The global adoption rate of crypto has been shooting across the sky and Sri Lanka did not want to be left behind. The country hoped on to the crypto wagon and its latest initiative made it clear that it was interested in the industry.
The crypto-verse witnessed massive growth particularly over the last couple of months. This growth wasn’t limited to price alone, the industry grew in terms of popularity as well. Not only did the average Joe show interest in this flourishing industry, but celebrities, as well as governments from all around the globe, were fascinated with the crypto sphere. The crypto market witnessed the arrival of an array of people, this included major firms. From onboarding crypto to making it an essential part of its system, the industry has come a long way.
All of this certainly got Sri Lanka curious. The country reportedly intends to explore the crypto mining business along with crypto’s underlying technology, blockchain. The Sri Lankan government decided to take a plunge and set up a committee to oversee the same.
Sri Lanka’s crypto committee
In a recent press release shared by Mohan Samaranayake the director-general of government information, it was noted that an array of officials had given a green signal to incorporating blockchain and crypto to amass investments into the country. Put forward by the minister of project coordinating and monitoring, Namal Rajapaksa, the proposal went on to be identified as beneficial by the government.
The committee entails about eight members. While four of them are part of national authorities of the country like Sri Lanka Computer Emergency Readiness Team (SLCERT), Department Of Government Information, Information and Communication Technology Agency (ICTA), and the President’s Council, the other two are from the fintech arena.
Samaranayake addressed the formation of the committee and its functions and said,
“The necessity of developing an integrated system of digital banking, blockchain, and cryptocurrency mining technology has been identified to pace on par with the global partners in the region while expanding trade to the international markets. This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU, and Singapore, etc., and propose a suitable framework for Sri Lanka.”