Topic: Bitcoin banned in Sri Lanka - page 18. (Read 3223 times)

This not a welcome development news, from India banning cryptocurrency now to Sri Lanka, just hope this people rather regulate it than banning it.

It's really right, but bitcoin does not prohibit businesses in a crypto but bitcoin it warning if you can do anything wrong and what bitcoin do it, will tell their citizens to avoid and safeguard Things to do before entering a crypto, are the reasons we sometimes mistake such as having high rates of income and losing it, so if someone is trading in a digital currency it should also be carried its only loss.

The Central Bank of Sri Lanka (CBSL) is aware of the growing interest in virtual currencies (VCs), both domestically and internationally.

The term “virtual currencies” is commonly used to refer to digitally created representations of value that are issued by private developers and denominated in their own unit of account. Common examples of virtual currencies are cryptocurrencies such as Bitcoin, Litecoin and Ethereum. Virtual currencies are not central bank issued currency.

Virtual currencies such as cryptocurrencies use decentralised peer-to-peer digital networks to authorize transactions. Due to the absence of a centralized authority such as a Central Bank to guarantee the value of the currency and regulate transactions, there is no recourse in the event of any user or transaction related issues or disputes. The value of virtual currencies is dependent on speculation and is not backed by an underlying asset or a regulatory framework. Due to this, virtual currencies may demonstrate major volatility. Similarly, there appears to be a high probability of virtual currencies being used in illegal activities. Further, though unintentional, their usage could amount to breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws. Therefore, cryptocurrencies, in the present form, may pose significant risks in terms of financial, operational, legal, customer protection and security related risks to their users as well as to the economy.

It is hereby notified to the public that CBSL has not given licence or authorization to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies, and has not authorized any Initial Coin Offerings (ICOs).

I know it did not got banned but only warning for their community, anyways this somehow affects the volume and value of bitcoin, since the negative news is spreading bitcoin is taking all the suffering being prohibited from country to country or being warned affect the market directly and since after the massive adaption of bitcoin starts we are certainly looking for a later bull run.

there is something wrong with bitcoin whether there should not be in the government or can make the currency there worse with the existence of this.

so many people reading the headline but not actually rading the content

IT IS NOT BANNED

its a MEMO reminding people that th banks do not insure peoples funds and the banks say its a risk to trade
MEMO's are not law.
memo's are just risk awareness reminders.

in short they are saying.. dont come crying to us asking for your money back because we dont endorse or insure crypto.. so trade at your own risk

this news is kinda regular now lol. Making cryptocurrencies banned in many countries. Yes they may ban the trading of fiat to crypto but still if someone will use Bitcoin and can exchange fiat for it that’s okay.

In South Asia bitcoin is banned all the countries. But peoples are also connecting with this market. It’s a good news for this market. If they get benefit then they will more invest on this market.

as far I know they didn't banned it yet they are just trying to convince people so that they don't do trading in bitcoin but whatever the situation is there is no doubt that this news is heart breaking, Sri Lanka is doing a mistake they should atlest try to understand the business it's painful if someone just remove it like this.

This is a phase in the eventual global Cryptocurrency total acceptance regime wherein the central bankers are reacting reflexly, knee-jerk, to protect their turf. It'll take some time for the global Cryptocurrency inevitability to sink into their mindset. Meanwhile, the people living at their mercies suffer and get left behind while others elsewhere progress far ahead.
 

The amount being bought & sold in Sri Lania is likely to be negligable so I highly doubt this will have an overly negative effect on the market.

That is really a sad news. I think they also think that Bitcoin is a threat for their economy which made them to ban Bitcoin. I think they are actually afraid of the volatility of bitcoin. I just hope that Srilanka will soon understand it and withdraw the ban.

Yeah terrible news all that investment and volume lost.

I'm not surprised if bitcoin is prohibited in some countries because bitcoin is not legal for some countries, because bitcoin currencies are still not inaugurated in a country, but if you think bitcoin still needs development again because bitcoin has not been legal in some countries ... .

Have anyone seen any concrete news on this.? I cant find any article referring to this. In fact, Sri Lanka is more open to crypto and can become "Malta" of South Asia region.

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.

It’s correct they are not banning crypto trading but they are giving warning to their peoples to keep away from crypto, reason was there is high rate of profit & loss, so if someone will trade in digital currency have to bear loss as well.

Of course I agree with you.

Oh god that is not good. After India now in Sri Lanka also. Sad for cryptocurrencies

Its bad for Srilankan crypto enthusiasts 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.