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Sri Lanka Announces National Committee for Crypto Mining & Blockchain Technology

2 mins
Updated by Ryan James
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In Brief

  • Sri Lankan government announces a new committee to drive standards for crypto mining and blockchain technology.
  • Members of the committee have been announced, along with its mandates.
  • The committee has also been instructed to study existing frameworks for regulation employed by other countries, and provide recommendations for domestic policy.
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On Friday, October 8, 2021, Sri Lanka’s Department of Government Information published a press release that details a new initiative that will see a government-led effort to create a nationalized, “integrated system of digital banking, blockchain and cryptocurrency mining technology”.

The Department of Government Information (DGI) is part of Sri Lanka’s Ministry of Mass Media. It supports local and international media outlets, including the provision of “easy access to Government news and information”.

To achieve this: Namal Rajapaksa, Sri Lanka’s Minister of Project Coordinating and Monitoring, has established and appointed a committee that was subsequently approved by the Cabinet. The committee reports directly to the Cabinet with the aim of “attract[ing] investments and investors in the areas of Digital Banking, Blockchain & Blockchain-related industries such as cryptocurrency”.

The press release claims that the Cabinet has determined a “necessity” of creating the aforementioned “integrated system”, which is on par with their global partners in the region, in addition to facilitating potential trade expansion in “international markets”.

Sri Lanka’s Blockchain and Crypto Mining Committee 

Sri Lanka’s new committee is mandated to devise and propose a “suitable framework” for cryptocurrency mining and blockchain technology initiatives and regulation – incorporating insights from researching similar activities by other countries. The press release specifically cites Dubai, Malaysia, the Philippines, Singapore, and the EU as examples to be studied by the committee.

Other areas to be studied by the committee are laws and regulations with regards to Anti-Money Laundering (AML), criminal activities, terrorism financing, and the ‘Know Your Customer (KYC) processes.

Members appointed to this committee include:

Mr. Sujeewa Mudalige 

  • Chairman
  • Managing Partner – PricewaterhouseCoopers Sri Lanka

Mr. Viraj Dayaratne

  • President’s Counsel
  • BA (Colombo), LLM (Wales)

Mr. Rajeeva Bandaranaike

  • Chief Executive Officer, Colombo Stock Exchange

Mr. Dharmasri Kumarathunge

  • Committee Member
  • Director, Payments & Settlements – Central Bank of Sri Lanka

Mr. Jayantha Fernando 

  • Committee Member
  • Director ICTA, General Counsel

Mr. Sandun Hapugoda

  • Committee Member
  • Director – Mastercard Sri Lanka & Maldives

Air Commodore (Retd) TGJ Amarasena

  • Committee Member
  • Chief Executive Officer – Sri Lanka CERT

Mr. Milinda Rajapaksha 

  • Convener to the Committee & Committee Member
  • Additional Director General, Dept. Govt. Information

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