Sri Lanka’s government has formed a panel to investigate digital banking and blockchain in order to attract investment

With more countries around the world vying to enter the crypto space, the latest news in this regard comes from the island country of Sri Lanka. The cabinet ministry of Sri Lanka recently gave the nod to the formation of a committee that will study and analyze cryptocurrencies. The committee will look into various matters surrounding the digital currency sector.

From what is available now, the committee will look into blockchain technology, digital banking, crypto mining, and the use of cryptocurrency as a whole. The other aspect that this committee will look into is how to prevent illegal practices that take place over cryptocurrencies. From money laundering to financing terrorist organizations, the committee will study and analyze how to prevent these illegal activities from taking place.

As of now, 5 members have been appointed to the committee. These five members will look into how other countries are adopting and regulating the crypto sector. The countries under focus would be Singapore, Dubai, Malaysia, and the countries under European Union. Studying the nature of cryptocurrency and its merits in a conventional economy is the primary aim of the committee. Sri Lanka’s Department of Government Information released a statement in this regard. The statement said that the move is to ensure Sri Lanka’s prosperity as a hub for foreign investment to modernize the country’s economic and technological sectors.

Cabinet minister Namal Rajapaksa proposed the formation of this committee, and now it is set to begin work. Experts around the world are eager to see how Sri Lanka takes part in the crypto space.