Sri Lanka Forms Committee oversees blockchain and cryptocurrencies

The Sri Lankan government has appointed a new eight-member committee. Fintech experts and banking industry executives came together as part of the newly formed engagement. As part of their research, the committee members will observe the rules and regulations set by other countries that support cryptocurrencies. In terms of concerns, Sri Lanka will explore ways to reduce the risks of misuse of cryptocurrencies in the financing of terrorism, money laundering and other criminal activities.

Mohan Samaranayake, the chief information officer for the Sri Lankan government, confirmed that authorities had approved a proposal to attract more investment to the country’s crypto space.

“The need to create an integrated system of digital banking, blockchain and cryptocurrency mining technology has been identified to keep up with global partners in the region while expanding trade to international markets,” said an official government statement. Sri Lankan.

Namal Rajapaksa, the minister of coordination and monitoring of the project is the mastermind behind this project, according to a report by Cryptovibes.

The committee will also report its findings to the Law, Rules and Regulations Cabinet.

With this development, Sri Lanka has joined other South Asian countries such as Vietnam, India, and Pakistan to enable the expansion of the crypto space.

At the beginning of last month, El Salvador, a country in Central America, legalized Bitcoin as legal tender alongside the US dollar.

On October 8, Mohan Samaranayake, Sri Lanka’s Managing Director of Government Information, shared a letter showing that the authorities have already approved a recent proposal to attract significant investment in the domestic blockchain and crypto sectors.

Recent reports showed a 706% increase in Central and South Asia and Oceania from July 2021 to June 2021. According to data shared by Chainalysis, the value of transactions in these regions reached 14% ($ 572.5 billion) , with India representing the highest total value of the transaction.

In April 2021, the central bank of Sri Lanka issued a public advisory against most of the risks associated with investing in crypto, citing a lack of legal or regulatory resources. But, just a month after the notice, the central bank shortlisted three banks to create a proof of concept for a shared Know Your Customer facility using blockchain.

Interested in cryptocurrencies? We discussed all things cryptocurrency with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere. you get your podcasts.

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