Amid a Serious Economic and Political Crisis, Sri Lanka’s Central Bank Issues a Warning Regarding Crypto

August 23, 2022

sri lanka

Amid a Serious Economic and Political Crisis, Sri Lanka’s Central Bank Issues a Warning Regarding Crypto. Sri Lanka’s central bank has warned against the use of digital currencies amid a devastating economic and political crisis. The central bank emphasized that it does not grant licenses or permits to any companies or organizations to implement projects related to digital currencies. Central Bank Sri Lanka (CBSL) released a statement about a cryptocurrency called “Public awareness of virtual coins in Sri Lanka” on Tuesday. The announcement cites “the latest development of virtual currency and research on virtual currency in international and domestic markets.”Central Bank Sri Lanka insisted that “virtual currencies (VC) often uncontrolled digital representations of the value given by private companies and can be exchanged electronically: CBSL has not been recognized or recognized as any company or company for the implementation of VC projects, including currency encryption.

The central bank also stated: “No initial currency (ICO), production or virtual currency transaction.”In addition, Central Bank Sri Lanka warns that “electronic funds for the transfer of the fund, such as debit cards and credit cards (EFTC), are not allowed for virtual monetary transactions.” This announcement continues: For this reason, VC is considered uncontrolled financial equipment, and there is no supervision or control of their use in Sri -Lanka. The central bank concluded that “that’s why people warn of customer security problems for users via VCS investments and VCS investments.” “They also warned the public that they do not prey on the types of VK projects offered by the Internet and other types of media.”Earlier this week, protesters attacked former Prime Minister Sri Lanka. President Gotabaya Rajapaksa left the country on Wednesday. He is accused of deepening the economic crisis as Sri Lanka faces severe shortages of food, fuel and other essential goods. On Friday, Prime Minister Ranil Wickremesinghe was sworn in as interim president.

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