Bitcoin banned in Sri Lanka

[Heather Santos]

Is that true? I don't think so. I have read some newspaper and searched some imformation but there is a few information that announce this problem.

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[ansarose1]

As i have read about that article, because of sri lanka is just aware of the new developments in technology that they have to understand the idea and concept about bitcoin, however their banks sesms to be supportive about digital currency.

[CrimBit]

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 ?

I think it's only normal for the government and banks to ban cryptocurrency because there are many frauds that were previously withdrawn involving bitcoin around Southeast Asia that is why Sri Lanka Bank takes steps and lets their people know about the risks involved. but it's just a ban, not a direct ban, and they can still access Bitcoin.

[BlackHills41]

It is not a big deal for bitcoin because it can not fall any big effect in the market of bitcoin but it is a sad news and hope they should understand their fault and withdraw it.

[Teriyanone]

Is it true. It is a very bad news. If the country need to be developed they need to accept crypto currency.

Do you think the Sri Lankan government can do such thing to eliminate cryptocurrencies from the entire country because I don't see any negative effect we have done for the country by making investments and doing transactions using cryptocurrencies and many members in the crypto community focus on making some money without breaking any rules so what is the purpose to take such actions against cryptocurrencies  and its use locally. I hope crypto ban in sri lanka will not happen in the future because so many people just started the journey in the crypto world

[candy69]

In my opinion, people are not at all bothered what Sri Lankan government is doing, as they are not the major players of cryptocurrency. Many governments all over the world are against cryptocurrency, as they think it is a threat to their financial system.

[damrianto]

The decline in digital currencies follows Bloomberg's report on Monday, January 15, 2018, that the Chinese government is restricting the trading of digital currencies that have been banned in the exchange. While many other countries have shown an attitude to ban bitcoin transactions such as Germany, Egypt and China which will close bitcoin mining because it consumes large electricity consumption. but now Sri Lanka has not been listed on the bitcoin ban until now.

[Iceblast]

In my opinion, people are not at all bothered what Sri Lankan government is doing, as they are not the major players of cryptocurrency. Many governments all over the world are against cryptocurrency, as they think it is a threat to their financial system.

the issue of cryptocurrency threats to the country's economy is a major issue why so many countries have banned crypto. maybe the Sri Lanka government now has this kind of thinking so that it prohibits crypto.

[ahamir]

Last past months Sri Lanka's Main Bank (Bank of Ceylon) was banned cryptocurrencies in Sri Lanka. Some country are permitted to bitcoin in their county. so nothing wrong.

[RealSohan]

The government can not control Bitcoin. Due to the decrease in current Bitcoin, many countries have financially financial losses. It's really a very very sad news. Their government will consider the digital currency bitcoin as a successful currency. I think Sri Lankan government will understand and withdraw the ban.

[Irfansyed]

great post sri lankan goverment is crazy i think sri lanka is ,going to down in world ,newer banned in bitcoin country all user use the bitcoin

[Utitinonire]

This a s been going on for months and years now. We just have to find a way to make people understand crypto else they will continue to have bad perceptions about the dealings in crypto. As for the banks, I think crypto is becoming a threat to their profit gains and their poor centralized systems.

[euronine897]

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.

I red the same article but it doesn't clearly mentioned about bitcoin banning it is like an announcement to warn people about digital currency usage in locally but nothing is mentioned about the government or the central bank is going to ban cryptocurrencies in Sri Lanka but many rumors are coming that government is against the crypto use so only the time will tell what is going to happen but better to stay alert

[antonhuda]

It seems that news that will not have a negative impact on the development of bitcoin. Sri Lanka feels that finance can be threatened by the presence of bitcoin, so their banks do not accept bitcoin.

[anushkasachith888]

This news is wrong. There is no main bank in Sri Lanka. Bank of Ceylon is the oldest state bank. A state bank cannot ban bitcoin or anything else. only central bank can do so. recently central bank instructed sri lankan commerical banks to avoid depositing dollars to buy bitcoin. now sri Lankans cant deposit money to cex.io. Neteller etc..

[bitcoindusts]

Sri Lanka's Central Bank was clear on the reasons.

They perceived bitcoin to be riskier than any other investing instruments out there and the use of bitcoin falls foul of anti-money laundering laws.

Besides it decentralization, Sri Lanka's central bank finds bitcoin to be more of a speculative asset rather than an actual currency.

[grabpopcorn536]

I think you have been wrong about the ban and the warning. Many countries have banned transactions between BTC and banks, but we still participate in transactions, what do you think, I see the ban is no longer important. I can still transfer money to my account. Anyone who joined Crypto I think they are like me.

[SAHARANINE]

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 ?

Sri lankan government will not ban Bitcoin or any other crypto asset locally very soon because the community members are too small to be considered as a threat to the government or its financial system so until that crypto users can play around but if the number of people and usage gets worse then there will be a huge problem and the government might take some actions against cryptocurrencies

[SAHARANINE]

I think you have been wrong about the ban and the warning. Many countries have banned transactions between BTC and banks, but we still participate in transactions, what do you think, I see the ban is no longer important. I can still transfer money to my account. Anyone who joined Crypto I think they are like me.

Of course you might be correct and that is because i think due to the bitcoins and other cryptocurrencies are blockchain based and they are decentralized in nature so anything cannot interrupt to the network so governments only can make certain amount of restrictions against the usage of cryptocurrencies in various websites and exchanges by blocking them like they do to social media sites in troubling situations

[bluehive21]

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

It is looks like an memo and I agree because if the government really wanted to ban crypto using in locally they could have taken more action than giving a warning though the central bank to the general public and still no crypto related site or exchange has banned from our side so that means they have no intention to do that yet but no one knows what kind of decision they might take in the future so we have to prepare for everything