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Sri Lanka sets up committee on blockchain and crypto mining

The newly established committee will study the regulations and initiatives of other countries such as Dubai, Malaysia, the Philippines, the EU, and Singapore, etc., and propose a suitable framework for Sri Lanka.

Colombo, Sri Lanka / Image by: Wikimedia Commons

Mon, 11 Oct 2021, 16:34 pm UTC

With the increasing crypto adoption, Sri Lanka is taking steps to support the development of the digital asset industry in the country. The government has recently set up a committee that will oversee the exploration and implementation of crypto mining and blockchain technologies.

The Sri Lankan government has approved a proposal by the Ministry of Project Coordinating and Monitoring Namal Rajapaksa to establish a committee that will be responsible for attracting investments in digital banking, blockchain, and blockchain-related industries such as cryptocurrency.

Director-General of Government Information Mohan Samaranayake said that the Sri Lankan government deemed it necessary to develop an integrated system of digital banking, blockchain, and crypto mining technology. This ensures that the country is on par with international markets and global partners in these areas.

“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,” he said.

Two of the committee’s eight members represent international fintech giants, according to Cointelegraph. They are PricewaterhouseCoopers’ (PwC) Sujeewa Mudalige, who will act as the committee’s chairman, and Sandun Hapugoda, Mastercard Sri Lanka and Maldives director.

Meanwhile, two committee members represent traditional finance. They are Central Bank of Sri Lanka director of Payments and Settlements Dharmasri Kumarathunge and Colombo Stock Exchange CEO Rajeeva Bandaranaike.

The other four committee members represent various national authorities. They include President’s Counsel Viraj Dayaratme, Information and Communication Technology Agency (ICTA) director Jayantha Fernando, Sri Lanka Computer Emergency Readiness Team (SLCERT) CEO TGJ Amarasena, and Department Of Government Information’s Milinda Rajapaksha.

“The committee will also study the laws and regulations of other countries in terms of anti-money laundering, terrorism financing, criminal activities, and the know your customer processes,” Mohan Samaranayake added.

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