How Crypto Adoption Could Help Sri Lanka Amid Recent Turmoil

  • Sri Lanka is facing its worst economic crisis.
  • Namal Rajapaksha, Member of Parliament, reveals plans to impose payments in digital currency.
  • Tron founder Justin Sun said that he can leverage Web3 to help the country out of bankruptcy.

The Southeast Asian country Sri Lanka is going through a series of unfortunate events.

The island country is facing its worst economic crisis and is running out of foreign reserves to import goods. On top of that, Sri Lanka has defaulted on its debts for the first time in its history.

Amid the nation’s current economic situation, some cryptocurrency enthusiasts believe that the only way to save the country from bankruptcy is to introduce digital currency and blockchain.

For example, Tron founder Justin Sun said that he can leverage web3 to help the country out of bankruptcy.

sun said on a twitter mail, “Sri Lanka is officially in DAO mode. I have some great ideas on how to get Sri Lanka out of bankruptcy and prosperity with Web3 as a solution.”

Recalling a post in 2021, Namal Rajapaksha, a member of parliament, revealed a board meeting to bring blockchain adoption and digital currency payments to the country.

Furthermore, Namal Rajapaksha said that it is time for Sri Lanka to keep up with global trends, which will not only present better opportunities in global markets, but also allow us as a government to create more digital-centric opportunities and strengthen the economy. .

Similarly, his father, Mahinda Rajapaksha, stated: “As the cabinet approves establishing a committee to propose policies on blockchain technology, digital banking and crypto mining, a proper regulatory framework will ensure Sri Lanka leads the digital economy in the region. ”

However, not all parties agree to an idea; The Central Bank of Sri Lanka (CBSL) issued a statement showing that they refuse to regulate digital currencies and blockchain technology and warn people about crypto frauds.

CBSL does not consider cryptocurrencies to be legal tender in the nation, and CBSL has not granted any entity a permit or authorization to operate in the nation.

Amid the recent resignation of President Rajapaksha, regulations surrounding CRYPTOCURRENCIES in Sri Lanka are still uncertain. In a few days, the local parliament will elect a new leader, and Sri Lankan crypto enthusiasts can only hope that the next president is excited about digital currencies.