Special attention on cryptocurrency promoters!

The Financial Intelligence Unit of the Central Bank of Sri Lanka is paying special attention to people who promote cryptocurrency as a profitable investment method and people who exchange foreign currency through informal methods such as Undiyal and Hawala, it was reported.

According to Order No. 03 of 2021 issued under the Foreign Exchange Act No. 12 of 2017, Electronic Fund Transfer Cards such as Debit Cards and Credit Cards are not allowed to be used for payments related to cryptocurrency transactions. However, it was reported that cryptocurrency promoters have disregarded this order.

The relevant orders have been issued since cryptocurrency operates through informal means, and that it does not contribute to the national economy and it can also cause the country to lose a substantial amount of foreign currency.

The Central Bank of Sri Lanka through press releases issued in 2018, 2021 and 2022 has already emphasized the significant financial, operational, legal and security risks as well as consumer protection issues that users may face when using cryptocurrencies.

For those who do not have a crypto mining machine, it is mandatory to use electronic fund transfer cards such as debit cards or credit cards to receive crypto money.

An average crypto mining machine is said to cost between US$600 and US$20,000.

Meanwhile, ‘Sri Lanka Mirror’ paid attention to several people who promote cryptocurrency through the internet.

Some posts that promote cryptocurrencies on Facebook are shown below: