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  • Home Blockchain News Mining and blockchain committee established in Sri Lanka: AcryptoInvest

    Mining and blockchain committee established in Sri Lanka: AcryptoInvest

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    Crypto News

    The committee plans to propose a suitable framework for Sri Lanka after examining the rules followed by international markets.

    Sri Lanka joins the global cryptocurrency adoption movement after forming a committee to study and implement blockchain and crypto mining technologies.

    A letter circulated Oct. 8 by Sri Lanka’s CEO of Government Information, Mohan Samaranayake, reveals that authorities have approved a recent proposal aimed at attracting investment in the country’s blockchain and cryptocurrency initiatives.

    According to Samaranayake, the Sri Lankan authorities have identified the need to develop an “integrated digital banking, blockchain and cryptocurrency mining technology” as a means to stay on par with global partners and international markets. He added :

    “This committee will be tasked with examining the rules and initiatives of other countries such as Dubai, Malaysia, the Philippines, the EU, Singapore, etc., and propose a suitable framework for Sri Lanka.”

    The proposal was made by Namal Rajapaksa, Minister of Project Coordination and Monitoring, according to which the committee should report its findings related to cryptocurrency and blockchain to the Cabinet of Laws, Rules and Regulations.

    Of the eight committee members, two represent international fintech giants, including Sandun Hapugoda of Mastercard and Suzheva Mudalige of PricewaterhouseCoopers (PwC). Representatives of traditional finance include the CEO of the Colombo Stock Exchange, Rajiva Bandaranaike, and the director of the Central Bank of Sri Lanka, Dharmasri Kumarathung.

    The other four members represent various national authorities, including the Sri Lanka Computer Emergency Preparedness Team (SLCERT), the Department of Government Information, the Information and Communications Technology Agency (ICTA) and the President’s Council.

    In supporting this initiative, the committee will also oversee the laws and regulations applied by other countries to establish anti-money laundering (AML), terrorist financing and criminal activity rules.

    A recent report from Cointelegraph cites 706% growth in Central and South Asia and Oceania between July 2020 and June 2021. According to data provided by Chainalysis, the region’s transaction value was 14% ($ 572.5 billion), with India representing the highest global transaction value.

    Back in April, Sri Lanka’s central bank issued a public notice on the risks associated with cryptocurrency investments, citing a lack of legal or regulatory remedies. However, just a month after the notification, the central bank shortlisted three banks to develop a pilot concept for a common Know Your Customer mechanism using blockchain.

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