Central Bank of Sri Lanka Warns Citizens Against Crypto-Currency Use


COLOMBO (News 1st); The Central Bank of Sri Lanka (CBSL) has released a public warning regarding the use of cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, and has made it clear that such digital currencies are not considered as legal tender in the country.

The CBSL noted that there are no regulatory safeguards when it comes to the usage of crypto-currencies in Sri Lanka, and that crypto-trading does not contribute to the national economy.

The bank also warned the public of numerous financial scams that are carried out with the promise of high returns based on crypto-investments, such as deceiving individuals to invest in fraudulent cryptocurrency projects.

CBSL has urged the citizens to protect their hard-earned money and not to invest or engage in any cryptocurrency scheme offered through the Internet, other forms of media, or directly by any persons.

The Central Bank has also not issued any license or authorized any individual or business to operate schemes involving cryptocurrency, and has not authorized any Initial Coin Offerings (ICOs) or any variant of it, cryptocurrency mining operations, cryptocurrency exchanges, deposit-taking or custody services related to cryptocurrency or any cryptocurrency investment advisory service.

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