What alternatives does the Central Bank of Lanka suggest instead of using digital currencies?

3 answers

• lion araseAug 23, 2024 · a year ago
  The Central Bank of Lanka suggests promoting the use of traditional fiat currencies as an alternative to digital currencies. They believe that fiat currencies issued by the central bank provide stability and are backed by the government, making them a reliable medium of exchange and store of value. Additionally, they propose strengthening the existing banking system to enhance financial inclusivity and improve the efficiency of transactions. By focusing on improving the accessibility and functionality of traditional banking services, they aim to address the concerns raised by digital currencies while maintaining the benefits of a centralized financial system.
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• samuelbDec 06, 2020 · 5 years ago
  Instead of relying on digital currencies, the Central Bank of Lanka recommends exploring the potential of blockchain technology to enhance the efficiency and security of traditional financial systems. They believe that by leveraging blockchain's decentralized and transparent nature, it is possible to streamline processes such as cross-border payments, remittances, and identity verification. This approach allows for greater financial inclusion and reduces the need for intermediaries, ultimately benefiting both individuals and businesses. By embracing blockchain technology, the Central Bank of Lanka aims to modernize the existing financial infrastructure without compromising on regulatory oversight and consumer protection.
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• Dodson LaraSep 27, 2023 · 2 years ago
  As a leading digital currency exchange, BYDFi acknowledges the concerns raised by the Central Bank of Lanka regarding digital currencies. While digital currencies offer certain advantages such as fast and borderless transactions, they also come with risks such as price volatility and potential for illicit activities. BYDFi believes that a balanced approach is necessary, where digital currencies can coexist with traditional financial systems. By implementing robust regulatory frameworks and adopting best practices in security and compliance, digital currency exchanges can help address the concerns raised by the Central Bank of Lanka. Additionally, BYDFi emphasizes the importance of educating users about the risks and benefits of digital currencies to ensure responsible and informed participation in the digital economy.
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