M. Mainul Hossain, advocate for creating a regulated environment for cryptocurrencies.
The ban on cryptocurrency in Bangladesh faces certain challenges, as people still find ways to use it outside legal norms. Government measures to control finances may prove ineffective if they do not consider the growing interest in cryptocurrency technologies.
