With a view to the launch of “Smart Sri Lanka”, the government has decided to appoint a committee of qualified professionals from the public and private sectors on the rules and regulations needed to attract investment from companies operating in the blockchain- Technology and cryptocurrency mining.
A proposal by the Minister for Project Coordination and Monitoring, Namal Rajapaksa, was approved by the Cabinet of Ministers at its meeting on Tuesday.
The Cabinet of Ministers approved the appointment of a committee composed of qualified professionals from the public and private sectors to report to the Cabinet on the laws, rules and regulations necessary to attract investment from the companies undertaken in these sectors To authorize cryptocurrencies mining companies to invest in Sri Lanka and to allow the Board of Investment (BOI) to take the necessary steps in accordance with the provisions of the Board of Investment Act No. 4 of 1978 and its related amendments.
The need to develop an integrated system that includes digital banking, blockchain technology and cryptocurrency mining, as well as other essential services, was recognized to facilitate the creation of a digital business environment.
“Many countries in South Asia have already started evaluating and developing this sector. In order to be competitive with the countries, therefore, proactive steps have to be taken, ”said the government.