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.