The committee plans to propose a suitable framework for Sri Lanka after studying the regulations followed by international markets.
Sri Lanka is joining the global cryptocurrency adoption drive after creating a committee to explore and implement mining technologies Blockchain and digital currencies.
Blockchain Investments in Sri Lanka
A message shared in . appears 8 October by the Director General of Government Information of Sri Lanka, Mohan samaranayake Mohan Samaranayake, that the authorities approved a recent proposal aimed at attracting investments in initiatives Blockchain and cryptocurrencies in the country.
according to samaranayake Sri Lankan authorities have identified the need to develop an integrated system of digital and technology banking services Blockchain And cryptocurrency mining as a way to stay on par with global partners and international markets, he added:
“This committee will be tasked with studying regulations and initiatives in other countries such as Dubai, Malaysia, the Philippines, the European Union, Singapore, etc., and suggesting an appropriate framework for Sri Lanka.”
The proposal was submitted by the Minister for Coordination and Control of the Project Namal Rajapaksa Namal Rajapaksa Which requires the committee to report on its crypto-related findings and Blockchain To the Council of Laws, Rules and Regulations.
Of the eight members of the committee, two members represent international financial technology giants including Sandon Hapogoda Sandun Hapugoda from Master Card Mastercard And Sujeewa Mudalige، Wabrais Waterhouse Kuber PricewaterhouseCoopers (PwC).
Members of Conventional Finance include the CEO of the Colombo Stock Exchange, Rajiva Bandaranaike Ạ Rajeeva Bandaranaike Director of the Central Bank of Sri Lanka Dharmasri Kumarathong Dharmasri Kumarathunge.
The remaining four members represent various national authorities including Sri Lanka's Computer Emergency Preparedness Team SLCERT (SLCERT), the Government Information Administration and the Information and Communications Technology Agency ICTA (SMIT) and the President's Council.
In support of this initiative, the committee will also monitor laws and regulations implemented by other countries to establish anti-money laundering rules AML (AML) and the financing of terrorism and criminal activities.
A news site report highlighted an increase in 706% In Central and South Asia and Oceania between July and June 2020 and June/July 2021.
Based on the data he shared Chen Alice Chainalysis, the value of transactions in the region 14% (572.5 billion dollars), India represents the highest global transaction value.
Back in April, the Central Bank of Sri Lanka issued a public notice against risks associated with cryptocurrency investments, citing the lack of legal or regulatory recourse.
However, just one month after the notice, the central bank shortlisted three banks to develop a proof-of-concept for a joint KYC facility using Blockchain.
0 Comments
Any Queries , You May Ask