Sri Lanka deems crypto solutions a necessity, forming a team to oversee shift
Posted on October 8th, 2021
Courtesy Finance in Bold
Sri Lanka’s cabinet has issued a go-ahead to form a committee that will oversee a possible venture into digital banking, blockchain, and crypto mining solutions.
A press release from the Department of Government Information notes that the new focus on digital solutions is part of attracting foreign investment in the fields highlighted.
The committee has also been tasked with ensuring that in the event of blockchain adoption, it should come up with means of preventing money laundering, terrorism financing, and other criminal activities related to the technology.
The necessity of developing an integrated system of digital banking, blockchain, and cryptocurrency mining has been identified to pace on par with the global partners in the region while expanding trade to the international markets,” the department said.
The committee that comprises five members will borrow a leaf from approaches adopted by other jurisdictions like Dubai, Malaysia, the Philippines, Singapore, and the E.U.