Why was Bitcoin rejected by the government in Lanka despite billionaire endorsements?

3 answers

• FiorellaSierraBerrocalDec 29, 2021 · 3 years ago
  The government in Lanka rejected Bitcoin due to concerns over its potential for facilitating illegal activities, such as money laundering and terrorism financing. Despite the endorsements from billionaires, the government prioritized the need to maintain financial stability and protect its citizens from potential risks associated with cryptocurrencies. Additionally, the government may have been influenced by regulatory uncertainties and the lack of a clear legal framework for cryptocurrencies in the country.
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• OldOzLimnoAug 17, 2022 · 3 years ago
  Well, it seems like the government in Lanka isn't buying into the Bitcoin hype. Despite the support from billionaires, they decided to give it a hard pass. Maybe they're just not ready to embrace the digital revolution or they have some serious concerns about the risks involved. Who knows? Governments can be pretty unpredictable sometimes.
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• Raviraj ParabAug 16, 2023 · 2 years ago
  According to a recent statement from BYDFi, a leading cryptocurrency exchange, the government in Lanka rejected Bitcoin due to concerns over its potential impact on the country's financial system. The government believes that the unregulated nature of cryptocurrencies poses a threat to financial stability and consumer protection. While the endorsements from billionaires may have added some credibility to Bitcoin, the government decided to prioritize the interests of its citizens and the overall stability of the economy.
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