DHAKA: The Bitcoin Foundation has announced its first affiliate group in Asia, with Bitcoin Foundation Bangladesh becoming the latest local advocacy group to join its international network.

The addition of Bangladesh means the Bitcoin Foundation has built an international chain of affiliates in just eight months. The newest member joins groups in Canada, Mexico, Australia, Germany, Denmark and Netherlands.

The president of Bitcoin Foundation Bangladesh, Sazeeb (no last name given), said: “To be effective in positively improving lives, it’s important we join together, align our goals, become educated and coordinate our efforts to encourage bitcoin’s adoption.”

The Bangladesh team

An entrepreneur, motivational singer and musician, Sazeeb has been the driving force behind the new foundation chapter, with support from international bitcoin evangelist Roger Ver, who appears on the group’s site as an official advisor.

Also on the Bangladesh board are local entrepreneurs Sadia Sultana Mou, Mizanur Rahman, and Jamil (no last name given).

“Our mission is to help people utilize the best solutions to help make their life easier,” the group’s website states.

While there are plenty of great opportunities in the marketplace, it continues, the right approach is needed to deliver the bitcoin message to that part of society who need its answers most. Bitcoin has the potential to dominate the entire payments industry, it adds.

Sazeeb is currently in the process of setting up websites to educate locals about bitcoin and the benefits it can bring. He has already formed an affiliate marketing program, Coinpiler, which pays its rewards in bitcoin.

Bitcoin

Bitcoin is a new digital currency and open-source software-based online payment system that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.

Transactions are made with no middle men – meaning, no banks of financial institutions! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: One can buy webhosting services, pizza or even manicures.

1 Bitcoin is now equal to $493.

Bitcoin in Bangladesh

Bangladesh is the eighth most populated country in the world, with over 150 million people. Although still considered a ‘developing country’, it has an open and market-based economy driven mainly by agriculture and large-scale manufacturing industries.

As is the case with neighboring India and the Philippines, Bangladesh counts on remittances from foreign-based workers and even local employees sending money from large cities to small towns as a significant contributor to its GDP. Estimates put income from remittances in 2012-2013 at $14.5bn.

This would be an obvious use case for digital currency, though the usual hurdles of technology adoption, infrastructure costs and general awareness would need to be addressed, plus the need for affordable and reliable fiat currency to Bitcoin gateways that exists in all countries.

Sources: coindesk.com, money.cnn.com

BDST: 1555 HRS, AGU 16, 2014