Bangladesh | 2022

Cryptocurrency adoption in Bangladesh in 2022

2.4

%

of Bangladeshis
own cryptocurrency

How many cryptocurrencies owners are there in Bangladesh?

It is estimated that over 4 million people, or 2.4% of Bangladesh’s total population, currently own cryptocurrency.¹

Cryptocurrencies Market Sentiment in Bangladesh

Bangladesh has a growing fintech industry, and the government has been exploring the use of blockchain technology for financial inclusion. The government is considering whether Bangladesh Bank can introduce cryptocurrency.

The introduction of Central Bank Digital Currency (CDBC) will facilitate currency in virtual transactions and encourage startups and e-commerce businesses. In this context, Bangladesh Bank is looking to conduct a feasibility study on the possibility of introducing cryptocurrency in Bangladesh. (2) 

There have been initiatives to use blockchain technology (3) to improve the efficiency and transparency of the financial system. For instance, the Bangladesh Bank launched a blockchain-based remittance system in 2020. (4)

To date, a few financial institutions in Bangladesh have already started to adopt blockchain technology, such as Standard Chartered Bank, Prime Bank, HSBC Bank as well as bKash. Moreover, a few agro-tech startups have adopted the technology as a pilot project. (5)

Cryptocurrencies’s rising popularity in Bangladesh

  • Government keen to expand digital banking, looks into cryptocurrency launch – Oct 2022
    The government is optimistic about expanding digital banking in the country to accelerate financial inclusion with an aim to create more jobs for young job seekers. According to an official document seen by UNB, the government has stepped in to examine the possibility of establishing digital banks.
 
  • Future of Bitcoin Trading in Bangladesh – Aug 2022 There are some signs that the government may be warming up to the idea of regulating virtual currencies. In March 2018, the Bangladesh Securities and Exchange Commission (BSEC) released a discussion paper on initial coin offerings (ICOs), which suggested that the regulator is open to the idea of ICOs being regulated in the country.
 
  • Bangladeshi cryptocurrency could be coming soon – June 2022
    The government plans to conduct a feasibility study in a bid to introduce Central Bank Digital Currency (CBDC) to facilitate currency in virtual transactions in encouraging startups and e-commerce businesses.

 
  • How does Bangladesh’s blockchain strategy look like? – April 2022
    The government has mentioned a ten-year strategic roadmap, expressing its intention to identity infrastructure document verification, land expertise finance, food agriculture, health supply chain, and smart city judiciary. Blockchain technology will be implemented to provide different governmental services under the following ministries.

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