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MMA denies permitting the use of crypto currency in the Maldives

MMA denies permitting the use of crypto currency in the Maldives


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Maldives Monetary Authority has released a statement, saying that the authority has not permitted to use any form of crypto currency in the Maldives and that it is the only authority with the permission to issue legal tender in Maldives and issuance by any other party will be against the law.

MMA released this statement during a time, many private parties in the Maldives have been advertising sale of crypto currencies in the Maldives. Many of these advertisements are often scams and does not even involve the trade of crypto currency.

Earlier this month a letter was circulating on the internet apparently issued by the Finance Ministry stating that, a foreign citizen has been given the permit to trade crypto currencies such as Bitcoin in the Maldives. The MMA’s statement came at a time where many believed that this letter to be valid.

MMA’s statement has proven that the letter is invalid and that no permits have been given to any party to officially trade crypto currency in the Maldives.