Sri Lanka appoints a committee to implement crypto mining and blockchain. In fact, after analysing the norms followed by foreign markets, the committee intends to provide an appropriate framework for Sri Lanka.
After forming a committee to investigate and deploy blockchain and crypto mining technologies, Sri Lanka has joined the worldwide crypto adoption movement.
Moreover, according to a letter released on Oct. 8 by Mohan Samaranayake, Sri Lanka’s director-general of government information, the authorities have accepted a recent proposal aimed at attracting investments in the country’s blockchain and crypto projects.
On the other hand, Sri Lankan authorities, according to Samaranayake, have highlighted the need to build “an integrated system of digital banking, blockchain, and cryptocurrency mining technologies”. In order to keep up with global partners and international markets. He elaborated:
“This committee will be charged with researching and proposing an appropriate framework for Sri Lanka. Based on the rules and activities of other nations. Such as Dubai, Malaysia, the Philippines. As well as the EU, and Singapore, among others.”
Namal Rajapaksa, the minister of project coordinating and monitoring, proposed a bill that would force the committee to disclose its crypto and blockchain findings to the Cabinet of Acts, Rules, and Regulations.
Sandun Hapugoda of Mastercard and Sujeewa Mudalige of PricewaterhouseCoopers (PwC) are two of the committee’s eight members. Who represent worldwide fintech heavyweights. Colombo Stock Exchange CEO Rajeeva Bandaranaike and Director Dharmasri Kumarathunge of the Central Bank of Sri Lanka are among the traditional finance members.
Additionally, the President’s Council, the Department of Government Information, Information and Communication Technology Agency (ICTA). As well as the Sri Lanka Computer Emergency Readiness Team (SLCERT) are among the remaining four members.
Sri Lanka follows the lead of other nations
The committee will examine laws and regulations enacted by other countries. In order to create rules against anti-money laundering (AML), terror funding, and criminal activities, in support of this endeavour.
Between July 2020 and June 2021, Central and Southern Asia and Oceania had a 706% increase, according to recent research. According to Chainalysis statistics, the region’s transaction value was 14% ($572.5 billion), with India having the highest worldwide transaction value.
Sri Lanka’s central bank warned the public about the dangers of cryptocurrency investments in April. Citing a lack of legal and regulatory remedies. However, the central bank chose three banks for creating a proof-of-concept for a shared Know Your Customer facility. Using blockchain barely a month after the notice was issued.