Sri Lanka Reiterates Crypto Warning As President Amid Civil Revolt
Categories: Crypto News US
SriLanka Reiterates Crypto Warning As President Amid Civil Revolt
Sri Lanka is in the grip of mass protests over an economiccrisis that this week its President Gotabaya Rajapaksa fled the countryon a military jet. Simultaneously, the Central Bank of Sri Lanka (CBSL) haswarned the public against buying crypto due to the industry's regulationdrought.
CBSL issued a short media release to remind the public that,amid the country's economic collapse, virtual currencies (VCs) are "largelyunregulated digital representations of value issued by private entities andtraded electronically." can be done". With Sri Lanka'sinflation level hitting an all-time high of 54 per cent last month, the CBSLraised interest rates to 15.5 per cent with a huge knock-on effect on the costof living for the country's 22 million population.
On 9 July, hundreds of protesters ransacked the President'sColombo residence, allegedly confiscating 17.8 million rupees (aboutUS$50,000) in cash and making full use of all facilities in the residence. Asthe situation in Sri Lanka continues to escalate, CBSL's media release has alsowarned the public to beware of various VC schemes and scams projected throughall kinds of media.
Worldwide crypto protests Many other countries around theworld also remain anti-crypto, most notably Russia and Zambia. According to aReuters report, the Central Bank of the Russian Federation (CBR)was seeking to ban crypto investments at the end of 2021. The CBR also barredmutual funds from investing in digital currency during the same period.
Worldwide crypto protests Many other countries around theworld also remain anti-crypto, most notably Russia and Zambia. According toa Reuters report, the Central Bank of the Russian Federation (CBR)was seeking to ban crypto investments at the end of 2021. The CBR also barredmutual funds from investing in digital currency during the same period.
Recently, the central bank of Zambia was revealed to be inthe process of researching central bank digital currencies, with aspirations toimplement a CBDC by the end of the fourth quarter. This followed warningsissued by the government about crypto earlier in the year. Despite the desireto explore CBDCs, the Zambian government maintains an anti-crypto stance.