The central bank listed four chief concerns, including the lack of legal recourse in the event of investor disputes and possible violations of foreign exchange regulations when purchasing crypto from abroad.
Sri Lanka’s central bank has taken the 2021 crypto bull market as an opportune time to warn the public against the risks associated with cryptocurrency investments.In a public notice published on April 9, the Central Bank of Sri Lanka, or CBSL, flagged up three types of crypto activities: cryptocurrency mining, investment in initial coin offerings and trading via cryptocurrency exchanges. All these, CBSL warns, expose investors to significant risks. As there are no regulatory safeguards in place for crypto activities in Sri Lanka, the institution has identified four main areas of concern for retail investors getting into cryptocurrency.The first involves the lack of any specific legal or regulatory recourse for investo
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