Sri Lankan authorities are not in favour of Bitcoin adoption amid economic crisis
The governor of the Central Bank of Sri Lanka stated that Bitcoin adoption will further create a very bad situation for the economic health of the country.
Sri Lanka is an island country and this country is facing a very big financial crisis, where the value of its national fiat currency plunges badly because of hyperinflation. According to experts, the Srilankan government was trying to introduce fully organic fertilisers and pesticide use in its agricultural field and that decision to ban chemical fertilisers & pesticides resulted in a very bad outcome for the country, in absence of a lack of resources.
Recently American billionaire Tim Draper visited Sri Lanka and there he pitched the idea of Bitcoin adoption in the country to fight against the critical economic environment.
After taking time from a TV shoot in Sri Lanka, Tim Draper met the country’s President Ranil Wickremesinghe and Srilankan Central Bank governor Nandalal Weerasinghe to recommend Bitcoin adoption as a viable option for getting out of these financial problems.
Draper said:
“Have you seen Sri Lanka in the news? It’s known as the corruption capital. A country known for corruption will be able to keep perfect records with the adoption of Bitcoin.”
Perhaps this suggestion from an American Billionaire to the Srilankan authorities was a good idea because of the decentralised nature of Bitcoin, which can be used as a payment tool and easily fight against the inflated value of Sri Lanka’ fiat currency, but he faced opposition for his Bitcoin adoption idea.
The Central Bank governor said that Srilankan currency is already good, where the Central Bank can control its value, and the adoption of Bitcoin may create a worse situation for the country.
In the present time, Central African Republic (CAR) & El Salvador as two independent countries are using Bitcoin as a legal tender. In the Bitcoin adoption race, El Salvador stands at first rank because of its several plans with Bitcoin like Bitcoin city, Bitcoin bond, Bitcoin mining, Bitcoin holding & payment with national Bitcoin wallet Chivo.
Read also: Google funds AI company previously funded by FTX former CEO SBF
