Cryptocurrency, a form of money, made up of digital data. The files produced in the same method that cryptography is (the science of hiding information). Digital signatures may used to keep transactions secure and let others verify that they are legitimate. The early cryptocurrencies, designed to be independent of government-issued money. Bitcoin operates on a peer-to-peer network using open-source software, bypassing banks and established payment methods. There is no central authority to maintain control.
The Bangladesh Bank has stated in a letter to the Criminal Investigation Department (CID) that owning cryptocurrencies, conducting virtual transactions, and trading with them is not a criminal crime.
According to CID, the central bank’s Foreign Monetary Policy Division said in the letter that cryptocurrency transactions or trading should be considered crimes if they include money laundering or terror funding. Even though bitcoin ownership, preservation, or transaction is not legal, it does not appear to be a crime, according to a letter delivered in May.
Why Is Bangladesh Doing This?
However, The President of the Bangladesh Association of Software and Information Services (BASIS), said something really inspiring.
“Cryptocurrency is the future. When we want to move towards a cashless society, we cannot be in denial. We have to start preparing to adapt to the implementation of such technology that has the potential to develop several industries.”
It is really a great opportunity for Bangladesh to compete with other countries now!
What Is A Blockchain In Cyptocurrency?
A blockchain is a decentralized database that records all peer-to-peer transactions. Participants can confirm transactions without the requirement for a central clearing authority using this technology. Fund transfers, trade settlement, voting, and a variety of other concerns are all possible uses.
The President of the Bangladesh Association of Software and Information Services further stated that trained human resources. As well as a local evaluation of the currency versus the Taka, required to enjoy the benefits of blockchain technology. While some financial institutions, such as NBFIs. They have been working hard to build blockchain-based services, local cryptocurrency acceptance has been almost non-existent so far in this.
What Is The Future?
According to the statement, “virtual currency transactions may violate anti-money laundering and anti-terrorism funding regulations.” The Bangladesh Bank, however, has taken a different approach, emphasizing the importance of technology by mentioning the value of the existing virtual currency market in the globe, which is valued at two trillion US dollars.
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