Sri Lanka, the island nation in South Asia, has been struggling under Chinese debts. Recently, it had issued a food emergency due to an acute shortage of edible goods. In its bid to strengthen the country on the economic front, the government is actively scouting for alternative sources.
Sri Lanka has now set up a committee that is tasked with exploring and facilitating blockchain-based business process solutions and cryptocurrency mining. Sri Lanka’s Director general of government information, Mohan Samaranayake, has shared a letter in which it is confirmed that the policymakers have green signalled the plan to bring investors in the country by empowering blockchain-based projects and creating a conducive environment for the same.
Samaranayake also explained that the authorities have decided to create “an integrated system of digital banking, blockchain and cryptocurrency mining technology.”
Commenting on the role of the newly established committee, he said: This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU and Singapore, etc., and propose a suitable framework for Sri Lanka.”
South Asia is increasingly becoming a popular hub for blockchain-based solutions. Reports suggest that crypto adoption in the region is at its peak. The move to push for crypto adoption in Sri Lanka is welcoming and may help the island nation to combat its current financial woes.