The Future of Cryptocurrency in Sri Lanka

The status of cryptocurrencies / blockchain is very new in sri lanka. Actually there is no clear definition for crypto currencies in sri lankan law. There are no any laws defined related to crypto currencies in sri lanka. But the central bank of sri lanka (CBL) seems to be very curious about this industry. They highlighted their support for crypto currencies in few occasions and I think CBL is very positive about this industry.

I like to highlight some of the positive news from CBL(Central Bank of Sri Lanka) related to blockchain industry

The Monetary Board of the Central Bank of Sri Lanka is close to starting development of a blockchain platform expected to speed the processing of bank users’ ID information.

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Oxfam in Sri Lanka, part of the non-profit group focused on alleviating global poverty, has teamed up with blockchain startup Etherisc to help bring affordable insurance to paddy rice farmers.

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Central Bank of Sri Lanka is also currently engaged in implementing a Blockchain KYC Proof of Concept (POC) project, and it is believed that with successful implementation, this POC can greatly benefit commercial banks and financial institutions in the country with their KYC processes.

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So it's very clear that crypto currency is getting more popular in the country with the positive support from the CBL and government. I'm really happy to see that officials are active with a positive attitude for this field. But we all know there are some negative sides of blockchain. Actually blockchain provides a unlimited financial freedom to a person. Sri Lanka got suffered from it. We can't forget Easter Attack. Around 300 innocent Cristian's were murdered by ISIS and all the transfers were with the help of cryptocurrencies.

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ISIS and Suicide Bombers gathered funds via Bitcoins to fund Sri Lanka Easter Attacks

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Breaking: ISIS Used Bitcoin to Fund Horrific Sri Lanka Easter

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So few news like this were able to create negative thoughts of bitcoin and crypto industry in peoples mind. Most of the people think this is kind of illegal money or scam due to reasons like above. But I think these negative ideas will be gone when they are getting educated about this industry and real benefits.

So through I will write about what will be the future of crypto currencies in my country , sri lanka under different topics.