Maldives Central Bank Says No Permits Issued For Crypto Transactions
The central bank of Maldives just warned citizens to be careful of advertisements on social media platforms with regards to the trading of cryptocurrencies otherwise known as Crypto Transactions.
The Maldives Monetary Authority (MMA) via a press release cautioned members of the public against transacting in cryptocurrencies saying it was the only agency responsible for licensing money exchange business and international as well as domestic money-remittance firms.
According to the central bank, no permit has been issued to any organization authorizing the use of cryptocurrencies in conducting financial transactions.
The Maldives Monetary Authority in a statement wrote: “…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,”