Sri Lanka targets investments in blockchain technology & cryptocurrency mining

The Cabinet of Ministers has given the nod to appoint a committee of skilled professionals in the public and private sectors to report on the Acts, Rules and Regulations required to attract investments of the companies involved in digital banking, blockchain technology and cryptocurrency mining.

According to the Government Information Department, the Project Coordinating and Monitoring Minister had submitted the relevant proposal to the most recent Cabinet meeting.

This committee will be tasked with approving cryptocurrency mining companies to invest in Sri Lanka and allowing the Board of Investment (BOI) to take necessary steps under the provisions of the BOI Act No. 4 of 1978 and the related amendments.

The government says it has identified the necessity of developing an integrated system that amalgamates digital banking, blockchain technology and cryptocurrency mining and other essential services in order to facilitate the creation of a digital business environment.

Many countries in South Asia have already begun to evaluate and develop this sector. The government says prior attention needs to be given to taking the necessary steps that enable dealing with these countries on a competitive basis.