On Friday, October 8, 2021, Sri Lanka’s Department of Government Information published a press release that details a new initiative that will see a government-led effort to create a nationalized, “integrated system of digital banking, blockchain and cryptocurrency mining technology”.
The Department of Government Information (DGI) is part of Sri Lanka’s Ministry of Mass Media. It supports local and international media outlets, including the provision of “easy access to Government news and information”.
To achieve this: Namal Rajapaksa, Sri Lanka’s Minister of Project Coordinating and Monitoring, has established and appointed a committee that was subsequently approved by the Cabinet. The committee reports directly to the Cabinet with the aim of “attract[ing] investments and investors in the areas of Digital Banking, Blockchain & Blockchain-related industries such as cryptocurrency”.
The press release claims that the Cabinet has determined a “necessity” of creating the aforementioned “integrated system”, which is on par with their global partners in the region, in addition to facilitating potential trade expansion in “international markets”.
Sri Lanka’s Blockchain and Crypto Mining Committee
Sri Lanka’s new committee is mandated to devise and propose a “suitable framework” for cryptocurrency mining and blockchain technology initiatives and regulation – incorporating insights from researching similar activities by other countries. The press release specifically cites Dubai, Malaysia, the Philippines, Singapore, and the EU as examples to be studied by the committee.
Other areas to be studied by the committee are laws and regulations with regards to Anti-Money Laundering (AML), criminal activities, terrorism financing, and the ‘Know Your Customer (KYC) processes.
Members appointed to this committee include:
Mr. Sujeewa Mudalige
ChairmanManaging Partner – PricewaterhouseCoopers Sri Lanka
Mr. Viraj Dayaratne
President’s CounselBA (Colombo), LLM (Wales)
Mr. Rajeeva Bandaranaike
Chief Executive Officer, Colombo Stock Exchange
Mr. Dharmasri Kumarathunge
Committee MemberDirector, Payments & Settlements – Central Bank of Sri Lanka
Mr. Jayantha Fernando
Committee MemberDirector ICTA, General Counsel
Mr. Sandun Hapugoda
Committee MemberDirector – Mastercard Sri Lanka & Maldives
Air Commodore (Retd) TGJ Amarasena
Committee MemberChief Executive Officer – Sri Lanka CERT
Mr. Milinda Rajapaksha
Convener to the Committee & Committee MemberAdditional Director General, Dept. Govt. Information
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