Sri Lanka against Bitcoin adoption

in crypto •  2 years ago 

Sri Lanka against Bitcoin adoption, rejects Draper’s anti-corruption pitch

“Have you seen Sri Lanka in the news? It’s known as the corruption capital. A country known for corruption will be able to keep perfect records with the adoption of Bitcoin.”

The reply:

“we don’t accept”

Central bank Governor Nandalal Weerasinghe added:

“Adoption of 100% Bitcoin won’t be a Sri Lanka reality ever.”

Rather depends on Draper's level of flag-waving, but those countries adopting Bitcoin (or other coins) as legal tender have not, as yet, made crypto the only national currency.

The corruption in third world countries is obvious, yet remains small compared to the so-called developed nations. When corruption is endemic it just looks like normality.

Listen to this guy! Does he know wheretf he is!? Does he not read the faces!?

crypto srilanka bitcoin draper shill
2 years ago by
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      ·  2 years ago  ·  

    we don't want transparency!

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      ·  2 years ago  ·   (edited)

    Sri Lanka is not against Bitcoin adoption. This is their most recent notice about digital currencies.

    CBSL has not given any license or authorization to any entity or company to operate schemes involving VCs, including cryptocurrencies, and has not authorized any Initial Coin Offerings (ICO), mining operations or Virtual Currency Exchanges. Furthermore, as per the Directions No. 03 of 2021 under Foreign Exchange Act, No. 12 of 2017 issued by the Department of Foreign Exchange of CBSL, Electronic Fund Transfer Cards (EFTCs) such as debit cards and credit cards are not permitted to be used for payments related to virtual currency transactions. Therefore, VCs are considered as unregulated financial instruments and have no regulatory oversight or safeguards relating to their usage in Sri Lanka.
    The public is therefore warned of the possible exposure to significant financial, operational, legal and security related risks as well as customer protection concerns posed to the users by investments in VCs. The public is also warned not to fall prey to various types of VC schemes offered through the Internet as well as other forms of media.

    source : https://www.cbsl.gov.lk/en/news/public-awareness-of-virtual-currencies-in-sri-lanka

    They have warned the public to be careful and also they are telling "VCs are considered as unregulated financial instruments and have no regulatory oversight or safeguards relating to their usage in Sri Lanka" . That means they are not against it but they are not taking the responsibility. You can use , you can invest but be careful and we can't protect you or safeguard your investments. So I see this as a positive move than prohibiting.

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    [-]
      ·  2 years ago  ·  

    OK, good.
    What Draper was challenging them was to "adopt" it as legal tender - as govs just seem to steal anything they can.
    that was the obvious yet funny reaction.

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      ·  2 years ago  ·  

    I see. It's a long way to a country like Sri Lanka. But government may will initiate with the port city project with china. As it's a separate artificial land created attached to Colombo city.
    https://economynext.com/sri-lanka-port-city-to-allow-crypto-currency-trading-no-rupee-tokens-88572

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