BTC $33296.01 (-7.1%)
ETH $2221.34 (-12.%)
USDT $1.00 (0.00%)
BCH $268.54 (-10.%)
BSV $86.21 (-6.8%)
LTC $99.68 (-9.8%)
BNB $341.52 (-11.%)
ADA $0.97 (-14.%)
DOGE $0.12 (-9.1%)
BTC $33296.01 (-7.1%)
ETH $2221.34 (-12.%)
USDT $1.00 (0.00%)
BCH $268.54 (-10.%)
BSV $86.21 (-6.8%)
LTC $99.68 (-9.8%)
BNB $341.52 (-11.%)
ADA $0.97 (-14.%)
DOGE $0.12 (-9.1%)

Sri Lanka Elevates Crypto Mining and Blockchain Initiatives

Sri Lanka Elevates Crypto Mining and Blockchain Initiatives Market News
  • Sri Lanka sets up a committee to implement crypto mining and blockchain initiatives.
  • The committee consists of eight revered members.

Sri Lanka enters the crypto field. The nation is appointing a committee that will explore and implement crypto mining and blockchain technology. This committee will aim to set up a suitable framework for the country after observing the regulations set by international markets.

In detail, Sri Lanka’s Director General of Government Information – Mohan Samaranayake, shared a letter on October 8. The proposal hopes to elevate investments for the nation’s crypto and blockchain initiatives.

According to the Director-General, Sri Lanka’s authorities agree on the need of developing an integrated system for blockchain, digital banking, and crypto mining tech. It seems Sri Lanka is aiming to meet and match international markets and global partners.

To add on, Samaranayake says,

“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.” 

To specify, the Minister of Project Coordinating and Monitoring – Namal Rajapaksa, made the proposal. This states that the committee must report all crypto and blockchain-centric findings before the Cabinet of Acts, Rules, and Regulations.

As for the members of the committee, they consist of eight revered members. In particular, two represent international fintech giants. This includes Sandun Hapugoda from Mastercard and Sujeewa Mudalige of PricewaterhouseCooper’s.

Meanwhile, two represent traditional finance. Specifically, the Colombo Stock Exchange CEO – Rajeeva Bandaranaike, and the Director of the Central Bank of Sri Lanka – Dharmasri Kumarathunge.

The latter four members hail from the Department Of Government Information, Information and Communication Technology Agency (ICTA), Sri Lanka Computer Emergency Readiness Team (SLCERT), and the President’s Council.

Together, they will ensure thorough law monitoring and regulation implementation. They will also track international rules set in place to combat money laundering, criminal activities, and terror financing.

Recommended News

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.