The Central Bank of Sri Lanka (CBSL) issued a notice last week warning the public of “significant risks associated with using and investing in cryptocurrencies.” The notice states that recent complaints received by CBSL indicate that "the public has suffered significant losses on their cryptocurrency investments and, in some cases, has been subjected to cryptocurrency-related financial scams." A growing number of financial scams promise investors High returns can be earned from crypto investments. Cryptocurrencies are unregulated investment vehicles and are not considered an asset class in Sri Lanka. Furthermore, cryptocurrencies are not considered legal tender in Sri Lanka and there are no regulatory safeguards related to their use in the country.
In addition, the Central Bank of Sri Lanka stated that the CBSL has not issued any license or authorized any person or business to operate a scheme involving cryptocurrencies, and “has not authorized the fundraising of any ICO or its variants, cryptocurrency business, crypto exchange, cryptocurrency-related deposit or custody services or any cryptocurrency investment advisory services.” (Bitcoin.com)
