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Shovon Hossain: Dark ages for cryptocurrencies in Bangladesh are over

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Blockchain evangelist, crypto investor and founder of the first crypto platform in Bangladesh Shovon Hossain told Heart-Beat about the crypto community in his country and shared his vision on the future development of the crypto trend.  

Hi, Shovon! Please, tell me, how did you get involved in the crypto community?

At first, I would like to thank Heart-Beat for this interview. I am Shovon Hossain from Dhaka, Bangladesh.

It was 2nd January 2011, when I first heard of Bitcoin on the Internet. At first, I was like, it might be a scam and did not bother looking up on the Internet for further information. Life went on and I almost forgot about Bitcoin until one day I stumbled across it once again with the help of an online article that stated that Bitcoin hit the same value as dollar for the first time in April 2011. I was really astonished as when I first heard of Bitcoin its value was only 30 cents. I got curious and started looking up about Bitcoin on the internet. Then around June or July that same year, Gawker published an article about Bitcoin which sparked my interest even more. With the passing of the days, I was learning more about Bitcoin as well as the Cryptocurrency world and ended up establishing the first cryptocurrency based platform in Bangladesh.

For about 2 years, I absorbed as much information and details as needed and around that time I was ready to do whatever it takes to be successful in this sector. I knew the path was not easy but I was determined and confident of my success despite all the odds. I invested some money on Bitcoin and started to collect information about other digital coins as well.

Then came the dark ages of cryptocurrency on Bangladesh when Bangladesh Government announced that Bitcoin traders would end up in Jail and strictly banned Bitcoin trading for its citizens. I was at loss of words not because I would end in Jail but because of the ignorance and mindset of our government and banks about Bitcoin as well as the whole crypto community. I felt the acute need to tell people of Bangladesh as well as the banks and the government that the Cryptocurrency world would usher a new era into Bangladesh and there was nothing to be afraid of it and change their mindsets. I thought if we do not cherish the value of cryptocurrencies and embrace it, we as a nation would fall behind where the world will go forward.

On 2016, the idea of Perhalic was born and we started working on how we can make Perhalic efficient and successful. For months, we drew the blueprints of Perhalic and on February 2017, we started the official website. Perhalic is not only reviewing the upcoming crypto projects but also a learning and earning platform for newbies and entrepreneurs. We are still working on our website to make it easily accessible from everywhere in the world and are coming soon with so many features.

How would you describe the crypto community in Bangladesh?  What are the main obstacles to its development?

As discussed earlier, the main obstacles to the development of Crypto community in Bangladesh is ignorance. Many people do not know about it and some still think that the whole community is a scam. Despite the ignorance, the number of people interested in Crypto world and people who are investing in various projects of crypto community in Bangladesh is increasing in a rapid manner.

When I first joined the crypto community, there were not enough Bangladeshis on this scene and only a small portion of our population used to know about this. Fast forward to 2017, there are many Bangladeshis in the community and the number is only increasing. We hope that if this continues and we can succeed in our goals of convincing people and the government of its benefits, Bangladesh too will embrace the crypto community with open and friendly hands.

What cryptocurrencies are most popular in your country?

At present, Bitcoin is the still the most popular cryptocurrency in Bangladesh but there are also interests in other cryptocurrencies as well. People are also showing interest in Ethereum and other altcoins and investing on various potential ICO projects.

What is the official position of national government regarding crypto?

Ans: Bangladesh is a developing country. The IT Sector in Bangladesh is better than ever and the current government is doing everything to improve and develop the IT sector with a goal to digitalizing the country from every aspect.  Although the official position of our Nation Government regarding crypto community is not positive at all, we strongly believe that if we can convince our Government about the benefits and opportunities that the community offers, their mindset regarding it will change completely and will integrate crypto community with their goal of digitalizing Bangladesh.  

What is your prognosis on the future of the crypto industry in the nearest year (5 years)?

Ans: The Cryptocurrency industry is gaining worldwide interest day by day and the number of investors in this industry is also increasing rapidly. When this industry began its first step years ago, many people labeled it as a scam but now fast forward to 2017, the Crypto Community is one of the most growing communities in the whole world. Many countries have already taken the first steps to become a cryptocurrency-friendly country.  In next five years, I think:

Bitcoin will finally cross the 10k dollars landmark:

In the beginning of 2011, the price of the bitcoin was less than a half dollar. Six years’ letter, it has surpassed 4k+ dollars in value. If Bitcoin continues to grow, I think in next five years, one bitcoin will be worth 10,000+ dollars and one Ethereum will be worth more than 1000 dollars.

Many New Potential coins will hit the big time:

Every year, many new crypto coins and ICO Projects are entering the crypto scene. I believe in next five years Bitcoin and Ethereum will find their worthy opponents in other yet unknown or already introduced coins.

The Number of ICO Projects will increase drastically:

Since the inception of the term, ICO on 2013 by Mastercoin, successful projects like Ethereum started their journey and hit the jackpot using the first token sale (ICO) method.  The number of ICO projects are increasing every year and I believe in the next years, the number will increase even more. Although the launch of ICO has proven to be a blessing for startups, no blessings are unmixed and ICO is no exception. Yes, Blockchain is really a technology that will allow rising companies with multibillion-dollar capitalization, this does not exclude the emergence of fraudulent and unscrupulous projects. There will be many such projects whose goal will be to embezzle the ICO funds. There is a proverb goes saying that where there is a problem, there is a solution nearby. The methods of identifying such projects are being and will be introduced that will help people avoid the fraudulent projects.

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