Bangladesh should embrace blockchain: Salman F Rahman

Prime Minister's Private Industry and Investment Adviser Salman F Rahman on Tuesday said Bangladesh should embrace blockchain technology in order to stay relevant in a changing world. 

He made the remarks at the opening session of the two-day virtual Blockchain Economy Summit 2021, said a press release. 

He went on to say blockchain is going to change the world, and that stakeholders should take full advantage of the benefits of the technology in a safe and proper manner.

The summit featured sessions on various subjects such as digital security and transparency, remittance, tokenization and infrastructure financing, blockchain and the capital markets, and how blockchain is revolutionising the art world through NFTs.

"We must not forget that blockchain has emerged as a potent idea in response to bureaucratic incapability around the world to keep up with rapid technological changes and transformations. The technology is central to cryptocurrencies, notably bitcoin, which has swept developed countries and unnerved financial systems," Salman F Rahman added. 

State Minister of ICT Zunaid Ahmed Palak in his speech as a special guest described the various initiatives taken by the ICT Division to promote blockchain, such as in supply chain management, removing middlemen, ensuring security and empowering the root. 

"Bangladeshi companies are now deploying blockchain solutions in Bangladesh, Japan, Malaysia, the UK, the US and other markets," he added. 

Chairman of Bangladesh Investment Development Authority Sirajul Khan was also at the opening session, where he was joined by Chairman of Bangladesh Security Exchange Commission Shibli Rubayat Ul Islam, Japan Ambassador to Bangladesh Naoki Ito, and Mohammad Raafi Hossain of Fasset, a regulated multi-country Digital Asset Gateway that aims to connect the next billion to buy, sell, send and store digital assets. 

Raafi Hossain mentioned that now with blockchain, for the first time in human history everyone has the opportunity to not only work for an income but to keep their capital in assets that they own in a way that there is no intermediary and no risk that this asset will be stolen or seized from them.

Chairman Shibli Rubayat went on to say that Bangladesh is now growing at a faster pace than our other neighbouring countries and that the Bangladesh Securities and Exchange Commission is learning how cryptocurrencies work and trying to understand how these can be incorporated into our economy, whilst carefully weighing their implications.

BASIS president Syed Almas Kabir and Sami Ahmed, Policy Advisor, LICT on a panel discussed transparency and security through blockchain. 

Former BGMEA President Rubana Huq and Pathao founder and CEO Hussein M Elius spoke on the benefits of tokenisation of real-world assets. 

Singer Fuad Al Muqtadir and various other artists attended a panel on NFTs, or Non-Fungible Tokens, a technology that is giving value and traceability back to thousands of digital media artists and traditional artists around the world.

The summit was hosted by Imran Fahad and Inspiring Bangladesh, in partnership with LICT, and moderated by  Fasset Director Misha Ali. The Business Standard was the media partner of the event.