Sri Lanka is exploring into implementing cryptocurrency mining and blockchain technology

Sri Lanka is exploring into implementing cryptocurrency mining and blockchain technology

After forming a committee to investigate and apply blockchain and crypto mining technologies, Sri Lanka has joined the global crypto adoption campaign.

According to a letter shared on Oct. 8 by Mohan Samaranayake, Sri Lanka’s director general of government information, the authorities have approved a recent proposal aimed at attracting investments in the country’s blockchain and cryptocurrency efforts.

Sri Lankan authorities, according to Samaranayake, have recognized the necessity to establish an integrated system of digital banking, blockchain, and cryptocurrency mining technologies in order to keep up with global partners and international markets.

The minister of project coordinating and monitoring. Namal Rajapaksa proposed that the committee on blockchain and cryptocurrencies technology must transmit its research and conclusions to the cabinet of rules and regulations.

Two of the committee’s members (total of 8 members), Sandun Hapugoda of Mastercard and Sujeewa Mudalige of PricewaterhouseCoopers (PwC), represent worldwide fintech titans.

Two other members in the committee also consist of CEO of the Colombo Stock Exchange, Rajeeva Bandaranaike & the Central Bank’s director, Dharmasri Kumarathunge.

And the rest of the members in the committee also includes Sri Lanka Computer Emergency Readiness Team, Department of Government Information & Information, The President’s Council, and Communication Technology Agency.

The committee will also be responsible for evaluating rules and regulations established on other countries in blockchain field, rules against anti-money laundering, terror financing, and criminal activities.

Previously, back in April, the central bank of Sri Lanka issued a warning to their public about the possible risk of cryptocurrency investments with lack of legal and regulatory measures.

However, within a month after the notification was issued, they chose three banks for constructing a proof-of-concept for a shared Know Your Customer facility utilizing blockchain.

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