As more and more countries are looking into crypto regulations, Sri Lanka is getting ahead of others with its successful completion of the proof-of-concept KYC platform. This small island country had already set up a team of experts to look into the prospects of crypto in the country. The team was also given the responsibility of coming up with a framework for crypto regulations with the country. Ajith Nivard Cabraa, the governor of Sri Lanka’s central bank, detailed their accomplishment recently.
Sri Lanka’s central bank collaborated with many external blockchain-based companies in completing this project. A total of 10 banks were a part of the project. Naturally, it was a high-stake project with global attention. Its successful completion hints at the fact that Sri Lanka is entering the crypto space with intent and purpose. The project began in July 2019 and took a little more than two years to be complete.
Sri Lanka has a broad national development vision with the name Vistas of Prosperity and Splendor. According to Sri Lankan official sources, cryptocurrency is a big part of these developmental plans. In the future, they will collaborate with more private firms to bring blockchain technology to the mainstream.
Sri Lanka’s increasing interest in crypto is not happening in isolation. Countries like India and Pakistan are also showing keen interest in cryptocurrencies. To boost the economic prospects of the country, Sri Lanka needs to adopt crypto as soon as possible. With the present pace of operations, it wouldn’t take a long time either.