Sri Lanka appoints committee to draft digital currency policy, is looking for crypto investment-regulation

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Sri Lanka appoints committee to draft a digital currency policy and is looking for crypto investment

In preparation for the regulation of its FinTech area, the government of Sri Lanka has set up a special committee that has the task of formulating the country's policy in terms of digital banking and crypto-related activities. The committee consists of experts from the public and private sector.

new committee to propose rules for the blockchain industry in Sri Lanka

The Srilankische Authorities have unveiled the composition of a newly established expert committee that has come together to formulate the country's politics in three key areas in connection with cryptocurrencies, the local Daily Mirror reported on Saturday. The members are expected to submit regulations for companies that work in the areas of digital banking, blockchain and cryptocurrency mining.

According to a communication of the government information department, the experts Viraj Dayaratne, chairman of the Securities and Exchange Commission of Sri Lanka, Rajeeva Bandaranaike, CEO of Colombo Stock Exchange, and Dharmasri Kumarathunge, director of payments and handling at the central bank of Sri Lanka.

also includes Jayantha Fernando, chairman of the Sri Lankan Data Protection Law Drafting Committee, Sandun Hapugoda, director of Mastercard Sri Lanka, TGJ Amarasena, the managing director of the Sri Lanka Computer Emergency Readiness Team, and the political activist Milinda Rajapaksha. Sujeewa Mudalige, managing partner of PWC Sri Lanka.

The experts who represent both state institutions and private companies will help Sri Lanka to develop laws, rules and regulations that enable the country to invest the landing and blockchain technology sectors and to create conditions for crypto mining companies. The information department developed:

The need to develop a system was recognized that integrated digital banking, blockchain technology and cryptocurrency mining and other essential services to facilitate the creation of a digital business environment.

According to the report, the Minister for Digital Technology and Corporate Development, Namal Rajapakse, played a leading role in the establishment of the committee. Rajapakse, which is also responsible for the coordination and monitoring of development projects, asked the ministerial cabinet for approval to appoint members of the committee.

The upcoming regulations will enable the Sri Lankan Board of Investment to take the necessary steps to facilitate investments in the crypto industry. The move comes despite the central bank of Sri Lanka ( cbsl ) maintaining a careful approach compared to cryptocurrencies. In April the currency authority A warning of the associated risks, there Crypto investments and trading all over the world and in the South Asian nation have risen.

Do you believe that the Srilankian government will create a business-friendly environment for crypto companies in the country? Tell us in the comment area below.

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