Cen­tral Bank cau­tions on cryp­tocur­ren­cies for first time

Daily Mirror (Sri Lanka) - - LATE CITY -

Amid the grow­ing in­ter­est to­wards vir­tual cur­ren­cies glob­ally and lo­cally, Sri Lanka’s Cen­tral Bank yes­ter­day said it has not given the li­cence or autho­riza­tion to any en­tity or com­pany to op­er­ate schemes in­volv­ing vir­tual cur­ren­cies, in­clud­ing cryp­tocur­ren­cies and has not au­tho­rized any Ini­tial Coin Of­fer­ings (ICOS).

The term ‘vir­tual cur­ren­cies’ is com­monly used to re­fer to dig­i­tally cre­ated rep­re­sen­ta­tions of value that are is­sued by pri­vate de­vel­op­ers and de­nom­i­nated in their own unit of ac­count.

Com­mon ex­am­ples of vir­tual cur­ren­cies are cryp­tocur­ren­cies such as Bit­coin, Lite­coin and Ethereum. Vir­tual cur­ren­cies are not cen­tral bank-is­sued cur­rency.

Vir­tual cur­ren­cies such as cryp­tocur­ren­cies use de­cen­tralised peer-to-peer dig­i­tal net­works to au­tho­rize trans­ac­tions.

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