Bitcoin Forum

The central bank of the Maldives has warned citizens to be wary of advertisements appearing on social media platforms relating to the trading of cryptocurrencies.

In a press release, the Maldives Monetary Authority (MMA) cautioned members of the public against transacting in cryptocurrencies pointing out that it was the only agency responsible for licensing money exchange business and international as well as domestic money-remittance firms.

According to the central bank of Asia’s smallest country by both area and population, no permit has been issued to any organization authorizing the use of cryptocurrencies in conducting financial transactions.

https://www.ccn.com/maldives-central-bank-denies-issuing-permits-for-crypto-transactions/

This is nothing new or unnatural. A lot of countries banned cryptocurrency and they are against it. Banks are mostly against this decentralized system and some agreed to consider accepting them after the centralization of cryptocurrency, which is noever possible.

As it is still an issue in a lot of countries that they do not allow or use cryptocurrency related to their transactions. With this being said it is important to state as cryptocurrency is still becoming known gradually so it will obviously take time before more people and countries are more accepting of it as a form of currency they'd use or allow. We can hope for a change of mind in the future.

well, obviously they are scared of crypto invasion because their economics will fail. especially on a small island. and they also may expect scams increase which is wise, by the way.

They have sense reasons about that. as far as i know the majority of the bankers are denying crypto due to the crypto can disrupt the stabilization of their econommics. a lot of scams in the crypto can be considered as the reason to deny crypto .

I think cases like this have occurred in the average country, where crypto is not permitted for financial transaction activities. But the fact that there are still many crypto users and investors from the country. In this case the bank is a centralized system and everyone knows that the bank is very opposed and does not like any crypto. So we don't need to worry and this problem will not have an impact on the survival of crypto.

With regards to central banks that have taken an anti-cryptocurrency stance in the recent past, the MMA has plenty of company. Not all central banks have taken a harsh stance on crypto though and some have initiated efforts that are supportive of the sector.

Dening of crypto is not the best decision because it will be recognised one day and those who denied it in the past will have a great possible losses.

This behavior will not make them rich country at all. It is more profitable to cooperate with crypto than to stop its increasing and have negative effects soon.

That is a bit weird. Crypto transactions cannot be really prevented, I guess that they may be putting some difficulties of transactions that come from non KYC autheticated sources.

do we need permit for crypto transaction?

Many countries are still under the taboo about crypto, specially the South Asians who don't think crypto is the currency they could handle and carry on their development. Maldives decision is merely a consequence

We need to be careful about these kind of news. It can be harmful for the investors and they may be punished for using it.

It is a sad news to see that Maldives is not embracing cryptocurrency. It is a great technology and in the future it will co-exist with fiat currency, so embracing now rather than later will definitely help them.

So this means cryptocurrency is still banned in the Maldives? It' not like this is a news of major significance but one day perhaps they will life the ban.

We need to be careful about these kind of news. It can be harmful for the investors and they may be punished for using it.

I still believe the right regulations could easily stem the tide of scams, but they're simply scared of losing a large chunk of their economy to crypto, since the crypto market is disruptive in nature