Sri Lanka is ready to adopt the crypto and blockchain innovation


Officials confirmed that Sri Lanka is ready to bring opportunities for their citizens with the help of Blockchain technology integration and mining activities to increase the foreign investment.

After the initiative of El Salvador to adopt Bitcoin as a legal currency, many countries are moving toward crypto legalization. For example Ukraine, Brazil, Uruguay, Paraguay and many other countries also. Here Sri Lanka is ready to follow the crypto friendly countries.

A letter on 8 October shared by Mohan Samaranayake, Sri Lanka’s Director General of Government Information. Letter noted that the authorities of Sri Lanka came to know that there is a need for the advancement in the traditional Financial infrastructure through the implementation of blockchain innovation based technology. Mohan added 

“This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU and Singapore etc, and propose a suitable framework for Sri Lanka.”

A committee is appointed to give a report on this initiative by the Sri Lankan authorities to figure out all possible risks associated with crypto and blockchain and also outline the benefits. The committee includes high profile names from MasterCard, Colombo stock exchange and Central bank of Sri Lanka.

The government of Sri Lanka is not only looking to bring the advancement in the financial infrastructure but also they are looking to implement the crypto mining operations to generate revenue and opportunities for their citizens. 

It is worth to note that, earlier this in April, the central bank of Sri Lanka released a notification to warn the crypto investors of Sri Lanka to remain away from crypto Investment because of high volatility and associated risk. Perhaps, it was all part of the lack of legal framework over the crypto industry in Sri Lanka. But now Sri Lanka’s central bank will monitor the rules and framework of the other countries which are dealing with the associated problems of the Crypto like money laundering and terrorist funding.

Read also: MoneyGram jumps in Crypto industry

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