Digital currency adoption in Bangladesh in 2022
own digital currency
It is estimated that over 4 million people, or 2.4% of Bangladesh’s total population, currently own digital currency.¹
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 digital currency.
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 digital currency 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)
Bangladeshi digital currency 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.