After the successful transition of El Salvador making Bitcoin a legal tender, other countries are now anxiously treading on the same route to bring themselves out into the light of modern-day finance, also known as decentralization. Sri Lanka has recently made some moves to make it happen. There are talks of appointing a new committee that will oversee the transition of implementing blockchain technology and crypto mining within the sector indefinitely.
The committee will continue to develop plans and propose legal frameworks which would allow Sri Lanka to become a hub for blockchain technology and crypto mining. This legal framework is to be defined and designed according to the current regulations implemented within the country, and it is possible that it might be a little different from that of the international stature. The committee will be exploring various other countries and the framework which they have implemented to do business with blockchain and the crypto market, to be specific.
Sri Lanka to Join Hands with DeFi Sector
The regulatory authorities within the country have been pondering on bringing investment within the country to support blockchain transition and crypto mining; that is why this new community is being developed to oversee that this transition goes as smoothly as possible. The director-general of government information, Mohan Samaranayake, shared the news with the world in the form of an official letter drafted for the occasion. It is possible that the committee will not only be working on developing a legal framework to implement blockchain technology and crypto mining within the sector but also linking the decentralized finance with the present centralized version.
This means that banks, financial institutions, and crypto exchanges working within Sri Lanka will be able to directly do business with the crypto market without any penalties or violations of the law. Some of the countries that would be studied by the committee are Dubai, the Philippines, Malaysia, Europe, and even Singapore. This is to ensure that the committee has studied all the implications and specifics regarding the implementation of blockchain technology from these dedicated countries when implementing the same in Sri Lanka.