Sri Lanka has reportedly hopped on the crypto adoption bandwagon, following its formation of a committee, dedicated to study and implement blockchain and crypto mining tech. 

Specifically, via a letter disclosed by Sri Lanka’s director general of government information, Mohan Samaranayake, the local government has reportedly granted approval for a new proposal, which looks to reel in investments for the nation’s blockchain and crypto projects.

Per Samaranayake, the Sri Lanka governments have singled out the need to build “an integrated system of digital banking, blockchain and cryptocurrency mining technology”, as a measure to maintain relevance with international partners and global markets. 

“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.”

The proposal was reportedly drafted by Namal Rajapaksa, minister of project coordinating and monitoring, which deems it mandatory for the committee to report its crypto and blockchain-associated insights to the Cabinet of Acts, Rules and Regulations.

Throughout the eight members in the committee, two members are reportedly representatives of global fintech heavyweights, including Mastercard’s Sandun Hapugoda and PricewaterhouseCoopers’ (PwC) Sujeewa Mudalige. 

Members from traditional finance are reportedly also Colombo Stock Exchange CEO Rajeeva Bandaranaike and the Central Bank of Sri Lanka director Dharmasri Kumarathunge.

Backing this project, the committee will further handle supervision for laws and regulations implemented by other countries, to form legislations against Anti-Money Laundering (AML), terror financing and criminal activities.