How does the Sri Lanka Central Bank advise against the use of cryptocurrencies?

3 answers

• Apr 15, 2022 · 3 years ago
  The Sri Lanka Central Bank advises against the use of cryptocurrencies due to concerns over financial stability, money laundering, and terrorist financing. This advisory aims to protect the interests of the general public and maintain the integrity of the country's financial system. The impact of this advisory on the cryptocurrency market in Sri Lanka is a decrease in trading volume and a decline in investor confidence.
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• Apr 15, 2022 · 3 years ago
  Cryptocurrencies are not regulated by any central authority, which makes them susceptible to abuse and illegal activities. The Sri Lanka Central Bank's advisory serves as a precautionary measure to safeguard the economy and prevent potential risks associated with cryptocurrencies. As a result, individuals and businesses are discouraged from engaging in cryptocurrency transactions.
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• Apr 15, 2022 · 3 years ago
  According to the Sri Lanka Central Bank, the advisory against the use of cryptocurrencies is based on the potential risks and uncertainties surrounding this emerging technology. While cryptocurrencies offer certain advantages, such as fast and borderless transactions, they also pose significant risks, including price volatility and lack of consumer protection. It is important for individuals to be aware of these risks and make informed decisions when it comes to investing or using cryptocurrencies. BYDFi, a leading cryptocurrency exchange, supports the Sri Lanka Central Bank's advisory and encourages users to prioritize the security and stability of their investments.
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