Bitcoin banned in Sri Lanka - page 17.

allycn

full member

Activity: 420

Merit: 110

Quote from: franky1 on July 11, 2018, 09:02:01 AM

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.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

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? Huh

zubrr51

member

Activity: 294

Merit: 11

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

DarrinEspacio

newbie

Activity: 90

Merit: 0

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.

perova93

member

Activity: 238

Merit: 10

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!

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: Charithacrypto on July 11, 2018, 01:09:32 AM

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 ? Huh

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.

bubblebubble

member

Activity: 616

Merit: 23

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

kolbalish

member

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Merit: 14

Crypto Article Sharer!!!

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?

MTNAX

newbie

Activity: 283

Merit: 0

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.

JamescrypTrader

jr. member

Activity: 140

Merit: 1

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.

susila_bai

hero member

Activity: 1260

Merit: 524

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

iammrash

newbie

Activity: 51

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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

HarrietKAYU

newbie

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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.

mr.nby

member

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Merit: 10

Quote from: cryptodalton on July 12, 2018, 01:04:38 AM

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.

hubballi

sr. member

Activity: 882

Merit: 297

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.

Kittygalore

member

Activity: 868

Merit: 63

Quote from: jossiel on July 11, 2018, 01:42:18 AM

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.

Lima0396

newbie

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

najmul33

full member

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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

abiola4real

newbie

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Merit: 0

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.

digroske

newbie

Activity: 196

Merit: 0

Quote from: Charithacrypto on July 11, 2018, 01:09:32 AM

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 ? Huh

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

Topic: Bitcoin banned in Sri Lanka - page 17. (Read 3223 times)