Ambiguity over Bitcoin in Bangladesh

The use of Bitcoins delves into the evolving landscape of crypto currency, particularly focusing on Bitcoin, in the context of Bangladesh. It begins by highlighting the global emergence of crypto currencies, tracing back to the invention of Bitcoin by Satoshi Nakamoto in 2008.  
 
Despite its decentralized nature and widespread acceptance in various countries, the legal status and recognition of crypto currencies, including Bitcoin, vary across nations. There are currently 21 million coins around the world and since the crypto currency itself has a store of value which overtime can hold great value in the future like gold, silver and platinum.  
 
In Bangladesh, the use of Bitcoin is a contentious subject as the Bangladesh Bank does not recognize it as legal tender. However, it does not criminalize ownership or transactions involving digital currencies. This ambiguity has led to a cautious approach among the populace, particularly the middle class, who are the primary focus of the research.
 This outlines the socioeconomic backgrounds, primarily focusing on the middle class. The awareness of Bitcoin, investment behaviour, risk perception, to familiarity with scams associated with crypto currencies.   
Additionally, to supplement the findings, utilizing information from articles and online While still not as widely accepted as traditional currencies, Bitcoin is increasingly being used for everyday transactions. Some businesses, both online and offline, accept Bitcoin as a form of payment.
 
Majority of the people are aware of Bitcoin, indicating its widespread recognition in Bangladesh. However, a significant portion remained sceptical about investing in Bitcoin, citing concerns about risks and potential scams. This reflects a nuanced understanding among the populace, with many acknowledging the volatility and security.
 

 
Several recommendations are proposed to enhance crypto currency literacy and mitigate risks associated with Bitcoin investment. These include promoting awareness campaigns, encouraging informed decision-making, and adopting robust cybersecurity measures to safeguard digital assets.  
 
Additionally, regulatory frameworks need to be developed to address the legal uncertainties surrounding crypto currencies, providing clarity and protection for investors.
 
There is evolving nature of crypto currency adoption in Bangladesh and the need for a cautious yet proactive approach towards its integration into the financial ecosystem. While Bitcoin holds the potential for transformative change, its widespread adoption hinges on addressing regulatory challenges, promoting financial literacy, and ensuring investor protection.  
 
As Bangladesh navigates its journey towards a cashless future, it must strike a balance between innovation and risk mitigation to realize the benefits of crypto currencies while safeguarding the interests of its citizens. As of my last update, Bangladesh had stringent rules against Bitcoin and other crypto currencies, with the government banning their use and declaring them illegal tender.  

 However, regulations may have evolved since then, so its important to verify the status for any updates. Bitcoins use cases continue to expand as more people and businesses recognize its potential as a decentralized digital currency and a foundational technology for innovation.

The writer is a student, Department of Bachelor of Science in Economics, North South University