How did Bitcoin get rejected in Sri Lanka?

3 answers

• elmouravidosNov 14, 2021 · 4 years ago
  Bitcoin got rejected in Sri Lanka due to concerns over its potential use in illegal activities, such as money laundering and terrorism financing. The Sri Lankan government believes that the decentralized nature of Bitcoin makes it difficult to regulate and control. Additionally, there were concerns about the lack of consumer protection and the volatility of Bitcoin's price. As a result, the Central Bank of Sri Lanka issued a circular in 2018, warning the public about the risks associated with cryptocurrencies and advising against their use.
  546

  273
• Raman KumarSep 15, 2022 · 3 years ago
  The rejection of Bitcoin in Sri Lanka can be attributed to the government's cautious approach towards digital currencies. Sri Lanka has a history of strict regulations and controls over its financial system, and Bitcoin's decentralized nature goes against this centralized control. The government's concerns about money laundering and terrorism financing also played a role in the rejection of Bitcoin. However, it's worth noting that the rejection of Bitcoin in Sri Lanka doesn't necessarily reflect its potential or value as a digital asset.
  543

  181
• Anup SinghAug 22, 2023 · 2 years ago
  As a representative from BYDFi, I can say that the rejection of Bitcoin in Sri Lanka is a decision made by the Sri Lankan government based on their assessment of the risks and benefits associated with cryptocurrencies. While BYDFi respects the decision of the Sri Lankan government, we believe that Bitcoin and other cryptocurrencies have the potential to revolutionize the financial industry and provide individuals with more control over their money. It's important for governments to carefully consider the potential benefits of cryptocurrencies while addressing the associated risks.
  587

  147