October 11, 2021

Sri Lanka Wants to Join Crypto, Launches First Two Plans!

 Sri Lanka has established a licensed body for the purpose of monitoring distributed ledger technology (DLT) and the adoption of crypto mining in the country.

Not only that, the body is responsible for building the infrastructure for the proposed implementation after scrutiny of policies accepted by external markets, including evaluating policies related to Anti-Money Laundering (AML) and financial terrorism by other countries to be implemented in the country.

Government Information Director -General Mohan Samaranayake revealed the Sri Lankan authorities are ready to accept crypto globally in an effort to attract more investment into the country’s crypto and DLT sectors.

Samaranayake further explained that the study will be conducted by an established body, involving policies and projects from Dubai, Malaysia, and several other countries according to the suitability of Sri Lanka's infrastructure.

The steps taken were apparently different from Sri Lanka’s central bank statement in April. At the time, the institution emphasized that cryptocurrencies had a negative impact again in the absence of strict policies.

Meanwhile, transaction records in several Asian countries recorded an increase of 706% for the period July 2020 to June 2021.

Chainalysis found that Asian investors invested more than $ 570 billion in cryptocurrencies over the same period, accounting for 14% of total transactions worldwide.

The observation found that India recorded the highest transaction record to date.