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Sunday, October 24, 2021

Cryptocurrency is not allowed in Sri Lanka - Central Bank

The Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal has stated that there has been no change in the Central Bank's stance on cryptocurrencies and that it is the responsibility of any individual in Sri Lanka to transact with cryptocurrency.

The Governor of the Central Bank said this in response to a query as to whether such transactions are permissible in Sri Lanka as some companies, especially those engaged in the sale of luxury apartments, have publicly advertised their acceptance of cryptocurrency payments on sale and lease. Said.

“Our policy on cryptocurrencies has not changed. We are following the same policy. If people use different currencies, they should take that risk. There is the same problem when exchanging goods. That is not what we expect. The currency of Sri Lanka is the Rupee. We have not approved anything other than that, ”said Central Bank Governor Ajith Nivard Cabraal.

Meanwhile, the Deputy Governor of the Central Bank of Sri Lanka TMJYP Jayasinghe further commented on this matter. Ms. Fernando said the public had been made aware of the dangers involved. However, she added that if there are people involved in this related business, they should take that risk.

The Central Bank of Sri Lanka issued a press release on 2021 April 09 stating its position on the use of cryptocurrency. It stated that the Central Bank of Sri Lanka would provide the public with significant financial, operational, legal, consumer protection and security risks to the economy as well as consumers by investing in virtual currency. Be warned.

In this context, the Cabinet approved a proposal made by Hon. Namal Rajapaksa, Minister of Development Coordination and Monitoring, to allow the Board of Investment to take the necessary steps to approve cryptocurrency mining companies for investment in Sri Lanka. The announcement was made at a press conference.

Previous News - Shangri-Lanka opens for cryptocurrency and blockchain .. Cabinet approval

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