Unfiltered

A Farewell To Bitcoin In Sri Lanka

Bitcoin is hovering in the minds of everyone!

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Let’s get real! Bitcoin is a craze and everyone wants to join in. Everywhere around the world are desperately looking for ways to get their hands on Bitcoin and the volatility of this cryptocurrency is one of its charms. The price fluctuations can surely through you off, but when the prices rise it can be one of the happiest days of your life. Seriously, we’re not kidding!

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But, there’s a sad part to the Bitcoin story. Not everyone in the world has access to Bitcoin and other cryptocurrencies because they’ve been banned by the authorities in some countries. It’s a tragedy! Then there are countries where cryptocurrencies are unregulated. While some nations have recognized the true potential and importance of the blockchain technology and cryptocurrency, the people of these countries are living their best life.

A Farewell To Bitcoin

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You see, there are different methodologies you can avail Bitcoin and other cryptocurrencies. It mainly depends on the type of regulation in the country. The Central Bank of Sri Lanka (CBSL) has recognized the growing interest in crypto. But, there is a catch!

They know the risks in terms of financial, legal, operational, customer protection and security risks that come along with the regulation of cryptocurrency. Therefore, the CBSL hasn’t given license or even authorization to any company or entity to operate any type of scheme involving cryptocurrency.

The Warning

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CBSL is trying their best to create public awareness of cryptocurrency. They’ve warned the public to steer clear from the use of any type of virtual currencies which they believe are competing with the state itself. Of course, the authorities are worried as hell about their economy and they would make this move to educate the public. But, the thing is they are creating awareness on cryptocurrency the way they want to.

Portraying it as something that could potentially ruin their economy which is definitely not the case. Crypto can change the entire financial system and there is a reason advanced countries are regulating its use.

CBSL Doesn’t Want To Get Their Hands Dirty

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Apparently in the eyes of CBSL, the absence of a centralized authority there is no recourse in the event of any transaction related issues or dispute. How do they not get the point? The entire concept of cryptocurrency is that it’s decentralized because it wants to eliminate third party involvement. It’s quicker and much easier this way to make transactions. What we can see is that CBSL needs to educate themselves before they educate the public.

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Cryptocurrencies are based on the blockchain technology. All the transactions that take place are recorded on the blockchain ledger and it’s immutable and unhackable. No one can take away your crypto ever! It’s completely safe and that’s why people all over the world trust Bitcoin and cryptocurrency. As far as crypto scams are concerned. Sure, they’ve happened and we don’t deny that. But, that’s where you need to play smart and not get sucked into a scam. Crypto-enthusiasts all over the world has educated themselves on how to buy, sell and trade for a reason because they know it’s risky. All you need to do is get a hang of how the crypto-market functions and you’re game!

The sooner countries realize the benefits of cryptocurrency the better instead of making misinformed choices and being scared of change. What do you think? Isn’t it time the world starts adopting crypto for good?

Maira Zaheer

I love to write and channel my feelings into words. I'd like to quote my favorite author and poet. Who has taught me every word matters. “let me live, love, and say it well in good sentences” - Sylvia Plath. I'm here to fill your lives with some crypto-gossip. Contact the editor at editor.unfiltered@blockpublisher.com

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