Sri Lanka has joined the global crypto adoption drive after establishing a committee to explore and implement crypto and blockchain mining technologies.
A message shared on October 8 by Sri Lanka's director general of government information, Mohan Samaranayake, shows that authorities have approved a recent proposal aimed at attracting investment in initiatives Blockchain and cryptocurrency in the country, according to Coin Telegraph.
According to Samaranayake, Sri Lankan authorities have identified the need to develop an integrated ecosystem of digital banking, blockchain technology, and cryptocurrency mining as a way to stay on par with global partners and international markets.< /p>
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 Namal Rajapaksa, Minister for Coordination and Control of the project, which requires the committee to report on its findings related to cryptocurrency and blockchain to the Laws, Rules and Regulations Board.
Of the eight members of the panel, two members represent international financial technology giants including Sandon Habogoda of MasterCard and Price and Sujewa Modalegh of Waterhouse Cooper (PwC). Members from Conventional Finance include the CEO of the Colombian Stock Exchange, Rajiva Bandaranaike, and Director of the Central Bank of Sri Lanka, Dharmasri Kumarathong.
The four remaining members represent various national authorities including the Sri Lanka Computer Emergency Preparedness Team (SLCERT), the Government Information Department, the Information and Communications Technology Agency (ICTA) and the Presidential Council.
In support of this initiative, the commission will also monitor laws and regulations implemented by other countries to set rules for combating money laundering (AML), terrorist financing, and criminal activities.
