Sri Lanka Appoints Committee to Implement Crypto Mining and Blockchain 0 5

Sri Lanka is the recent addition to the list of countries seriously considering designing the legal framework for the implementation of crypto mining and blockchain-related operations. The committee is planning to come up with the most appropriate framework for Sri Lanka. However, the committee will go through the regulations followed by the international markets.

The country has decided to move forward with the global community. The committee would identify the key benefits of implementing blockchain technologies.    A letter shared by Sri Lanka’s director-general of government information, Mohan Samaranayake, reveals that the government has finally decided to welcome foreign investments in order to set up crypto exchanges within the country.

Samaranayake also said that the official shave finally realized the importance of developing a state of the art and fully integrated “digital banking system.” Blockchain and cryptocurrency would help country to enter the digital economy. The Sri Lankan government has decided to move forward with modern-day’s digital trends. He also added:

“This committee will be mandated to look at the rules and projects of other nations inclusive of Dubai, Malaysia, Philippines, EU and Singapore, and so on., and recommend an appropriate framework for Sri Lanka.”

However, the committee the is consists of eight members, two of those eight represent international fintech giants including Mastercard’s Sandun Hapugoda and PricewaterhouseCoopers’ (PwC) Sujeewa Mudalige. Moreover, the committee also includes members from the traditional financial sector. Rajeeva Bandaranaike the CE of the Colombo Stock Exchange and Dharmasri Kumarathunge the director of the Central Bank of Sri Lanka.

However, the remaining four members also represent various corners of the Sri Lankan civil society. In order to support the current initiative of making Sri Lanka digital, the committee would propose multiple regulatory points and monitor laws. The committee would also seek help from the laws and regulations imposed by some other countries against Anti-Money Laundering (AML), terror financing, and criminal activities.

The civil society and government of Sri Lanka both are hopeful that this would be the start of a new era in the country’s economic development. A recent report published by the Cointelegraph highlighted that there has been a 706% surge in Asia regarding the acceptance of cryptocurrency between July 2020 and June 2021.

As of this writing, the data released by Chainalysis showed that the value of crypto transactions being done in the region are valued around $572.5 billion. However, India represents the highest number of the transaction values. This shows that crypto is nothing new to the people of this region and people have already made their mind about investing in the crypto industry.

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Uzbekistani Citizens Warned Against the Use of Unauthorized Exchanges 0 10

The government of Uzbekistan has been quite proactive when it comes to the use of crypto exchanges. As most of you may know, there has been a fair bit of commotion in the crypto world and most of it exists because of the regulations being implemented by a large number of governments. While some people are not in the favor of these regulations, many people, including a large number of crypto experts believe that they will be quite handy.

This is because regulating crypto will ensure that people don’t have to worry about false transactions, scams, frauds, and a large number of other issues prevalent in the world of crypto. The government of Uzbekistan has been especially quite determined to eliminate crypto-related corruption in the country. One of the first steps that the country has taken is to make sure that people in the country steer clear from making transactions with unauthorized exchanges.

For those who don’t know, there are loads and loads of exchanges operating in Uzbekistan and other countries in the world. Sure, not all of them are unauthorized but you will be surprised to learn that a large number of them happen to not be authorized.  What makes things so complicated is the fact that knowing which exchange is legit and which one isn’t can be quite challenging. This is because most exchanges, if not all, look one in the same and it is difficult for people to tell them apart.

This is one of the main reasons why the government of Uzbekistan has stepped in and tried to take matters into its own hands. One of the main aims of this exchange is to make sure that people do not have to worry about checking which exchange they would choose to invest crypto in. Instead, the government has been helping people quite a bit by creating teams just for the purpose of checking these exchanges.

In addition to that, the Uzbekistani government has also issued a notice against unauthorized crypto exchanges, stating that using them could result in serious action. Upon checking some of the exchanges operating in Uzbekistan, it was learned that there were more than 5 of them that did not have their own offices in the country. Instead, research teams found out, after a thorough investigation that these unauthorized exchanges were operating from somewhere else.

This was enough to suggest that the government is indeed hard at work to steer clear from crypto corruption in the country. Because of this, governments of other countries have also become quite proactive in order to eliminate any sort of corruption to keep investors safe.

Bitcoin Faucets – Everything you Need to Know 0 14

If you are looking for ways to earn Bitcoin, you will come across Bitcoin mining as well as trading. But, these are certainly not the only options at your disposal. There is a simpler route you can take, which is known as a bitcoin faucet. But, what exactly is a bitcoin faucet and how does it work? Let’s find out:

What are Bitcoin Faucets?

A bitcoin faucet refers to a mobile app or website that gives users small amounts of bitcoin or any other cryptocurrencies in return for completing simple tasks. It is possible for people to watch product videos, play games, complete captchas, answer surveys, view ads, click links, and do other similar tasks. This is known as a faucet because the rewards you receive are on the small side, not very different from the tiny drops of water that usually drip from a leaky faucet.

Contrary to popular belief, you should note that Bitcoin faucets cannot be considered get-rich-quick schemes. It may sound like a piece of cake to use a free bitcoin faucet to make money, earning a solid amount can take a tad longer, depending on which faucet you use. In most cases, the rewards you earn are directly sent to an online wallet offered by the website. Bear in mind that the difficulty of the task determines the quantity of the rewards; the easier it is, the less you earn.

Likewise, some faucets also require users to have a minimum payout, which means you have accumulated a certain amount of rewards before you can make a withdrawal. This could take a couple of hours, a day, a week or even months. This all depends on the website’s rates.

History of Bitcoin Faucets

Bitcoin faucets have existed for almost a decade. These crypto faucets were developed by Gavin Andresen, a senior Bitcoin developer, a few years after Satoshi Nakamoto launched Bitcoin. The purpose was to create awareness about this new concept of money. A reward of five bitcoins was issued by early bitcoin faucets, which is a whopping $243,000 today!

Getting hands-on bitcoin was tough in the early days because there weren’t many platforms or exchanges where you could buy it. Therefore, in order to pique’s people’s curiosity without pushing them into buying bitcoin and other cryptocurrencies, the concept of faucets was used for handing small amounts of it to people.

Today, many people have created their own faucets to make extra money. They often deposit some BTC in their crypto wallet that’s linked to their faucet app or website. It is possible for faucet owners to make some passive income via the ads, as long as they make more than what they are dispensing in the form of rewards.

How do Bitcoin Faucets work?

As mentioned earlier, bitcoin faucets reward people with small amounts of BTCs upon completing tasks. The rewards are given out in the form of satoshis, which is the smallest unit of bitcoin and is named after its mysterious founder. 1 BTC is equivalent of 100 million satoshis and the amount you get will depend on the task you complete and the reward system of the faucet provider.

Some of these faucets directly send the payment to your Bitcoin wallet or through a third-party micropayment wallet. These micro wallets are similar to traditional desktop or online wallets and can only hold a small amount of cryptocurrency.

Things to Consider before Choosing a Bitcoin Faucet

Now that you understand the concept of Bitcoin faucet, it is natural to want to use one. However, before you choose one of the many available, there are certain things you need to consider. First, you should look at the timer, as some of them have a loading or refresh time, which can be between 15 minutes and a few hours. You should also check the claim amount, which indicates how often you can earn and how much. This also depends on the complexity or simplicity of the tasks you complete.

As mentioned before, some crypto faucets also require you to accumulate a certain amount of satoshis before you can withdraw, so you should look into it. Likewise, also look at the referral fee i.e. how much you can make by referring the faucet to others.

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