Central Bank of the Maldives prohibits transactions in cryptocurrencies

The island nation, located in the Indian Ocean, warned citizens to be wary of all publicity related to crypto currencies

The authorities of the Central Bank of the Maldives, located in the Indian Ocean, have prohibited transactions in cryptocurrencies in their territory. The warnings point to citizens avoiding advertising about electronic assets that are disseminated mainly through social networks.

The announcement was made by the Maldives Monetary Authority through a press release that clearly establishes the Central Bank as the only agency authorized to grant licenses to money exchange and international companies, as well as to national shipping companies of money.

According to the MMA, “no party has been granted permission to conduct financial transactions using cryptocurrencies or other virtual currencies in the Maldives, also the issuance of any currency of legal tender by any other party is illegal.”

The Asian country joins other nations that have also banned cryptocurrencies and transactions in these currencies because they are not considered financial assets. In addition, as a measure of protection against crimes such as money laundering, fraud or cyber attacks.

Previously, the central banks of Zambia, India and China issued a ban on trade in crypto assets, because they are not considered legal currency.


Source: Diario Bitcoin

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