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Sri Lankan authorities will study blockchain and mining to attract investment

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The Sri Lankan government has formed a committee to attract investment in digital banking, blockchain technology and “related industries such as cryptocurrencies.”

According to the press release, the body will examine regulations and initiatives in other jurisdictions, including Dubai, Malaysia, the Philippines, the European Union, Singapore, and then propose suitable regulations for Sri Lanka.

“The need to develop an integrated system of digital banking, blockchain and cryptocurrency mining at the same level as global partners in the region is indicated when expanding trade in international markets,” the statement said.

The committee will also study the legal norms of other countries in terms of combating money laundering, combating the financing of terrorism and criminal activity, as well as procedures key.

The group was created within the framework of the national program “Prospects for Prosperity and Greatness” at the suggestion of the Minister for Coordination and Development Monitoring. It included experts in various fields, including representatives of Mastercard, PricewaterhouseCoopers, the central bank, and other departments and firms.

Recall that at the end of 2020, Sri Lanka topped the ranking of countries with the growth in the number of cybercrimes with an indicator of 359%, according to a Comparitech study.

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