MMA Bans Use of Virtual Currency in The Maldives

Maldives Monetary Authority (MMA) has banned the use of virtual currency or cryptocurrency in the Maldives.

In regards to advertisements about virtual currency circulating in the Maldives, MMA released a statement announcing that the use of such currency is prohibited.

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They also noted the fact that it states in the law no. 6/81, the domestic and international money remittance and money exchange business can only be regulated by the Maldives Monetary Authority and that no person has been given permission by the authority to use and exchange cryptocurrency.

The authority further advises the public not to conduct business using any virtual currency or notes that are not made by MMA.

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