Sri Lanka Keeps Crypto Illegal Despite Ongoing Economic Turbulence

The Central Bank of Sri Lanka, or CBSL, has cautioned the public against buying cryptocurrencies due to a lack of regulatory monitoring at a time of economic and political upheaval. Sri Lanka Maintain “Crypto Is Illegal” Stance A public awareness notice was released by Sri Lanka’s central bank on July 12 in response to “recent […]

Sri Lanka’s central bank issued a warning regarding the use of cryptocurrencies amid a devastating economic and political crisis. The central bank stressed that it “has not given any license or authorization to any entity or company to operate schemes” involving cryptocurrencies. Sri Lanka’s Central Bank Issues Notice About Cryptocurrency The Central Bank of Sri Lanka (CBSL) published a notice about cryptocurrency Tuesday titled “Public Awareness in Relation to the Use of Virtual Currencies in Sri Lanka.” The notice cites “recent development....

In preparation to regulate its fintech space, the government of Sri Lanka has established a special committee tasked to formulate the country’s policy on digital banking and crypto-related activities. The committee comprises professionals from the public and private sectors. New Committee to Propose Rules for Blockchain Industry in Sri Lanka Sri Lankan authorities have unveiled the composition of а newly established committee of experts gathered to formulate the nation’s policy in three key areas related to cryptocurrencies, the local Daily Mirror reported on Saturday.....

Thousands of Sri Lankans took to the streets of Colombo in protest of the government’s response to the economic situation in the country. Amid economic and political turmoil, the Central Bank of Sri Lanka, or CBSL, has warned the public against crypto purchases due to the lack of regulatory oversight.In a Tuesday notice, the CBSL said it has not authorized or licensed any company in Sri Lanka to offer crypto-related services, including exchanges, initial coin offerings and mining. The central bank said the warning was in response to “recent developments in relation to virtual currency....

A human rights organisation that works in Sri Lanka is now accepting bitcoin donations to protect the identities of supporters. The Sri Lanka Campaign for Peace and Justice, a London-based NGO that campaigns for "justice, human rights and reconciliation" in Sri Lanka, began taking bitcoin donations this week. So far, the NGO has received just over 1 BTC in donations. "There is a very real fear within Sri Lanka of retaliation by government forces if you are seen as working closely with international human rights organisations," said Fred Carver, the organisation's campaigns director.....