Bangladesh Bank to conduct research on implementation of digital currency

In his budget statement on Thursday, Finance Minister AHM Mustafa Kamal stated that the Bangladesh Bank will conduct a feasibility study on the prospect of launching a Central Bank Digital Currency (CDBC) in Bangladesh.

The CDBC's major goal is to promote startups and e-commerce firms by facilitating cash in virtual transactions.

Many central banks are attempting to introduce digital copies of their currencies as an alternative to cryptocurrencies, Kamal added, as the dangerous usage of virtual currencies such as cryptocurrency continues to expand worldwide.

Bangladesh has made significant progress in increasing internet usage in recent years. E-commerce has risen dramatically as a result.

The central bank will conduct a feasibility study on the prospect of introducing a CDBC in this context.