Central Bank of Sri Lanka: No entity is authorized to operate involving virtual currency or issuance of ICO

The Central Bank of Sri Lanka (CBSL) issued a statement: Although the central bank is aware of growing interest in virtual currencies at home and abroad, the virtual currency is not a currency issued by the central bank, and the central bank has not authorized the use of virtual currency; it is not guaranteed by a central agency like the central bank. The value of digital currency and normative transactions, so there is no recourse when any related issues or disputes; the value of virtual currency depends on speculation, there is no asset or regulatory framework to support, so the virtual currency may fluctuate significantly.
The country’s central bank further stated that the possibility of using virtual currency in illegal activities seems high. Although not intended, their use may violate laws against money laundering and the fight against terrorism (AML/CFT). Therefore, in the current form, virtual currency may pose financial, legal, consumer protection, user safety and economic risks. Informing the public here that CBSL did not authorize any entity or company to operate involving virtual currency, nor authorize any initial token distribution (ICOs)

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