Billionaire Tim Draper urges Sri Lanka to introduce Bitcoin - central bank: We don't want to make the crisis worse - Regulation

The billion -dollar investor and risk capital provider Tim Draper has reportedly tried to convince the Srilankian government to introduce Bitcoin. However, the governor of Sri Lanka's central bank rejected his recommendation and emphasized: "The introduction of 100 % Bitcoin will never be a Srilankic reality."

Tim Draper suggests Sri Lanka to adopt Bitcoin

The billionaire met on Tuesday with the Srilankian President Ranil Wickremesinghe to promote Bitcoin, reported Bloomberg and added that the next day he visited the Srilank Central Bank with the same speech.

Draper wore a Bitcoin tie and was quoted with the words: "I come to the central bank with a decentralized currency." However, the governor of the Srilankische Zentralbank, Nandalal Weerasinghe, replied:

We do not accept ... The assumption of 100 % Bitcoin will never be a reality in Sri Lanka.

Sri Lanka's fuel and food shortages led to unrest last year. The then President fled from the indebted country and later resigned. The most important inflation rate Sri Lankas was 54.2 %in January, and last year the economy shrank by 8 %, the governor explained.

Draper told the central bank manager that he was "a little worried about you" and stated:

Did you see Sri Lanka in the news? It is known as the capital of corruption. A country known for corruption will be able to lead perfect records with the introduction of Bitcoin.

The billionaire VC continued to try to convince Weerasinghe during her 30-minute meeting. He even quoted El Salvador, who was the first country Bitcoin to introduce Payment means In addition to the US dollar in September 2021.

"Does the administration have the courage to do this?" Draper asked the governor of the Srilankian Central Bank when he urged Bitcoin's introduction. "What is the advantage of your own currency?"

Weerasinghe replied:

We do not want to worsen the crisis by introducing Bitcoin.

draper proposed the introduction of Bitcoin in several other countries and received better answers from the Srilankian government and central bank than he. The tiny island state of Palau in the Pacific, for example, made him the founding resident of his digital residence program.

The billionaire has long been optimistic about Bitcoin due to the property of cryptocurrency as . In November last year he said this ahead bitcoin should reached in mid-2023 250,000 .

The central bank of Sri Lanka has warned the public several times against the risks of a system in cryptocurrencies. In July last year, the central bank published a message that virtual currencies" as uninterrupted Financial instruments are considered and have no official supervision or protective measures in relation to their use in Sri Lanka ”. The authority added that it "has not given any institution or company a license or approval to operate programs with virtual currencies, including cryptocurrencies".

Do you think that Sri Lanka should introduce Bitcoin as the billionaire Tim Draper suggested? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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