Sri Lanka appoints committee to implement crypto mining and blockchain

Sri Lanka joins the worldwide crypto adoption drive after establishing a committee for exploring and implementing blockchain and crypto mining applied sciences.

A letter shared on Oct. 8 by Sri Lanka’s director common of presidency info, Mohan Samaranayake, reveals that the authorities have accepted a latest proposal that goals to draw investments within the nation’s blockchain and cryptocurrency initiatives.

In accordance with Samaranayake, the Sri Lankan authorities have recognized the necessity to develop “an built-in system of digital banking, blockchain and cryptocurrency mining know-how” as a method to remain on par with world companions and worldwide markets. He added:

“This committee will probably be mandated to review the rules and initiatives of different international locations similar to Dubai, Malaysia, Philippines, EU and Singapore, and many others., and suggest an appropriate framework for Sri Lanka.”

The proposal was made by Namal Rajapaksa, minister of undertaking coordinating and monitoring, which requires the committee to report its crypto and blockchain-related findings to the Cupboard of Acts, Guidelines and Rules.

Out of the eight members within the committee, two members characterize worldwide fintech giants together with Mastercard’s Sandun Hapugoda and PricewaterhouseCoopers’ (PwC) Sujeewa Mudalige. Members from conventional finance embody Colombo Inventory Trade CEO Rajeeva Bandaranaike and the Central Financial institution of Sri Lanka director Dharmasri Kumarathunge.

The remaining 4 members characterize varied nationwide authorities together with Sri Lanka Pc Emergency Readiness Crew (SLCERT), Division Of Authorities Data, Data and Communication Expertise Company (ICTA) and the President’s Council.

Supporting this initiative, the committee will even monitor legal guidelines and rules applied by different nations to ascertain guidelines in opposition to Anti-Cash Laundering (AML), terror financing and prison actions.

Associated: Crypto transactions surge 706% in Asia as institutional adoption grows — Chainalysis

A latest Cointelegraph report highlighted a 706% surge in Central and Southern Asia and Oceania between July 2020 and June 2021. Based mostly on information shared by Chainalysis, the worth of the transactions within the area amounted to 14% ($572.5 billion), with India representing the best world transaction worth.

Again in April, Sri Lanka’s central financial institution issued a public discover in opposition to the dangers related to cryptocurrency investments, citing an absence of authorized or regulatory recourse. Nonetheless, only a month after the discover, the central financial institution shortlisted three banks for creating a proof-of-concept for a shared Know Your Buyer facility utilizing blockchain.