Maldives Central Bank Warns Citizens To Be Cautious About Social Media Advertisements Related To Crypto Trading

The central bank of the Maldives, issues a warning to its citizens in the latest crypto news, saying that citizens to be cautious of advertisements that show up on social media related to cryptocurrency trading.

The Maldives Monetary Authority stated in a press release that members of the public should be wary when transacting cryptocurrencies because they are the only agency that is responsible for licensing exchange businesses.

The bank also noted no other permit has ever been issued to any organization that is authorizing the use of cryptocurrencies for financial transactions.

They wrote in a statement:

‘’No party has been granted permission to conduct any financial transactions using cryptocurrencies or other virtual currencies in the Maldives. Furthermore, the issuance of any legal tender by any other party is against the law.’’

The Maldives Monetary Authority isn’t the only one that has an anti-cryptocurrency stance. For example, just this week the central bank of Zambia stated that cryptocurrencies aren’t recognized as legal tender in the country. Also, the central bank of China noted that investors should avoid speculating in cryptocurrencies, but China despite the ban on all ICOs, trading in the country has remained the same.

Other banks that have taken this stance include the Central Bank of Laos and the Central Bank of Samoa. Both of these banks stated that cryptocurrencies do not have a legal tender status.

However, not all banks have the same attitude towards cryptocurrencies and some are even extremely supportive of this sector. For example, the Monetary Authority of Singapore indicated that they would gladly assist domestic crypto exchanges into and other crypto startups as a way of fostering this sector in the country.