The Central Bank of Sri Lanka doesn't want the public conducting crypto purchases due to the lack of regulatory oversight.
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.it has not authorized or licensed any company in Sri Lanka to offer crypto-related services, including exchanges, initial coin offerings and mining.
Virtual currencies “... are considered as unregulated financial instruments and have no regulatory oversight or safeguards relating to their usage in Sri Lanka,” said the CBSL. “The 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.”
The announcement came amid inflation in Sri Lanka reaching more than 54% in June as the SBSL bank raised interest rates to 15.5%. According to data from the central bank, inflation is roughly 45% at the time of publication, affecting the cost of living for the 22 million people living in Sri Lanka. On Saturday, hundreds of protestors stormed Sri Lankan President Gotabaya Rajapaksa's residence in Colombo, reportedly
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