Bitcoin banned in Sri Lanka

[ninabobo]

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 is old news, and there is no influence at all for the market decline. the problem might be the instability of the value of the bitcoin price and the difficulty to set. or maybe another factor. I think Asian countries are not very supportive of crypto and bitcoin.

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[pri3oner]

Where's the  proof, huh? I "like" this type of news over here when we can talk to copypaste itself.  Anyway, it's not gonna be good for em.

[Susan Smith]

Where the development of bitcoin can threaten the interests of the government, there are usually measures to prevent it or where bitcoin is badly damaged by the bad guys, which is also the cause of the government. banning bitcoin activity

[yourialfa]

If this is valid news then this will have a bad impact on bitcoin users on Sri Lanka. Because I think the bitcoin users there are quite scattered. So I think this will have a bad impact and will reduce the sense of public trust there as well as bitcoin. But this cannot be ascertained yet. What is clear is that I hope bitcoin doesn't falter because of that.

[ninokh]

I think the reason for bitcoin banning in Sri Lanka is the same as some countries that have banned bitcoin. they prohibit cryptocurrency because crypto can be used for illegal activities such as money laundering and terrorist financing. all these activities violate the law because they don't use cryptocurrency. and I think that most developing countries are not ready to use cryptocurrency. Most of the people don't understand cryptocurrency.

[CryptoGM]

Are we going to see countries with huge debt to western nations, neo-colonial organizations such as IMF, World bank issuing sanction threat to as such countries not to recognize bitcoin. However, I feel there is nothing such threats can do to stop this movement already on another gear. More, interesting perspective is bitcoin does not need government regulation anyway  Grin

[chidrawarster]

i dont understand why this being done .Many of the countries are already approving and regulating the crypto space , then why not them.We should wait and see what they would do after most of the countries would have approved and moved on to improve their economies.I hope some countries do not want their economies to move in an advanced way or may be they are still researching them.

[Triwiyono]

actually I don't need to think about the reason why the bank in Sri Lanka banned bitcoin, because I'm not people of Sri Lanka.
but just guessing, the reason why bitcoin is banned, maybe because they are afraid that bitcoin can affect the economy in Sri Lanka

[andrei56]

I really do not know much about Sri Lanka to know if bitcoin is that big in that country but for the rest of us the news is irrelevant, the countries with the most adoption of cryptocurrencies are those that are the most powerful and have the most money so if we lose a small country we do not have to worry because that is not going to affect bitcoin price.

[abound]

if true but atleast haven't heard about police arresting people working on the field of cryptocurrency in there so those ban might be quite weak one. Government that don't have enough manforce to design and implement regulatory framework for cryptocurrency are just banning the whole bitcoin thing, they consider it as just a headache. While developed countries have already started producing blockchain developers and they already had patent registered for blockchain based product which they gonna sell to those same poor country who have banned blockchain based crypto right now.  Grin Roll Eyes

[nikola22]

I think the reason for bitcoin banning in Sri Lanka is the same as some countries that have banned bitcoin. they prohibit cryptocurrency because crypto can be used for illegal activities such as money laundering and terrorist financing. all these activities violate the law because they don't use cryptocurrency. and I think that most developing countries are not ready to use cryptocurrency. Most of the people don't understand cryptocurrency.

fiat is used for illegal activities much more often but governments don't ban fiat currency and bitcoin is the only guilty.

[jcarlo]

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 like others country that already banned bitcoin or cryptocurrency. They always said that bitcoin used for illegal activity like money laundering or criminal activity

[dvdrewritable]

Nothing happened to bitcoin for banning bitcoin in Sri Lanka. Because this a poor small nation even has no smart GDP including its people cannot adopt a decent amount of bitcoin. Bitcoin banned in Sri Lanka this will not show bad impact in the entire crypto nations. Only its limited crypto user will face trouble to use bitcoin.

[Rana590]

For the development of a country, crypto currency is more effective. Sri Lanka has banned bitcoin because the people of this country mind that the economic condition of the country will go down for the bitcoin. But they have use it for their country to make economic development much better.

[maianh09]

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 ?

Many countries have issued a ban on Bitcoin like Sri Lanka. The reason may be that there are too many investors involved in Cryptocurrency and many have tried to legitimize their assets with Bitcoin purchases so that could be the reason Sri Lanka issued the ban.