Why is the Sri Lanka Central Bank cautioning against the use of cryptocurrencies?

3 answers

• May 08, 2022 · 3 years ago
  The Sri Lanka Central Bank is cautioning against the use of cryptocurrencies due to concerns over money laundering and terrorist financing. Cryptocurrencies provide a certain level of anonymity, making them attractive for illicit activities. The Central Bank wants to protect the financial system and ensure that it is not being used for illegal purposes.
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• May 08, 2022 · 3 years ago
  The Sri Lanka Central Bank is concerned about the volatility and lack of regulation in the cryptocurrency market. Cryptocurrencies are known for their price fluctuations, which can lead to significant financial losses for investors. Additionally, the lack of regulatory oversight makes it difficult to ensure the security and stability of the market.
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• May 08, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can understand the Sri Lanka Central Bank's caution. While cryptocurrencies have the potential for innovation and financial inclusion, they also come with risks. It's important for individuals and institutions to educate themselves about the risks and make informed decisions. At BYDFi, we prioritize security and compliance to provide a safe and reliable trading platform for our users.
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