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Sri Lanka exploring Crypto, Blockchain Technology

The Sri Lanka cabinet has approved a proposal to look into crypto and blockchain technology to digitalize the economy. The Cabinet of Ministers has given the nod to appoint a committee of skilled professionals in the public and private sectors to report on the Acts, Rules, and Regulations required to attract investments of the companies involved in digital banking, blockchain technology and cryptocurrency mining.

This committee will be tasked with approving cryptocurrency mining companies to invest in Sri Lanka and allowing the Board of Investment (BOI) to take necessary steps under the BOI Act No. 4 of 1978 and the related amendments.

The five-member committee will study the regulatory frameworks and approaches to crypto-related industries in Dubai, Malaysia, the Philippines, Singapore, and the E.U.

Namal Rajapaksa, Sri Lankan Cabinet Minister, proposed the idea of the committee.

“Expand our Digital Economy” – Rajapakasa

In August, Minister Rajapaksa said on his blog the idea to promote blockchain. He said the idea was to enable the existence of cryptocurrency and a larger digital economy.

“Going forward, Sri Lanka needs to concentrate more and use its potential to create e-commerce platforms. That can go global as well as expand our digital economy,” he said.

The government says it has identified the necessity of developing an integrated system that consolidates digital banking, blockchain technology and cryptocurrency mining and other essential services to facilitate the creation of a digital business environment.

More and more people are registering on peer-to-peer (P2P) crypto trading platforms in Sri Lanka. In addition, there is growing interest in private social media groups, through which you can buy crypto.

Many countries in South Asia have already begun to evaluate and develop this sector. However, the government says prior attention is required to take the necessary steps. That will enable dealing with these countries on a competitive basis.

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