Bitcoin banned in Sri Lanka

[susila_bai]

Completely banning is different from cautioning public, you cannot relate cautioning public as ban. They have issued public awarness about crypto currency details and to be aware of if anyone is telling that they are authorised government exchanges so that people should not fall for their scam and then public coming crying to government. It is a good step to give awareness to public so that they should not fall in scam

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[JamescrypTrader]

There may so many reasons active. But I think that Sri Lanka is a costal country and for that smugling is a big issue in their land. So thinking the later consequence, I think, bank of Ceylon has taken the decision.

[MTNAX]

There may be some reason the Sri Lankan state forbids the use of bitcoin, the government may fear if bitcoin affects the whole country. The government may also be afraid if bitcoin is misused. But actually it all depends on each of us how to use the bitcoin and address problems like this.

[kolbalish]

Bad news r being the regular part of btc day by day instead of positivity.From the last quarter of previous year it started. It is really matter of worried that what will happen next of btc?

[bubblebubble]

Banks push on banning anything that doesn't make them rich so I can understand motivation

[Baofeng]

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 ?

Just like any other nation is Asia, Sri Lanka is just getting their people a fair warning about bitcoin and crypto in general. But it doesn't mean that its a outright ban. There's a lot of scam being pulled previously involving bitcoin around the South East Asia that's why Sri Lankan Banks is doing steps and let their people know about the risk involving. Its just normal for governments and banks to do it, in my opinion.

[perova93]

All banks in the world understand the huge threat of the crypto world and bitcoin! because a new evolution of money has come! Banks and so lose a lot of money, because the transaction and the exchange of funds occurs in the crypto world! but I am sure that this will be temporary and in the next 5 years will be the legalization of the bitumen in the whole world! especially in Asian countries are very active in these areas!

[DarrinEspacio]

Actually its really disappointing for users because day by day in modern society crypto users are increasing based on its profit and good values in future also they getting more benefits based on this so their decisions may problematic for their investors because many of them invested their money here but they will be in trouble also govt. should review this issue.

[zubrr51]

Those who distrust the crypto-currencies will soon regret it. Because advanced countries will earn on the percentage of the work of exchanges.

[Findingnemo]

I don't think this is a real news because didn't found any link to the source at OP,and I never heard anywhere about these ban yet.SO anyone can confirm by providing appropriate details.
And complete ban or just restrictions?

[allycn]

its not a ban

its a memo,
a mmo that say that the central bank of sri lanka will not be held accountable for any actions done by businesses and that the central bank does not insure or licence it.

.. the central bank doe not endors or licence baked beans.. thats why you dont see a bank slling baked beans.
until there is a GOVERNMENT LAW. that states it is illegal to operate a crypto business. and that law mentions the penalty.. then just treat the memo as what it is .. a memo

nearly every country has released an investor warning memo that investing in crypto is risky and a bank will not insure losses

Thanks for clarifying the info. I think that has become the common practice in many countries and it makes sense. Why should a bank insure your loss if you decided to max out your credit card investing in crypto? I know it is a stupid move, but unfortunately I have heard of people doing this and then when they become unable to pay back their debt they try to file a "scam" claim.

[deathland113]

Last past months Sri Lanka's Main Bank (Bank of Ceylon) was banned cryptocurrencies in Sri Lanka. 

what's about p2p trading? The government can't be banned or trace this kind of exchange. And people still can hodl it or invest i suppose

[GilbertQuintanilla]

This is a sad news for the people associated in the crypto currency market. If any country bans this coins, then this will result in a bad news for the market. Because this means that the market has lost on the opportunity of having potential investors from Sri Lanka, which is a loss for the market.

[rabia_laskor]

That's very sad to know. However, I will look after some news related to it to make sure whether the news is right or a scam.

[Satosho Kakamolto]

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 ?

Well, at the same time The European Union has made a directive which will oblige all European countries to recognize digital currencies. Things change gast everywere and situations twist.

[AlanShlafter]

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 ?

Cryptocurrency banning news have very negative effect on the market. It's sad to hear that a country bans crypto. Hope they reconsider their decision.

[normanderecho]

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 ?

Cryptocurrency banning news have very negative effect on the market. It's sad to hear that a country bans crypto. Hope they reconsider their decision.

I think sri lanka's government scared about bitcoin that all people use bitcoin and invest and did not control people use bitcoin the government did not get a tax and government scared also bitcoin will become a main currency because of the good pricing that is mt understanding of bitcoin banned in sri lanka's.

[zolfa]

sri lanka is a developing country, besides that crime is very high like India. technology there is not growing well, they are primitive and still hold the culture.

so, from my simple explanation, I think we know why crypto in sri lanka is banned.

[bedulook]

This is not a news that will highly affect the price of bitcoins because sri lanka as a developing country is not a country with huge volume of bitcoins users.

[r32godzilla]

Just another Asian country of small economical power next to Bangladesh has banned bitcoin.On the other hand,no big economical power country has taken such an action.