Sri Lanka’s government looks to develop a forward-thinking policy for Blockchain technology including cryptocurrencies in an attempt to digitalize the economy and to attract investments.
“Sri Lanka is taking a leap forward today as the cabinet approves to establish a committee to propose policy on Blockchain Technology, Digital Banking & Crypto Mining! Forward-thinking & proper regulatory framework will ensure that Sri Lanka will lead the digital economy in the region,” the Minister of Project Coordinating and Monitoring and State Minister for Digital Technology , Namal Rajapaksa announced in a tweet on Wednesday.
The government has idetified The necessity of developing a system that integrates digital banking, blockchain technology, and cryptocurrency mining, and other essential services have been identified to facilitate the creation of a digital business environment, according to State Information Department.
Recently, Minister Rajapaksa in his blog outlined that the idea to promote Blockchain was to enable the existence of cryptocurrency and a larger digital economy.
The proposed committee comprising of skilled professionals in the public and private sectors will be tasked with drafting a report on the acts, rules, and regulations required to attract investments from companies operating in these sectors and to allow the Board of Investment (BOI) to take the necessary steps under the provisions of BOI Act No. 4 of 1978, to facilitate such investments.