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Bangladesh to expedite introduction of digital currency

  • Published at 09:20 pm December 9th, 2017
  • Last updated at 10:24 pm December 9th, 2017
Bangladesh to expedite introduction of digital currency
An inter-operative platform comprising of the central bank as well as other public private bodies will be formed by June next year with a view to expediting the penetration of digital currency in Bangladesh, said Bangladesh Bank Deputy Governor SK Sur Chowdhury. Before introducing digital currencies, the central bank wants to focus more on boosting e-wallet systems and easier electronic fund transfer (EFT) systems, he said. “By March 2018, four EFTs could be done in a day from an account instead of one now,” said Chowdhury. He was addressing a discussion titled “The prospect and challenges of digital currency in Bangladesh” at the Digital World 2017 in Dhaka yesterday. The four-day event, which is the biggest ICT exposition in the country, came to a close yesterday. Chowdhury said the central bank is not against the use of any technology but people's well-being had to be ensured first. “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. We are seriously thinking about it,” added the BB deputy governor. Cryptocurrency is a digital currency which can operate independently of a central bank, following a self-regulating system. Bitcoin, created in 2009, was the first decentralised cryptocurrency. Since then, numerous cryptocurrencies have been created. Shahadat Khan, CEO of SureCash, a mobile banking service, said in his keynote speech at the event: “Digital currency can play a great role in fulfilling the vision of digital Bangladesh as world is moving into cashless economy.” CTO Forum Bangladesh President Tapan Kumar Sarkar moderated the discussion while BB’s Information Systems Development Department General Manager Debdulal Roy, MasterCard, Bangladesh Country Manager Syed Mohammad Kamal, IT Manager of a2i project under Prime Minister Office (PMO) Mohammad Arfe Elahi, Pubali Bank Deputy Managing Director (DMD) Mohammad Ali and Islami Bank DMD M Taher Ahmed Chowdhury, also spoke, among others.