Sri Lanka on the way to adopt crypto mining and blockchain

As crypto adoption is at its peak, Sri Lanka does not want to lag behind other nations. The country has decided to set up a committee to study and implement blockchain technology and crypto mining.

Mohan Samaranayake, the director-general of government information of Sri Lanka, shared a letter showing the approval by the government regarding its interest in the crypto world. The letter indicates that officials have plans to attract institutions and individuals to look into the country’s efforts in blockchain and cryptocurrencies.

Samaranayake on October 8 added that the government sees the potential of the industry, and there is a need to create an integrated digital banking system using blockchain and crypto mining. This will help Sri Lanka contribute to the global economy and walk hands in hands with global partners by matching international markets.

Namal Rajapaksa, minister of project coordination and monitoring, has prepared the proposal. The department will supervise all the committee’s activities and help it report its crypto and blockchain-related conclusions to the authorities.

Sri Lanka includes experts in the team

The committee formed by the government of Sri Lanka has eight members. Interestingly, two members, Sandun Hapugoda from Matercard and Sujeewa Mudalige from PricewaterhouseCoopers (PwC), are from the two international giants and most advanced fintech companies.

Other than these two experts, the team also includes experts from traditional finance backgrounds, namely Rajeeva Bandaranaike, the CEO of Colombo Stock Exchange, and Dharmasri Kumarathunge, director of the Central Bank of Sri Lanka.

The team also has members as several national authorities. The President’s Council, Department Of Government Information, Sri Lanka Computer Emergency Readiness Team (SLCERT), and Information and Communication Technology Agency (ICTA) constitute the four remaining members.

Samaranayake said that the committee would also keep track of the regulatory activities implemented by governments of different countries like the EU, Malaysia, Dubai, and Singapore. It will help the government propose a framework for the country to prevent tax evasion, Anti-Money Laundering (AML), criminal activities, and terror financing.