The Central Bank of Sri Lanka Warned Citizens Against Crypto Transactions

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  • Protesters broke into the property of Sri Lanka’s former prime minister earlier this week.
  • Virtual currency use in the foreign and local markets are included in the notification.

This week, the Central Bank of Sri Lanka (CBSL), issued a notice titled “Public Awareness in relation to the use of virtual currencies in Sri Lanka.” Virtual currency use in the foreign and local markets, as well as enquiries about virtual money, are included in the notification.

Virtual currencies (VCs) are digital representations of value that are issued by private businesses and may be exchanged electronically, and this is mostly uncontrolled. The Central Bank of Sri Lanka (CBSL) emphasized that no permission or authorization has been issued to any institution or corporation to conduct VC schemes, including cryptocurrencies.

Covers All Types of Virtual Asset Transactions

There are no initial coin offerings (ICOs), mining activities, or virtual currency exchanges allowed by the central bank. Electronic Fund Transfer Cards (EFTC), such as debit cards and credit cards, are not authorized to be used for transactions linked to virtual currency transactions, the Central Bank of Sri Lanka warned in its statement.

Protesters broke into the property of Sri Lanka’s former prime minister earlier this week. On Wednesday, President Gotabaya Rajapaksa fled the country. Food, gasoline, and other essentials are in short supply in Sri Lanka and many people hold him responsible for the country’s current economic catastrophe. Ranil Wickremesinghe, Sri Lanka’s new prime minister, took the oath of office on Friday.

The central bank concluded:

“The public is, therefore, warned of the possible exposure to significant financial, operational, legal and security related risks as well as customer protection concerns posed to the users by investments in VCs. The public is also warned not to fall prey to various types of VC schemes offered through the Internet as well as other forms of media.”

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