Bitcoin in Bangladesh and its potential to succeed

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Bitcoin in Bangladesh and its potential to succeed
Bitcoin in Bangladesh and its potential to succeed

Influenced by India for the last few years, Bangladesh seems to have picked up the digital currency trend too along with many other technological advances. Voluntaryist Joseph Young at TheNomad, explains countries like Bangladesh are the ones that would benefit the most from Bitcoin and have bigger potential to succeed: “The bitcoin industry in Bangledesh is led by an organization called Bitcoin Foundation Bangladesh. The foundation was builtd to standardize, protect and promote bitcoin in Bangladesh. Bitcoin Foundation Bangladesh is also being advised by Roger Ver, an angel investor known as “Bitcoin Jesus” for his active digital currency proselytizing”, he wrote.

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In the announcement, Bitcoin Foundation Bangladesh’s Roger Ver wrote: “Hopefully, these efforts will help Bitcoin take root in Bangladesh as the newly formed organization believes that Bitcoin is a formidable instrument for overcoming income inequality by transferring the control of money back to the people.”

An active Bitcoin industry should be expected by the end of the year and given that too many people in Bangladesh are considered under-banked, digital currencies would benefit its population greatly.

Fortunately, governments in countries like Bangladesh are not expected to respond to a rising Bitcoin and Cryptocurrency industry any time soon, unlike the New York State. Bitcoin businesses wanting to stay out of regulation may find in Bangladesh a perfect economy to strive in.

To contact the reporter of this story: Ricardo Esteves at ricardoesteves@forexminute.com

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Samuel Rae is an active retail trader across a variety of assets, including currencies, stocks and commodities and the author of Diary of a Currency Trader (Harriman House). His personal strategy focuses primarily on classical technical charting patterns with a fundamentally supportive bias, combined with a strict, risk management-driven approach to entries and exits. He is an Economics graduate from Manchester University, UK.
  • Leonor Dias

    Like Bangladesh, do other developing countries have more to gain by opting to culture crytpocurrency markets rather than forex markets?