Sri Lanka joins the worldwide crypto adoption drive after establishing a committee for exploring and implementing blockchain and crypto mining applied sciences.
A letter shared on Oct. 8 by Sri Lanka’s director common of presidency info, Mohan Samaranayake, reveals that the authorities have permitted a current proposal that goals to draw investments within the nation’s blockchain and cryptocurrency initiatives.
In response to Samaranayake, the Sri Lankan authorities have recognized the necessity to develop “an built-in system of digital banking, blockchain and cryptocurrency mining expertise” as a method to remain on par with international companions and worldwide markets. He added:
“This committee will probably be mandated to check the laws and initiatives of different international locations akin to Dubai, Malaysia, Philippines, EU and Singapore, and so on., and suggest an appropriate framework for Sri Lanka.”
The proposal was made by Namal Rajapaksa, minister of mission coordinating and monitoring, which requires the committee to report its crypto and blockchain-related findings to the Cupboard of Acts, Guidelines and Laws.
Out of the eight members within the committee, two members symbolize worldwide fintech giants together with Mastercard’s Sandun Hapugoda and PricewaterhouseCoopers’ (PwC) Sujeewa Mudalige. Members from conventional finance embrace Colombo Inventory Trade CEO Rajeeva Bandaranaike and the Central Financial institution of Sri Lanka director Dharmasri Kumarathunge.
The remaining 4 members symbolize varied nationwide authorities together with Sri Lanka Laptop Emergency Readiness Crew (SLCERT), Division Of Authorities Data, Data and Communication Expertise Company (ICTA) and the President’s Council.
Supporting this initiative, the committee may even monitor legal guidelines and laws applied by different nations to ascertain guidelines towards Anti-Cash Laundering (AML), terror financing and felony actions.
Associated: Crypto transactions surge 706% in Asia as institutional adoption grows — Chainalysis
A current Cointelegraph report highlighted a 706% surge in Central and Southern Asia and Oceania between July 2020 and June 2021. Based mostly on knowledge shared by Chainalysis, the worth of the transactions within the area amounted to 14% ($572.5 billion), with India representing the very best international transaction worth.
Again in April, Sri Lanka’s central financial institution issued a public discover towards the dangers related to cryptocurrency investments, citing a scarcity of authorized or regulatory recourse. Nevertheless, only a month after the discover, the central financial institution shortlisted three banks for growing a proof-of-concept for a shared Know Your Buyer facility utilizing blockchain.