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Friday, October 22, 2021

Sri Lanka appoints committee to propose a policy on BlockChain, Digital Banking & Crypto

In a landmark Cabinet Decision, the Government of Sri Lanka has approved establishing a committee to propose a policy on BlockChain Technology, Digital Banking & Crypto Mining.

The Media Center For National Development said that given the recent constraints on the outflow of forex, this is seen as a welcome & progressive move forward.

The Cabinet of Minister has approved a proposal presented by the Minister of Development Co-ordination and Monitoring to attract investments of companies being operated in digital banking, blockchain technology, and cryptocurrency mining sectors. 

Accordingly, a committee consisting of skilled professionals in the public and private sectors will be appointed to inform the Cabinet of the Acts and regulations necessary to attract such investments. 

Pointing out that many countries in South Asia had already begun assessing the relevant sector, the Cabinet of Ministers approved the relevant proposal to take necessary steps under the provisions of the Board of Investment Act No. 4 of 1978 as well.

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