Bitcoin banned in Sri Lanka

[LFC_Bitcoin]

The amount being bought & sold in Sri Lania is likely to be negligable so I highly doubt this will have an overly negative effect on the market.

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[drmilind2004]

This is a phase in the eventual global Cryptocurrency total acceptance regime wherein the central bankers are reacting reflexly, knee-jerk, to protect their turf. It'll take some time for the global Cryptocurrency inevitability to sink into their mindset. Meanwhile, the people living at their mercies suffer and get left behind while others elsewhere progress far ahead.
 

[joellogan]

as far I know they didn't banned it yet they are just trying to convince people so that they don't do trading in bitcoin but whatever the situation is there is no doubt that this news is heart breaking, Sri Lanka is doing a mistake they should atlest try to understand the business it's painful if someone just remove it like this.

[jhon_21]

In South Asia bitcoin is banned all the countries. But peoples are also connecting with this market. It’s a good news for this market. If they get benefit then they will more invest on this market.

[drwhobox]

Last past months Sri Lanka's Main Bank (Bank of Ceylon) was banned cryptocurrencies in Sri Lanka. What do you think is the reason for that ?

this news is kinda regular now lol. Making cryptocurrencies banned in many countries. Yes they may ban the trading of fiat to crypto but still if someone will use Bitcoin and can exchange fiat for it that’s okay.

[franky1]

so many people reading the headline but not actually rading the content

IT IS NOT BANNED

its a MEMO reminding people that th banks do not insure peoples funds and the banks say its a risk to trade
MEMO's are not law.
memo's are just risk awareness reminders.

in short they are saying.. dont come crying to us asking for your money back because we dont endorse or insure crypto.. so trade at your own risk

[nagobinga]

there is something wrong with bitcoin whether there should not be in the government or can make the currency there worse with the existence of this.

[Gaaara]

I know it did not got banned but only warning for their community, anyways this somehow affects the volume and value of bitcoin, since the negative news is spreading bitcoin is taking all the suffering being prohibited from country to country or being warned affect the market directly and since after the massive adaption of bitcoin starts we are certainly looking for a later bull run.

[Related]

The Central Bank of Sri Lanka (CBSL) is aware of the growing interest in virtual currencies (VCs), both domestically and internationally.

The term “virtual currencies” is commonly used to refer to digitally created representations of value that are issued by private developers and denominated in their own unit of account. Common examples of virtual currencies are cryptocurrencies such as Bitcoin, Litecoin and Ethereum. Virtual currencies are not central bank issued currency.

Virtual currencies such as cryptocurrencies use decentralised peer-to-peer digital networks to authorize transactions. Due to the absence of a centralized authority such as a Central Bank to guarantee the value of the currency and regulate transactions, there is no recourse in the event of any user or transaction related issues or disputes. The value of virtual currencies is dependent on speculation and is not backed by an underlying asset or a regulatory framework. Due to this, virtual currencies may demonstrate major volatility. Similarly, there appears to be a high probability of virtual currencies being used in illegal activities. Further, though unintentional, their usage could amount to breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws. Therefore, cryptocurrencies, in the present form, may pose significant risks in terms of financial, operational, legal, customer protection and security related risks to their users as well as to the economy.

It is hereby notified to the public that CBSL has not given licence or authorization to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies, and has not authorized any Initial Coin Offerings (ICOs).

[jhonvir666]

It's really right, but bitcoin does not prohibit businesses in a crypto but bitcoin it warning if you can do anything wrong and what bitcoin do it, will tell their citizens to avoid and safeguard Things to do before entering a crypto, are the reasons we sometimes mistake such as having high rates of income and losing it, so if someone is trading in a digital currency it should also be carried its only loss.

[Amokomowo2005]

This not a welcome development news, from India banning cryptocurrency now to Sri Lanka, just hope this people rather regulate it than banning it.

[digroske]

Last past months Sri Lanka's Main Bank (Bank of Ceylon) was banned cryptocurrencies in Sri Lanka. What do you think is the reason for that ?

It's just a matter of time. The development process of cryptology is started and it can not be stopped. In my opinion, they have not banned the crypto trade, but simply warn their people to refrain from crypto currency. We will observe this process. But I think development is inevitable anyway

[abiola4real]

This is a bad news this current season when we are still looking for ways to moved out of the bearish time, its better they have a re think and retract this order.

[najmul33]

One more bad news for crypto. But I wish soon gradually in future they will understand the cryptocurrency and withdraw ban for the betterment of their economy whos banned crypto

[Lima0396]

Bad news for the citizens of Sri Lanka, its likely the authority later see their ban of been harsh and later re consider it..

[Kittygalore]

Are you sure that Sri Lanka's Bank of Ceylon banned bitcoin? I'm looking for an article that has this news but the results are poor.

This is one of their latest statement: April 16,2018.

Public Awareness on Virtual Currencies in Sri Lanka

They are giving warning to their people but there's no ban.

As we can observed, more 2nd class countries and 1st class are accepting the usage of bitcoin with proper regulations by the government, the thing is these countries wanted the growth of there economy and they have seen the potential the bitcoin can give to us, so they welcome it with open arms. The thing here is Sri Lanka might be aftaid to take risk. But bitcoin is not really risking, it is patience.

[hubballi]

Sri Lanka is following the footsteps of India. Like how India have issued warning notice through RBI to all banks to stop the accounts which are in cryptocurrency trading and gave notice to all indian exchanges to stop the fiat currency trading in crypto currency. So now Sri lanka through their Central Bank of Sri Lanka (CBSL) have issued the notice to public to be caution in dealing with crypto currency and government is not involved in any crypto currency activity and they are not liable for any litigation related to crypto.

[mr.nby]

That's sad to know. I hope gradually in future they will understand the worth of crypto currency and withdraw its ban for the betterment of their economy.

Sri Lanka doesn't ban cryptocurrencies but has issued a warning about the risk, possible use for illegal purposes, and unauthorized and non-issuing of any licenses and permits for ICO conducting companies.

[HarrietKAYU]

It is understandable that some small countries prohibit bitcoin, in which the economic system is often fragile, and Sri Lanka is likely to worry about the financial system that bitcoin affects the whole country.

[iammrash]

It's normal. Bitcoin also banned at my place too.It's because government is afraid of crypto. They thinks it'll take the economy control from their hand. That's why they banned crypto