Bitcoin banned in Sri Lanka

[TARUN GUPTA]

IS IT TRUE THIS IS REALLY BAD NEWS.

[ojanamon]

I don't know why many government don't accept bitcoin  it's now global digital currency and bitcoin popularity increase day by day. If that news is true then this is sad news

[Heruwa]

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.

Many countries provide similar statements, not prohibit but warn the public to invest in bitcoin has a big risk, and this is the government's concern about the economic value of the community.

[takihaha]

they totally do not know how it could benefit them as a country. i do not think it will be long before they find out that they need cryptocurrency in their country.

[jaymmagne]

That's a sad news for all of us in bitcoin. Every time their will be a bad news will make the price of Bitcoin goes low. Hope this will rise soon!.

[pragna]

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

Awareness and banned are not the same thing sir. Awareness means that government must thinking about this. At present time they thinking BTC may misused by the people but i think when another big house government will accepted this they may accepted this. Be a positive man.

[spyderbilt]

I think the Sri Lanka government has a strong statement as to why bitcoin was banned in Sri Lanka, but also the effect of Sri Lanka being banned does not have a significant effect on the way Bitcoin is on cryptocurrency. so that is not a problem.

[gaurav82]

Everyday I hear the news about Bitcoin. Some are bad and some are good. If it is bad for country then why develop countries are accepting it. There are more ico are still coming. I think if develop countries will accept it then other countries have to accept.

[ParveZ219]

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 the main reason of banning is that bitcoin transaction cant be traced.. it is mostly used by drug peddlers and gun smugglers so maybe for this reason many countries are banning Bitcoins.

[orayorayan2]

maybe the banking players in the country are afraid that the cryptocurrency will shift and defeat so that they will suffer losses because they are unable to compete, other than that the government in the country may intervene for fear of many illegal problems that will be caused by the use of cripto currencies and it shows unpreparedness they accept change

[kucing garong]

As we know, many countries have banned Crypto. With many reasons, maybe one of them is afraid that crypto itself will compete with the value of the country's currency. And issues like this have been many among this forum.

[Pump N Dead]

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 won't be surprise if the banks banned cryptocurrency transactions because they are the one who are directly affected in using cryptocurrency. Imagine if all the people use cryptocurrency, you don't need a bank at all and the best of it is that you are in control of your money and not the bank.

[rajesharora002]

i cleared in this  topic that bank of sri lanka banned bitcoin transation throw bank like india.this not banned on bitcoin .becouse no body banned on bitcoin. some contries allow bitcoin and some not allow bitcoin.

[Persiontateneis]

We cant say it is ban in Sri Lanka as there is no official announcement by the government of the nation.But they need to do more research about it as it will help to boost economy of underdeveloped and developing nations in a positive manner.

[burky156]

I think thats not end of the world. Sri Lanka is small island country which have 20 million population. And the people of Sri Lanka are quite poor.. So it wouldn't make any difference if they ban or not. The main think is the biggest countries. When the usage get larger, the market would go higher and higher..

[quocsi]

This is really bad. They probably want to protect the interests of the banks and issue a ban. This is a grape country and they can not stop the negative issues from the bitcoin that have brought their economies. I really feel sorry for investors from this country.

[beami]

I think thats not end of the world. Sri Lanka is small island country which have 20 million population. And the people of Sri Lanka are quite poor.. So it wouldn't make any difference if they ban or not. The main think is the biggest countries. When the usage get larger, the market would go higher and higher..

It is true, there is no effect with the development of bitcoin if Sri Lanka prohibits bitcoin from growing in its country. I argue that later the Sri Lankan government will regret having banned bitcoin from developing. Bitcoin will continue to have value and continue to grow according to the development of internet technology.

[bamine]

Because they don't know what is bitcoin and cryptocurrencies. Lol they can't follow the trend.

[thevlox]

In many countries bitcoin has been banned. But bitcoin can be used in advanced countries. I think countries that are bitcoin banned are bulls.

[Sithawaka]

I haven't seen Sri Lankan media organizations are announcing news regarding bitcoin or cryptocurrencies even negative or positive and that is maybe because major government or financial  organizations in Sri Lanka has no concern about the digital currency market and they are busy finding solutions to other problems in the country that are truly matters so I don't think any bad effect come from the government to use crypto assets locally at least during this period