news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Why Generation Z is about to become the RICHEST Generation | Crypto Investing w Miss Teen Crypto

    Why Generation Z is about to become the RICHEST Generation | Crypto Investing w Miss Teen Crypto

    XRP SELL WARNING!!! *EMERGENCY* (DO THIS NOW!!!!!)

    XRP SELL WARNING!!! *EMERGENCY* (DO THIS NOW!!!!!)

    If You Understand THIS About Crypto, You're In The 0.0001% Of People That Get It | Gary Vee

    If You Understand THIS About Crypto, You're In The 0.0001% Of People That Get It | Gary Vee

    ETHEREUM HISTORY REPEATING? (Watch THIS)!! Ethereum Price Prediction 2022, Ethereum News Today (ETH)

    ETHEREUM HISTORY REPEATING? (Watch THIS)!! Ethereum Price Prediction 2022, Ethereum News Today (ETH)

    WARNING: BITCOIN GAUSSIAN COLOR CHANGE! (be ready)

    WARNING: BITCOIN GAUSSIAN COLOR CHANGE! (be ready)

    URGENT!! THIS BITCOIN CRASH IS TELLING ME SOMETHING BIG HAPPENS BY TOMORROW!!

    URGENT!! THIS BITCOIN CRASH IS TELLING ME SOMETHING BIG HAPPENS BY TOMORROW!!

    Bitcoin BLOODBATH as Crypto's Drop 10% (Former SEC Chairman WARNING to XRP Holders)

    Bitcoin BLOODBATH as Crypto's Drop 10% (Former SEC Chairman WARNING to XRP Holders)

    BITCOIN DUMPING – What's NEXT?! | Bitcoin News Today & Bitcoin Price Prediction after Bitcoin Crash

    BITCOIN DUMPING – What's NEXT?! | Bitcoin News Today & Bitcoin Price Prediction after Bitcoin Crash

    Baby Dogecoin News Today | Rajeev Anand | Crypto News today | Crypto Marg | Cryptocurrency News

    Baby Dogecoin News Today | Rajeev Anand | Crypto News today | Crypto Marg | Cryptocurrency News

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Why Generation Z is about to become the RICHEST Generation | Crypto Investing w Miss Teen Crypto

    Why Generation Z is about to become the RICHEST Generation | Crypto Investing w Miss Teen Crypto

    XRP SELL WARNING!!! *EMERGENCY* (DO THIS NOW!!!!!)

    XRP SELL WARNING!!! *EMERGENCY* (DO THIS NOW!!!!!)

    If You Understand THIS About Crypto, You're In The 0.0001% Of People That Get It | Gary Vee

    If You Understand THIS About Crypto, You're In The 0.0001% Of People That Get It | Gary Vee

    ETHEREUM HISTORY REPEATING? (Watch THIS)!! Ethereum Price Prediction 2022, Ethereum News Today (ETH)

    ETHEREUM HISTORY REPEATING? (Watch THIS)!! Ethereum Price Prediction 2022, Ethereum News Today (ETH)

    WARNING: BITCOIN GAUSSIAN COLOR CHANGE! (be ready)

    WARNING: BITCOIN GAUSSIAN COLOR CHANGE! (be ready)

    URGENT!! THIS BITCOIN CRASH IS TELLING ME SOMETHING BIG HAPPENS BY TOMORROW!!

    URGENT!! THIS BITCOIN CRASH IS TELLING ME SOMETHING BIG HAPPENS BY TOMORROW!!

    Bitcoin BLOODBATH as Crypto's Drop 10% (Former SEC Chairman WARNING to XRP Holders)

    Bitcoin BLOODBATH as Crypto's Drop 10% (Former SEC Chairman WARNING to XRP Holders)

    BITCOIN DUMPING – What's NEXT?! | Bitcoin News Today & Bitcoin Price Prediction after Bitcoin Crash

    BITCOIN DUMPING – What's NEXT?! | Bitcoin News Today & Bitcoin Price Prediction after Bitcoin Crash

    Baby Dogecoin News Today | Rajeev Anand | Crypto News today | Crypto Marg | Cryptocurrency News

    Baby Dogecoin News Today | Rajeev Anand | Crypto News today | Crypto Marg | Cryptocurrency News

No Result
View All Result
news4global
No Result
View All Result
Home Business

Should Bangladesh be sleeping on crypto?: Daily Star contributor

April 13, 2022
Reading Time: 3 mins read
0
Should Bangladesh be sleeping on crypto?: Daily Star contributor
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

APPLIED BLOCKCHAIN, INC. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
Forward-Looking Statements (form 10-Q)

APPLIED BLOCKCHAIN, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements (form 10-Q)

May 13, 2022
Yellen Says Crypto Poses No Systemic Risk to Financial System

Yellen Says Crypto Poses No Systemic Risk to Financial System

May 12, 2022

DHAKA (THE DAILY STAR/ASIA NEWS NETWORK) – I recently spent three days in Miami, Florida, from April 9 to 11, attending the Bitcoin Conference 2022.

As a cryptocurrency enthusiast and advocate of many years, this was a dream come true for me. From investors like Cathie Wood, Peter Thiel and Michael Saylor and politicians such as US Senator Cynthia Lummis, there were over 20,000 attendees from all over the world with one common purpose: To discuss the present and future of Bitcoin.

