Sri Lanka Financial News

cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. Last year's episode of FTX's bankruptcy following a spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value.

The G20 — an intergovernmental forum comprising 19 countries and the European Union — has planned to develop a common framework for helping all countries deal with risks associated with cryptocurrency investments.

debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option. India's G20 presidency comes at a time when its South Asian neighbours Sri Lanka, Bangladesh and Pakistan are seeking urgent IMF funds due to an economic slowdown caused by the COVID-19 pandemic and the Russia-Ukraine war. China, the world's largest bilateral creditor, urged G20 nations on Friday to conduct a fair, objective and in-depth analysis of the causes of global debt issues as clamour grows for lenders to take a large haircut, or accept losses, on loans. «On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors,» IMF Managing Director Kristalina Georgieva told reporters after the roundtable she co-chaired with Indian Finance Minister Nirmala Sitharaman.

Crypto markets have seen huge swings over the past few weeks, with Bitcoin and Ethereum prices suddenly increasing and decreasing. This has been a turbulent time for investors in the digital currency space.

On a recent visit to Sri Lanka, American billionaire Tim Draper pitched the idea of adopting Bitcoin (BTC) as a legal tender to fight against the corruption that contributed to hyperinflation in the island country. However, a key Sri Lankan authority — central bank Governor Nandalal Weerasinghe — believed doing so would worsen the country’s economic situation.

Financial technology firm PayPal’s international money transfer service, Xoom, has announced a new product that lets users in the United States send money directly to Visa debit card users. 

Angel* was promised a European education. He ended up losing his leg.

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Another migrant has lost their leg to frostbite after being pushed across the Lithuanian border from Belarus, according to Lithuania's public broadcaster. 

Belarus is pushing migrants across the Lithuanian border barefoot in a bid to exert pressure on the country, Lithuania's government said on Wednesday. 

China has spent a trillion dollars to expand its influence across Asia, Africa and Latin America through its Belt and Road infrastructure program. Now, Beijing is working on an overhaul of the troubled initiative, according to people involved in policy-making.

The U.S. dollar is experiencing a once-in-a-generation rally, a surge that threatens to exacerbate a slowdown in growth and amplify inflation headaches for global central banks.

SINGAPORE—Burdened with a growing pile of souring loans to the developing world the past few years, Chinese lenders have been rescheduling payments and offering more credit to borrowers in financial straits.

The White House says Russian officials have visited an airfield in central Iran at least twice in recent weeks to view weapons-capable drones it is looking to acquire for use in its ongoing war in Ukraine.

President Joe Biden will discuss energy supply, human rights, and security cooperation in Saudi Arabia on Friday on a trip designed to restart the US relationship with a country he once pledged to make a "pariah" on the world stage.

Russian missiles struck a city in central Ukraine on Thursday, killing more than 20 people and wounding about 90 more, Ukrainian authorities said. Nearly 40 others were reported missing.

The International Criminal Court (ICC) and 45 countries have pledged stronger cooperation on prosecuting war crimes perpetrated by Russia in Ukraine.

Due to a lack of regulatory oversight at a time of economic and political upheaval, the Central Bank of Sri Lanka, or CBSL, has advised the public against purchasing cryptocurrencies.

The president of Sri Lanka, Gotabaya Rajapaksa, fled the country early Wednesday morning, hours before he was due to step down amid a devastating economic crisis that has triggered severe shortages of food and fuel.

Amid economic and political turmoil, the Central Bank of Sri Lanka, or CBSL, has warned the public against crypto purchases due to the lack of regulatory oversight.

Ukraine expects a fresh assault by Russian ground forces, following widespread shelling which killed more than 30 people, as Kyiv's Western allies brace for a worsening of the global energy crisis if Russia cuts its supply of oil and gas.