The Cabinet of Ministers has given the green light to appoint a committee of qualified professionals from the public and private sectors to report on the laws, rules and regulations necessary to attract investment from companies involved in digital banking, blockchain technology and the cryptocurrency mining.

According to the government’s Information Department, the minister responsible for coordinating and monitoring the project submitted the relevant proposal to the last cabinet meeting.

This committee will be responsible for approving cryptocurrency mining companies to invest in Sri Lanka and enabling the Board of Investment (BOI) to take the necessary action under the provisions of BOI Law No. 4 of 1978 and amendments. related.

The government says it has identified the need to develop an integrated system that merges digital banking, blockchain technology and mining for cryptocurrency and other essential services to facilitate the creation of a digital business environment.

Many countries in South Asia have already started to assess and develop this sector. The government says that prior attention should be given to taking the necessary steps to deal with these countries on a competitive basis.