Ahmed Humayun Murshed

The election dust has finally settled. People now look to the new prime minister for results. Tarique Rahman stands at the helm of a nation of nearly 200 million. The campaign was won on trust and hope for change, but success will be measured by something far less poetic: the quiet, heavy weight of expectation carried by those same people.

Andrew Carnegie, the American industrialist and steel tycoon who later devoted much of his wealth to social welfare, once said, “Put all your eggs in one basket and then watch that basket.”

It was once beyond imagination that money could exist entirely in digital form, except in science fiction. Then it happened. Crypto began as a small experiment and turned into a global phenomenon.

In just under three months, the Bangladesh Bank has purchased nearly $1.9 billion from local banks this fiscal year, including $265 million in a single day and $129.5 million through an auction last week. For many people, this seems puzzling. Prices are still rising, families are cutting down on essentials, and yet the central bank is spending heavily to buy dollars instead of allowing the Taka to strengthen and make imports cheaper.

Bangladesh is set to leave the least developed country (LDC) club next year after meeting UN criteria in two consecutive reviews. Graduation means crossing three thresholds: income per person, human development indicators and economic vulnerability. The UN reviews these every three years, and a country must pass twice before graduating.

Blockchain. Some hear the word and think of Silicon Valley hype. But if we look past the buzz, we find something else, something that is not just about money or technology. At its core, blockchain is about trust. And in a country like ours, where trust in systems and data is often fragile, that matters.

In Bangladesh, ambition is never in short supply. Our people are naturally enterprising. We have all seen small ventures grow into respectable businesses, sometimes with nothing more than a smartphone, determination and a good idea. But we also tend to follow trends too quickly. The moment one e-commerce or f-commerce business takes off, many others rush in. If a delivery app gains traction, a dozen more appear. If a ride-sharing company makes it big, suddenly everyone wants a share of the same market.

Sometimes, what you do not do ends up costing more than what you do. Right now, Bangladesh is feeling the weight of that truth.