As a Bangladeshi, I was a minority. I felt both proud and sad at the same time. While I was fortunate enough to have been able to spend more than a thousand dollars to attend the conference and listen to industry experts talk about this bleeding edge technology, the people back in my home country are not so fortunate.

Bitcoin and all cryptocurrencies remain illegal in Bangladesh till date. In March 2020, the ICT Division of Bangladesh published a detailed paper on blockchain technology. The paper highlighted many advantages of blockchains in different sectors such as agriculture, commerce, finance and supply chain.

It also touched on the topic of how public blockchains such as Bitcoin can promote technological innovation. In my opinion, a blockchain without a public network is similar to a computer without an internet connection. An open, permissionless blockchain with an underlying hard asset like Bitcoin is critical for secure peer-to-peer transactions.

I will highlight a few real-world examples of how Bitcoin and cryptocurrency adoption can help Bangladesh. The first thing that comes to mind is crypto remittance.

In 2020 alone, El Salvador received nearly US$ 6 billion in remittances, which accounted for about 23 per cent of its GDP. El Salvador, a nation in Central America, has made Bitcoin its legal tender alongside the USD.

However, we do need to make Bitcoin a legal tender for this to happen. We need open, accessible policies which enable the use of digital assets. Globally, sending remittances costs an average of 6.3 per cent of the amount sent.

In 2021, Bangladesh received over US$22 billion in remittance. Using a superior technology, such as Bitcoin’s lightning network, remittance fees can be lowered to one percent or less. Even if a small percentage of users adopt this technology, a few hundred million dollars could be directly added to the forex inflows of Bangladesh.

The inflows would go directly to the families of hard toiling migrant workers, who should not have to waste their hard-earned labour on fees to companies like Western Union.

During the current war between Russia and Ukraine, a few key advantages of blockchain technology were demonstrated. While old-world critics argued that Russia could somehow use Bitcoin to illegally trade bypassing sanctions, it was witnessed that it’s much easier to control crypto movement on exchanges than barrels of oil traded over cash.

On the other end of the battlefront, Ukrainians received donations of over US$60 million in cryptocurrencies. As Senator Lummis confirmed from her exchanges with Ukrainians, they would rather receive donations in crypto over US dollars, mainly because of the speed of transaction.

It takes minutes for someone to receive Bitcoin or USD Coin (USDC), as opposed to the four to five business days it takes for a wire transfer to be completed. Ukrainians simply do not have the luxury to wait that long for the money to arrive.

In the case of a natural disaster in Bangladesh, for instance, many expats like myself will want to help out. However, our help may need to wait days if left to the ancient SWIFT system, while human lives are at risk.

In the US, bipartisan political discussions are taking place regarding the future regulations around Bitcoin and cryptocurrencies. El Salvador started a movement of political game theory on how countries will adapt to and regulate this emerging technology. For the US, Bitcoin is a commodity.

If Bitcoin is indeed a commodity, why does the Bangladesh Bank have overlying regulations on how it can be managed? The US remains the economic centre of our planet, mainly because of how adoptive it was of the internet all those decades ago. As per adoption curves, Bitcoin rivals the internet itself. While cautious might have been the way to go so far, does Bangladesh really want to be left behind on the technological adoption curve?

As Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, had said on the white paper, “It might make sense just to get some in case it catches on.”

  • Tamim Sujat is an electrical engineer residing in Toronto, Canada. The Daily Star is a member of The Straits Times media partner Asia News Network, an alliance of 23 news media organisations.
Share76Tweet47

Related Posts

APPLIED BLOCKCHAIN, INC. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
Forward-Looking Statements (form 10-Q)

APPLIED BLOCKCHAIN, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements (form 10-Q)

by admin
May 13, 2022
0

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,...

Yellen Says Crypto Poses No Systemic Risk to Financial System

Yellen Says Crypto Poses No Systemic Risk to Financial System

by admin
May 12, 2022
0

In brief Treasury Secretary Yellen acknowledged that a $2 trillion market cap for crypto is not a systemic risk. Yellen...

Cyprus hosted a flagship blockchain and cryptocurrency event

Cyprus hosted a flagship blockchain and cryptocurrency event

by admin
May 12, 2022
0

Date – 4-5 May, 2022Venue – Parklane, Limassol, Cyprus A luxury spa and resort hotel in Limassol Parklane gathered the brightest...

eSignature and ePayment News and Trends | Insights

eSignature and ePayment News and Trends | Insights

by admin
May 11, 2022
0

A fact of business today is that customers – both consumers and other businesses – and employees expect to transact...

Coinbase loses half its value in a week as crypto slumps

Coinbase loses half its value in a week as crypto slumps

by admin
May 11, 2022
0

SILVER SPRING, Md. (AP) — Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its...

Load More

Latest News

Securities Giant SBI Snaps up Controlling Stake in One of its Crypto Rivals, BITPoint

Securities Giant SBI Snaps up Controlling Stake in One of its Crypto Rivals, BITPoint

May 14, 2022
APPLIED BLOCKCHAIN, INC. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
Forward-Looking Statements (form 10-Q)

APPLIED BLOCKCHAIN, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements (form 10-Q)

May 13, 2022

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global