The Sri Lankan government has formed a committee to attract investment in the areas of digital banking, blockchain technology and "related industries such as cryptocurrencies".
According to a press release, the body will study regulations and initiatives in other jurisdictions including Dubai, Malaysia, Philippines, EU, Singapore and then propose suitable regulations for Sri Lanka.
"The need to develop an integrated digital banking, blockchain and cryptocurrency mining system on par with global partners in the region while expanding trade in international markets is highlighted," the statement said.
The committee will also look into the legal provisions of other countries in terms of anti-money laundering, countering terrorist financing and criminal activities, as well as KYC procedures.
The panel was set up under the national programme "Prospects for Prosperity and Greatness" at the suggestion of the Minister for Development Coordination and Monitoring. It comprises experts in various fields, including representatives from Mastercard, PricewaterhouseCoopers, the central bank, other agencies and firms.
It will be recalled that Sri Lanka topped the ranking of countries in terms of cybercrime growth at 359% in 2020, according to a Comparitech study.
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