The Possible Introduction of Digital Currency Exchange in Bangladesh: A Legal Analysis

Abstract

Digital currency is the most interesting and demanding currency medium over the world. Digital currency means crypto currency and which means Bitcoin, NFT Ethereum, etc. Day by day those digital currencies are increasing in the crypto market. In Bangladesh this currency medium is not approved yet. But this digital currency can change the whole view of Bangladesh's perspective if it’s approved by the government. This digital currency can play an influential role in e-commerce and business and can change massively for the economy's growth. The acceptance of digital currency in Bangladesh is now a matter because this is an important issue in this globalized world. All the western countries approve of the digital currency dealing system which is binding by their law and they trust in their highly configured block chain security for this. The Russia-Ukraine war makes it more important to approve it because many economic issues and crises over the world arise. We know digital currency has no central control in terms of security. That is why the regulatory framework is very much necessary before approval. There is a large scope for digital currency in Bangladesh for use in different fields. Especially in e-commerce business or any kind of trading in the international market this digital currency can be the best transaction system. Right now, in Bangladesh, there is no specific law for digital currency exchange. But it should be approved to improve the economy in this globalized world. This paper tries to find out why this digital currency approval is important for Bangladesh and how it’s security can be ensured through law.