How to Buy Cryptocurrency in Sri Lanka
Buying cryptocurrency in Sri Lanka
In Sri Lanka, the legal status of cryptocurrencies is yet to be defined and made clear. CBSL, the Central Bank of Sri Lanka, declared its intentions to back virtual currencies, even if the development of a cryptocurrency sector in the country could take years. The reasons behind this are relatively low Internet use in Sri Lanka and the populationsí minimal knowledge of Bitcoin. Even so, buying and selling cryptocurrency in the country isnít illegal. Aware of the rising interest in cryptocurrencies like Litecoin, Ethereum and Bitcoin, CBSL announced its plans to enforce the development of a Know Your Customer (KYC) platform based on blockchain in 2019. CBSL also added that this platform would improve efficiency and inclusion in the financial sector. Another blockchain project of the Sri Lankan government is the Etherisc startup, which uses Ethereum and works to provide affordable insurance prices for small rice farmers with low incomes.
As of 20/03/2021
These exchanges all accept customers from Sri Lanka. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options