Sri Lanka Rejects Bitcoin as Solution to Economic Crisis

Despite Advocating by Investor Tim Draper, Central Bank Officials Say "No" to Cryptocurrency Adoption

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Sri Lanka says “no” to Bitcoin (BTC) as an option to fight corruption or improve the local economy. The Asian country has flatly refused the proposal of investor Tim Draper, who has openly advocated the adoption of the cryptocurrency in that nation, plagued by severe economic problems.

Draper, who visited Sri Lanka for the recording of an episode of his TV show “Meet the Drapers”, has even promoted the adoption of bitcoin to the highest authorities of that Asian country.

He did so, with the nation’s president himself, Ranil Wickremesinghe; and Central Bank Governor Nandalal Weerasinghe. “I come to the Central Bank with decentralized currency,” was Draper’s statement to Weerasinghe.

However, the response of the highest authority of the Central Bank would not have been as expected, according to the same source. “We do not accept,” would have been Weerasinghe’s direct refusal to the proposal of the evangelist in favor of cryptocurrency.

Although Draper argued that the Asian nation is known in the world as a haven for corruption and Bitcoin could help combat that reality, Weerasinghe was blunt. “100% Bitcoin adoption will not be a Sri Lankan reality ever […] we don’t want to worsen the crisis by introducing Bitcoin,” the government official reportedly told him.

As reported, Sri Lanka declared bankruptcy in the middle of last year. Sri Lanka’s inflation is over 50%, according to Trading Economics records, to complete the adverse local economic picture.

Despite the situation, and recommendations to quell the crisis by following in the footsteps of El Salvador, with economists and other analysts raising cryptocurrency as an alternative, the authorities are not considering a solution that includes Bitcoin.

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