Maldives central bank denies permit for crypto currency trade

Maldives central bank on Monday urged the public to be wary of social media advertisements regarding the trading of crypto currencies in the archipelago insisting that no permits had been issued to trade in virtual currency.

Following increasing advertisements on social networking sites, Maldives Monetary Authority (MMA) in a statement insisted that no party had been granted permission to conduct any financial transactions using crypto currencies or other virtual currencies in the Maldives.

"... the issuance of any legal tender by any other party is against the law," MMA said reminding that the public that it was sole issuer of the Maldivian currency.

"Accordingly, the MMA cautions the general public on the use of crypto currency and other virtual currencies."