Cryptocurrency and Blockchain in Bangladesh: Opportunities, Impact, and the Road Ahead

Exciting Insights on Cryptocurrency and Blockchain in Bangladesh

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Cryptocurrency refers to a type of digital currency that operates on blockchain technology. It enables secure, decentralized transactions without the oversight of any central authority. While globally popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin are widely used, their presence in Bangladesh remains in its early stages.

Blockchain is essentially a distributed ledger system that provides a transparent and secure way of recording transactions. Beyond cryptocurrencies, blockchain is also used in fields like smart contracts, digital identities, and data protection.

In the Current Landscape of Cryptocurrency in Bangladesh, cryptocurrency usage faces legal challenges. The Bangladesh Bank has prohibited financial institutions from facilitating transactions involving cryptocurrencies. A circular issued in 2017 made it clear that cryptocurrencies cannot be legally traded or used within Bangladesh’s banking system.

Despite these restrictions, there is a growing interest in digital currencies among Bangladeshi tech enthusiasts. Many individuals are still involved in cryptocurrency trading through international…