Sri Lanka, March 13 -- Colombo Chief Magistrate Asanga S. Bodagamage observed that due to loopholes in actions carried out by state financial institutions under the Foreign Exchange Act, money in Sri Lanka is being transferred overseas through cryptocurrency transactions.

Accordingly, the Magistrate stated that immediate steps should be taken to prevent such activities and to educate the public and directed that the Central Bank of Sri Lanka be informed in this regard.

The Magistrate further observed that cryptocurrency transactions carried out using modern technology without any approval from the Central Bank of Sri Lanka have taken place without the public having adequate awareness about such activities. The court also noted that inci...