The Sri Lankan government has formed a committee aimed at attracting investments in the digital banking sector, blockchain technology and related industries, such as cryptocurrencies.
According to the press release, the committee will study regulation and initiatives in other jurisdictions, including Dubai, Malaysia, the Philippines, the European Union, Singapore, and then propose suitable norms for Sri Lanka.
“There is a need to develop an integrated system of digital banking, blockchain and cryptocurrency mining on par with global partners in the region as trade expands on international markets,” the statement said.
The committee will also examine the legal norms of other countries with a view to fighting money laundering, countering the financing of terrorism and criminal activity, and also KYC procedures.
The group was formed under the national programme “Prospects for Prosperity and Greatness” at the suggestion of the Minister for Development Coordination and Monitoring. It includes experts from various fields, including representatives of Mastercard, PricewaterhouseCoopers, the central bank, other departments and firms.
In 2020, Sri Lanka led the rankings in the growth of cybercrime by 359%, according to a Comparitech study.
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