{"id":5710,"date":"2022-07-17T07:07:12","date_gmt":"2022-07-17T07:07:12","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=5710"},"modified":"2022-07-17T07:07:12","modified_gmt":"2022-07-17T07:07:12","slug":"sri-lankas-central-bank-warns-about-crypto-amid-severe-economic-political-crisis","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5710","title":{"rendered":"Sri Lanka&#8217;s Central Bank Warns About Crypto Amid Severe Economic, Political Crisis"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Sri Lanka\u2019s central bank issued a warning regarding the use of cryptocurrencies amid a devastating economic and political crisis. The central bank stressed that it \u201chas not given any license or authorization to any entity or company to operate schemes\u201d involving cryptocurrencies.<\/strong><\/p>\n<h2>Sri Lanka\u2019s Central Bank Issues Notice About Cryptocurrency<\/h2>\n<p>The Central Bank of Sri Lanka (CBSL) published a notice about cryptocurrency Tuesday titled \u201cPublic Awareness in Relation to the Use of Virtual Currencies in Sri Lanka.\u201d The notice cites \u201crecent development in relation to virtual currency usage in the international and domestic markets as well as the inquiries related to virtual currency.\u201d<\/p>\n<p>Noting that \u201cVirtual currencies (VCs) are largely unregulated digital representations of value that are issued by private entities and can be electronically traded,\u201d the Sri Lankan central bank emphasized:<\/p>\n<p>CBSL has not given any license or authorization to any entity or company to operate schemes involving VCs, including cryptocurrencies.<\/p>\n<p>The central bank further noted that it \u201chas not authorized any initial coin offerings (ICO), mining operations or virtual currency exchanges.\u201d<\/p>\n<p>Furthermore, the Central Bank of Sri Lanka warns that \u201cElectronic Fund Transfer Cards (EFTCs) such as debit cards and credit cards are not permitted to be used for payments related to virtual currency transactions.\u201d The notice continues:<\/p>\n<p>Therefore, VCs are considered as unregulated financial instruments and have no regulatory oversight or safeguards relating to their usage in Sri Lanka.<\/p>\n<p>\u201cThe public is, therefore, warned of the possible exposure to significant financial, operational, legal and security related risks as well as customer protection concerns posed to the users by investments in VCs,\u201d the central bank concluded. \u201cThe public is also warned not to fall prey to various types of VC schemes offered through the Internet as well as other forms of media.\u201d<\/p>\n<p>Earlier this week, protesters stormed the former Sri Lankan prime minister\u2019s compound. President Gotabaya Rajapaksa fled the country Wednesday. He has been blamed for a deep economic crisis as Sri Lankans face acute shortages of food, fuel, and other basic supplies. Prime Minister Ranil Wickremesinghe was sworn in Friday as temporary leader.<\/p>\n<p><em><strong>What do you think about the Sri Lankan central bank warning about cryptocurrency amid a severe economic crisis? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/sri-lankas-central-bank-warns-about-crypto-amid-severe-economic-political-crisis\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sri Lanka\u2019s central bank issued a warning regarding the use of cryptocurrencies amid a devastating economic and political crisis. The central bank stressed that it \u201chas not given any license or authorization to any entity or company to operate schemes\u201d involving cryptocurrencies. Sri Lanka\u2019s Central Bank Issues Notice About Cryptocurrency The Central Bank of Sri [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5710"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5710\/revisions"}],"predecessor-version":[{"id":5712,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5710\/revisions\/5712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5711"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}