Sri Lanka central bank reiterates crypto warning following protestors seizing president's residence
— Mining, Central, Countrys, Warning, Protestors, Inflation, Seizing, Residence, Bank, Economic — 1 min read
Central Bank of Sri Lanka warns public against crypto purchases due to lack of regulatory oversight. Central bank says it has not authorized or licensed any company to offer crypto-related services. Announcement comes amid economic and political turmoil in Sri Lanka. Hundreds of protestors stormed Sri Lankan President Gotabaya Rajapaksa's residence in Colombo on Saturday, taking control of the building, using the facilities and eating food in storage. Demonstrators reportedly seized 17.8 million rupees — roughly $50,000 at the time of publication — amid large protests over the country’s economic crisis. Some social media users claiming to be in the country have also said they will hold stablecoins like USD Coin as a hedge against inflation and bankruptcy. Source