Bangladesh Bank prefers research before issuing digital currency
09 Dec 2017, 18:17
Bangladesh Bank (BB) deputy governor SK Sur Chowdhury on Saturday said the matter of the issuance of cryptocurrency by the central bank in the country still needs lots of research as it has both good and bad sides.
The deputy governor said central bank’s issuing cryptocurrency is still in the stage of study and observation. He, however, added that, ‘We are seriously thinking on it.’
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank, reports the UNB.
Lots of research, technological supports are needed in this regard, said Sur adding that with the outputs of the studies ‘We will decide in the policy level of central bank whether now we will move for the cryptocurrency or not.’
The deputy governor came up with the remarks while addressing a discussion titled ‘The prospect and challenges of digital currency in Bangladesh’ marking the biggest ICT exposition in the city.
SK Sur Chowdhury said they are not against the use of any technology but they are in favour of ensuring the betterment of people.
Presenting keynote at the discussion, SureCash CEO Shahadat Khan said digital currency can play a great role in fulfilling the vision of digital Bangladesh as world is moving on cashless economy.
He explained the advantages and disadvantages of digital currency adding virtual currencies are not issued by any central bank and people can operate person to person transaction without any middler.
He said India, China and others courtiers of the world has introduced cryptocurrency in their country though there are some risks as the money is decentralised and the operators are anonymous and there is no one to control it.
CTO Forum Bangladesh President Tapan Kumar Saha moderated the discussion while Islami Bank Deputy Managing Director M Taher Ahmed Chowdhury, Pubali Bank Deputy Managing Director Mohammad Ali among others spoke.