Namal appoints committee to drive Digital Sri Lanka

Saturday, 9 October 2021 00:36 - - {{hitsCtrl.values.hits}}

Sujeewa Mudalige

Viraj Dayaratne PC

Rajeeva Bandaranaike

Dharmasri Kumaratungajpg

Jayantha Fernando

T. G. J. Amarasena

Sandun Hapugoda

Milinda Rajapaksha

The Government yesterday appointed an eight-member committee to advice the Cabinet on possible regulations, acts and laws in cryptocurrency mining, digital-driven banking, adoption of cryptocurrencies and blockchain technologies.

The committee is chaired by Pricewaterhouse Coopers Sri Lanka Managing Partner Sujeewa Mudalige. The other members include Securities and Exchange Commission Chairman Viraj Dayaratne, Colombo Stock Exchange CEO Rajeeva Bandaranaike, Central Bank Payments and Settlements Director Dharmasri Kumaratunga, Information and Communication Technology Agency Director Jayantha Fernando, MasterCard Sri Lanka and Maldives Director Sandun Hapugoda, Sri Lanka Computer Emergency Readiness Team CEO T.G.J. Amarasena and Government Information Department Additional Director General Milinda Rajapaksha.

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 to be implemented in Sri Lanka.

It will also study the laws and regulations of other countries in terms of anti-money laundering, terrorism financing, criminal activities, and the Know Your Customer (KYC) processes.

On a proposal made by Development Coordination and Monitoring Minister Namal Rajapaksa, the Cabinet of Ministers on Tuesday approved the appointment of a committee comprising Government and private sector individuals.

He told the Daily FT on Thursday it was proposed to Cabinet to offer companies and entrepreneurs and startups engaged in digital banking and cryptocurrency, blockchain technologies and crypto mining to be allowed to set up offices in Sri Lanka and establish an operating base.

“This would also include having a special scheme of visas for such companies and entrepreneurs, as their spending power and capacity will assist in GDP growth and indirect tax in terms of revenue into the country,” Rajapaksa added.

The necessity of developing an integrated system of digital banking, blockchain and cryptocurrency mining technology has been identified to pace on par with the global partners in the region while expanding trade to the international markets.