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Central Bank of Sri Lanka Gives Warning on Crypto Investment

Sri_Lanka’s_Central_Bank_Issues_Public_Warning_Against_Crypto_Investments
  • The Central Bank of Sri Lanka has issued a general warning about crypto investment.
  • According to the CBSL, digital currency investment has a high level of risk.

The Central Bank of Sri Lanka warns its general public on investing in crypto. As per CBSL, crypto investments have a high level of risk.

Specifically, CBSL says that investing in digital assets like Bitcoin, Ethereum, and Litecoin comes with an even higher risk.

According to the report, the only means of obtaining digital currencies are through exchanges, mining, or via Initial Coin Offerings (ICOs). However, Sri Lanka does not allow any of these crypto-related activities.

CBSL mainly highlighted areas of risk. This applies to anyone who invests in crypto. CBSL also expressed that those who face issues in crypto investments do not even get legal support.

Moreso, CBSL cautioned that citizens who purchase crypto from exchanges outside the country will be violating Sri Lanka’s Foreign Exchange Regulations. 

In terms of the Foreign Exchange Regulations in Sri Lanka, CBSL further explained,

Electronic Fund Transfer Cards (EFTCs) such as debit cards and credit cards are also not permitted to be used for payments in foreign currency related to virtual currency transactions.

Furthermore, CBSL said that crypto assets are highly volatile and can lead investors to high risks and losses.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.