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Bangladesh to expedite introduction of digital currency


Bangladesh to expedite introduction of digital currency

'By March 2018, four EFTs could be done in a day from an account instead of one now'An inter-operative floor 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 announcing 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.

Chowdhury said the central bank is not adjacent 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. 

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 Mohammad Arfe Elahi, Pubali Bank Deputy Managing Director Mohammad Ali and Islami Bank DMD M Taher Ahmed Chowdhury, also spoke, among others.

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