Posted on June 29th, 2021
Courtesy Adaderana
The Cabinet of Ministers approved the further extension of orders issued under the Foreign Exchange Act to control foreign exchange remittances outside the country.
Previously, orders were issued under Section 22 of the Foreign Exchange Act No. 12 of 2017 to suspend external remittances related to certain transactions, taking into account the possible negative impact on the country’s foreign reserves and foreign exchange market due to the Covid 19 epidemic.
The orders expire on July 1, 2021, and the Central Bank of Sri Lanka said the order should be further implemented to minimize potential risk in the foreign exchange market and maintain the stability of the financial system.
CBSL warns of investing in cryptocurrencies dailynews.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailynews.lk Daily Mail and Mail on Sunday newspapers.
Sri Lanka s Crypto Regulation: Central Bank Warns of Cryptocurrency Risks, Unlicensed Exchanges
The Central Bank of Sri Lanka has published a warning notice about the risks associated with cryptocurrency as interest and trading volumes of bitcoin and other cryptocurrencies surge locally and globally.
Sri Lanka’s Central Bank Warns About Bitcoin
The Central Bank of Sri Lanka has published a notice regarding cryptocurrency. “Considering the recent inquiries on virtual currency usage in the international and domestic markets, the Central Bank of Sri Lanka (CBSL) wishes to inform the public of the risks associated with investing in virtual currencies,” the notice published Friday reads.
Saturday, 10 April 2021 - 20:25
Considering the recent inquiries on virtual currency usage in the international and domestic markets, the Central Bank of Sri Lanka (CBSL) informs the public of the risks associated with investing in Virtual Currencies.
“Virtual Currencies (VCs)” are digital tokens created by private entities that can be obtained online through mining, Initial Coin Offerings (ICOs) or through Virtual Currency Exchanges.
VCs are also commonly referred to as cryptocurrencies.
Popular VCs include Bitcoin, Ethereum, Litecoin. While VCs have their own value denominations such as bitcoins for Bitcoin and ethers for Ethereum, they are usually valued in VC Exchanges in currencies issued by Central Banks, e.g., US dollar (USD), Japanese Yen, etc. However, it is important to note that VCs are not issued by Central Banks and are also not generally backed by underlying assets.
Cabinet Decision dailynews.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailynews.lk Daily Mail and Mail on Sunday newspapers.