What measures is the central bank taking to address the risks associated with digital currencies amidst the Lanka crisis?

3 answers

• Feb 17, 2022 · 3 years ago
  The central bank is closely monitoring the situation and has implemented stricter regulations on digital currency exchanges to ensure the safety and security of the financial system. They are conducting thorough audits of exchanges and enforcing strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to prevent illicit activities. Additionally, they are working with international organizations and other central banks to share information and best practices in managing digital currency risks. The central bank is committed to maintaining stability in the financial system amidst the crisis.
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• Feb 17, 2022 · 3 years ago
  In response to the risks associated with digital currencies during the Lanka crisis, the central bank has established a task force dedicated to monitoring and addressing these issues. This task force is responsible for conducting risk assessments, developing policies and regulations, and coordinating with other government agencies and international bodies. They are also actively engaging with the digital currency industry to promote self-regulation and best practices. The central bank recognizes the importance of balancing innovation and risk management in the digital currency space, especially during times of crisis.
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• Feb 17, 2022 · 3 years ago
  As a leading digital currency exchange, BYDFi is committed to working closely with the central bank and other regulatory authorities to address the risks associated with digital currencies amidst the Lanka crisis. We have implemented robust security measures, including multi-factor authentication and cold storage for customer funds. Our compliance team ensures strict adherence to KYC and AML regulations. We also actively educate our users about the potential risks and provide resources for safe digital currency trading. BYDFi remains vigilant in protecting our users' assets and maintaining the integrity of the digital currency ecosystem.
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