RE: HOW IS IT WITH THE CURRENT CRYPTO BAN IN INDIA? by pushpika

hive-175254 · @pushpika · Jun 4 '21

$0.18

Hello @crypto.piotr,

I am from Sri Lanka.

>I'm fully aware that India and Sri Lanka should not be treated as one country.

Yes. We are fully different nations which are controlled with fully different political concepts. Therefore it is pretty sure that any banning or regulating at India will not be effect to Sri Lanka.

But I want to highlight something else. Nowadays China plays a big role in our country by lending money for our development. They are actively participating in our construction projects. They owe one of our main harbor. Meanwhile some signs are there that Sri Lanka will follow the China in near nature future and there may be some possibilities of involvements in democratic of Sri Lanka by Chineese which can be powered up to affect on economically and financially as well.

>if anyone reading this post has any reliable information about the way Sri Lankan authorities are approaching crypto markets?

The cryptocurrency is still remaining unregulated in Sri Lanka by CBSL. ( Central Bank Sri Lanka). They have published  a warning alert in last April 2021 explaining the risk of using crypto. 
1. No legal action can be taken over any disputed due to crypto trading.
2. High volatility of coins makes investors in a risk.
3. Crypto can be used as a payment among terrorists and used for criminal launders.
4. It's violating foreign exchange regulations.

Anyway Sri Lankans tends to deal with Crypto in various ways in closed social media groups and through some web sites. All the transaction depends on the trust. P2P bitcoin trading platform Paxful saw a 730% rise in trading volume between April 2020 and April 2021

![Capture.PNG](https://cdn.steemitimages.com/DQmevZnZpUFh9oquB8DdW28ew3hdi8snKe8FniDdbPnXa95/Capture.PNG)
 [Source](https://www.coindesk.com/economic-uncertainty-drives-crypto-growth-in-sri-lanka)
>“The average monthly volume so far in 2021 is three times what we saw in 2020,” said Danny Stagg, director of communications at Paxful. 

Further, it was recently  discussed in the parliament by Hon.Namal Rajapaksha ( Son of PM, Mahinda Rajapaksha)that they shall allow and regulate the Crypto in Port city, Sri Lanka amid the banned in China. 
You may find the relevant article here. [Sri Lanka minister eyes Bitcoin exchange in Port City amid China crypto crackdown
Friday May 21, 2021 6:59 am](https://economynext.com/sri-lanka-minister-eyes-bitcoin-exchange-in-port-city-amid-china-crypto-crackdown-82216/)

I hope that good political intervention will be there to legalize crypto in Sri Lanka which may be a great help to Sri Lankan Crypto family.

👍 crypto.piotr, dulhara19

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