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
Topic: Bitcoin banned in Sri Lanka - page 2. (Read 3240 times)
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.
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.
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
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.
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.
If it's true that bitcoin banned in Sri Lanka than it's not a good news as before listen that already banned in india and Bangladesh these type of steps putting him back must be both authorities have to be clear both sides confusion.
I think Sri Lanka is lacking in technology at this time and I think bitcoin is not yet introduced and published so for me to ban sri lanka is normal, but if you miss the current technology don't blame the world Oh god that is not good. After India now in Sri Lanka also. Sad for cryptocurrencies
it is unfortunate that Sri Lanka is the next country that has banned bitcoin, whatever the reason I am convinced that Sri Lanka aims to protect its citizens from the bitcoin price instabilityYes that is true but there are many sri lankan developer and involved in cryptocurrency just like their Indian counterpart, this is the only short term I'm sure when big countries adopt cryptocurrency they will follow, it's like a domino effect.
Oh god that is not good. After India now in Sri Lanka also. Sad for cryptocurrencies
it is unfortunate that Sri Lanka is the next country that has banned bitcoin, whatever the reason I am convinced that Sri Lanka aims to protect its citizens from the bitcoin price instability 
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 ?
What do you mean exactly, did they tell that they wont work with any company associated with crypto or there will be fines or something else?
Can you give us a reference to any press release if there is any.
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 ?
all countries clearly have their own problems and look at their domestic situation, because it is clear not to be detrimental to economic development, but perhaps as a developing country requires to learn more details.
Simply because the government wants to better control the bitcoin market, the government wants to ensure that their interests are not compromised by the excessive development of bitcoin.
Their government doesn't want that their people should grow. Because their commission will loss if their people invest in crypto because if people starts investing in crypto or bitcoin thrn their money will goes to bitcoin for the profit and the money is withdrawn from the bank. The banks will gain loss by withdrawal of money then the government makes the laws that nobody vould invest in crypto so that to gain profits from the banks. Unlucky peoples who cant be ablento invest in crypto for making money
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 ?
the most logical reason for every country that prohibits no more than bubbles. especially in small countries like Sri Lanka. this is not surprising at all
and will not even affect the decline of bitcoin even if this rumor is true
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 think the OP doesn't understand well what does the public awareness means lol. 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.
Take a look at it, I just quoted.
Quote
Public Awareness on Virtual Currencies in Sri Lanka
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).
Published Date:
Monday, April 16, 2018
If you take a look at it and read it carefully there is no word about banning or anything like that or similar to that, it's just a public awareness just like in our country crypto currencies are not legalized yet but the government doesn't prohibit the use and possession of crypto currencies such as Bitcoin and other altcoins and actually, they also allowed an exchange platform to operate in the country, this platform serves as a wallet, crypto to fiat exchange and payment system for bills such as internet bill and many more. 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).
Published Date:
Monday, April 16, 2018
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 ?
Surely this is a topic that needs to be resolved clearly as this creates a FUD. One word that can be destructive is enough to destroy many years of hardwork to let bitcoin live especially during this times of struggle for cryptocurrency. I would suggest to my fellow forum members to stay always on the positive side so as help bitcoin recover positively over time.
banning bitcoin in a country is not a good decision, blocking bitcoin is makes the country is restricted for new technology from the outside.
Most likely, this is done due to the fact that no apparatus has been created to regulate the sphere of cryptocurrencies, and the prohibition of Bitcoin on Sri Lanka is temporary.
I have looked for confirmation of a ban, and found nothing. But as others have pointed out and posted links to-the government has not banned bitcoin/crypto. What it has done is to issue a strong warning as to the risks and implications of crypto, such as "it's unregulated, peer to peer, no recourse if things go wrong, and the implications around AML, illegal activities , terrorist funding etc" so no ban, just the government responsibly pointing out the risks.
"On 15th August, Cargills Bank Limited, a notable commercial bank in Sri Lanka announced their collaboration with Ripple, a prominent payment provider. The partnership was decided upon to enable cross-border inward remittances to Sri Lanka using RippleNet. Cargills Bank has also decided to adopt xCurrent, Ripple’s enterprise software solution to ensure that cross-border transactions are safe and secure"
FWIW, XCurrent can utilize XRP. article below: Aug 2018
https://ambcrypto.com/ripple-collaborates-with-cargills-bank-a-promising-change-for-sri-lanka/
FWIW, XCurrent can utilize XRP. article below: Aug 2018
https://ambcrypto.com/ripple-collaborates-with-cargills-bank-a-promising-change-for-sri-lanka/
banning bitcoin in a country is not a good decision, blocking bitcoin is makes the country is restricted for new technology from the outside.
The more countries that prohibit bitcoin must be a reference for finding the cause, why many countries forbid it. There must be a solution that becomes an agreement, meaning that as a digital currency that is only one decade is certainly not perfect. But as technology, bitcoin has made very fundamental changes to the financial transaction system, especially the use of blockchain which is ultimately used by many companies outside bitcoin. Jump to: