In Sri Lanka, great strides are being made in terms of crypto adoption. This after a new committee was formed to explore and implement blockchain and crypto mining technologies.
Suggesting suitable framework for Sri Lanka
Recently, a proposal in Sri Lanka approved which aims to attract new investment in the country’s blockchain and cryptocurrency initiatives. According to the authorities in Sri Lanka, it is necessary to take these steps to stay aligned with global partners and international markets. Sri Lanka Government Information Director General Mohan Samaranayake added:
“This committee is mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, the Philippines, the EU and Singapore, etc. and propose an appropriate framework for Sri Lanka.”
The commission will also reportedly begin to oversee laws and regulations implemented by other countries in the field of blockchain and crypto mining technologies. This makes it easier to establish rules against money laundering, terrorist financing and other criminal activities.
The members of the committee
The committee includes eight members from various sectors of the country, including Sandun Hapugoda of Mastercard and Sujeewa Mudalige of PricewaterhouseCoopers (PwC). The CEO of Colombo Stock Exchange and the director of the Central Bank of Sri Lanka are also members of the committee.
The remaining four members represent various national authorities of the country, including the Sri Lanka Computer Emergency Readiness Team (SLCERT), the Department of Government Information, Information and Communication Technology Agency (ICTA) and the President’s Council. It is not yet known what the first results of the commission will be.