Budget proposes digital currency as alternative to Crypto

The Bangladesh Bank will carry out a feasibility study on the possibility of introducing digital currency as an alternative to Crypto Currency in Bangladesh.

The proposal has been made in the national budget placed in the parliament today (9 June).

As the risky use of virtual currencies such as Crypto Currencies continues to grow worldwide, many central banks around the world are working to launch digital versions of their currencies as an alternative to Crypto Currencies.

The main purpose of launching Central Bank Digital Currency (CDBC) is to facilitate currency in virtual transactions and to encourage startups and e-commerce businesses. 

As a result of the time-befitting steps of the present government, the coverage of the internet and e-commerce in the country has increased tremendously.

In this context, the central bank will conduct a feasibility study on CDBC in Bangladesh.

Finance Minister AHM Mustafa Kamal has placed the Tk6,78,064 crore national budget for FY23 at Jatiya Sangsad according top priority to safeguarding marginal people from inflation fuelled by the Russia-Ukraine conflict.

This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.

The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.