Bangladesh government seems to be convinced to open its last monopolistic area of telecommunications; international telephony. This is a good initiative, which needs to be supported as it would bring quality and cheap international telecoms services. However looking at the on-going debate on various aspects of this subject in the name of “VoIP Licensing” no one seems to focus on the most important area: Whether Bangladesh will come out as winner or loser after liberalization in terms of valuable foreign exchange? Pakistan’s Regulatory Consultant M. Aslam Hayat writes.