Sri Lanka’s Central Bank announced plans to roll out a national digital currency by the end of the year, according to statements made to the Parliament’s Ways and Means Committee. The initiative, which includes the introduction of ‘Lanka Pay’ and ‘Central Bank Digital Currencies’, aims to modernize the country’s financial transactions and regulatory framework.
During a session with the committee, Central Bank representatives discussed the current state of online payments in Sri Lanka and the challenges posed by the lack of a comprehensive financial registry, which leaves 45% of transactions unregulated. Committee Chairman Patali Champika Ranawaka highlighted the potential for QR code systems, currently used in fuel sales, to enhance financial services and called for the adoption of online payment systems by key government departments using blockchain technology.
The committee has tasked the Central Bank with conducting a comparative study of online payment systems in countries like India and Bangladesh, with findings to be reported back within two weeks. The meeting saw participation from State Minister Lasantha Alagiyawanna, MPs Sisira Jayakody, Ashok Abeysinghe, Charitha Herath, and Ishak Rahuman.
Source : Central Bank to introduce digital currency by the end of this year
https://www.dailymirror.lk/breaking-news/Central-Bank-to-introduce-digital-currency-by-the-end-of-this-year/108-274975
