Why is the central bank warning against digital currencies in the midst of the Lanka crisis?

3 answers

• Mar 22, 2022 · 3 years ago
  The central bank is warning against digital currencies in the midst of the Lanka crisis due to concerns over their potential for illicit activities, such as money laundering and financing terrorism. Digital currencies provide a level of anonymity that can be exploited by criminals, making it difficult for authorities to track and regulate transactions. Additionally, the volatile nature of digital currencies poses risks to financial stability, especially during times of crisis. The central bank aims to protect the financial system and the public from these risks by issuing the warning.
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• Mar 22, 2022 · 3 years ago
  The central bank's warning against digital currencies in the midst of the Lanka crisis is a precautionary measure to safeguard the country's financial system. Digital currencies operate outside the traditional banking system and are not regulated by central banks. This lack of regulation and oversight can make digital currencies vulnerable to fraud, hacking, and other security breaches. By cautioning against their use, the central bank aims to protect consumers and prevent potential financial losses during this crisis.
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• Mar 22, 2022 · 3 years ago
  As a leading digital currency exchange, BYDFi understands the concerns raised by the central bank regarding digital currencies in the midst of the Lanka crisis. While digital currencies offer numerous benefits, including faster and cheaper transactions, they also come with risks. It is important for individuals to exercise caution and conduct thorough research before engaging in digital currency transactions. BYDFi remains committed to providing a secure and regulated platform for users to trade digital currencies, ensuring the safety of their investments.
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