Sri Lankan government to appoint committee to explore crypto mining
With a view to commence the ‘Smart Sri Lanka,’ The government of Sri Lanka has reportedly decided to promote the ‘Smart Sri Lanka’ programme and has decided to appoint a committee consisting of skilled professionals in the public and private sectors on rules and regulations required to attract investments from companies operating in block chain technology and crypto currency mining.
Sri Lanka’s Minister for Project Coordinating and Monitoring Namal Rajapaksa had presented the relevant Cabinet paper to the Cabinet of Ministers.
Accordingly, the Cabinet of Ministers had approved the appointment of a committee consisting of skilled professionals in the public and private sectors to report to the Cabinet on the Acts, rules and regulations required to attract investments of the companies are being operated in these sectors, to approve crypto currency mining companies to invest in Sri Lanka and to allow Sri Lanka’s Board of Investment (BOI) to take the necessary steps under the provisions of the Board of Investment Act No. 4 of 1978 and the related amendments.
The necessity of developing an integrated system that incorporates digital banking, block chain technology and crypto currency mining and other essential services has been identified to facilitate the creation of a digital business environment.
“Many countries in South Asia have already begun to evaluate this sector and develop it. Therefore, to be able to deal with the countries on a competitive basis, proactive steps need to be taken,” Government Information Department has stated.
OSL take:
The government of Sri Lanka is continuously exploring new business/investment opportunities to promote among foreign businesses/investors. Sri Lankan authorities have already started to take steps to promote crypto mining as part of the ongoing Smart Sri Lanka programme. Sri Lanka is currently engaged in transforming the country into an e-economy by strengthening the digital platforms. Given the ongoing development programme and the economic expansion in the country aimed at building Sri Lanka as a business hub in the South Asian region there’s a growth in business/investment opportunities in Sri Lanka’s ICT and digital infrastructure development sectors.
| Article Code : | VBS/AT/13102021/Z_2 |