Sri Lanka welcomes proposal to implement crypto mining and blockchain

Sri Lanka is ready to bring digitisation and advancement in the financial system through the adoption of the blockchain and Cryptocurrency.

On 8 October, The Director General of Government Information of Sri Lanka, Mohan Samaranayake shared a letter, which clearly shows that the authorities of Sri Lanka are ready to bring lots of opportunities and advancement in the financial system.

Samaranayake said that the authorities of Sri Lanka noted that there is a need for development to integrate systems of digital banking, blockchain and cryptocurrency mining technology” to remain active in the global market with their partners.

“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.”

Mr. Namal Rajapaksa, Minister of Project Coordinating and Monitoring, submitted the proposal of blockchain & crypto development by keeping under the rules and regulations of the Acts of Sri Lanka. 

The committee will give report on this proposal. Committee includes 8 members. Two members will represent FinTech development. These two members are Sandun Hapugoda from MasterCard firm and PricewaterhouseCoopers’ (PwC) Sujeewa Mudalige. 

Other players from the traditional financial services are Rajeeva Bandaranaike, CEO of Colombo Stock Exchange and Dharmasri Kumarathunge, Director of Central Bank of Sri Lanka.

With the support to this proposal, Sri Lankan authorities will take care about the Money Laundering and associated cyber crimes which can take place because of crypto adoption, so Sri Lanka will follow laws and rules of other countries that how they are dealing with such kinds of problems. 

Because of the lack of regulatory and legal framework of Sri Lanka, the central bank of Sri Lanka released a notification in April to warn the citizens against the crypto Investment and associated risks.

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