Cabinet nod to appoint committee to explore crypto mining in SL

With a view to commence the ‘Smart Sri Lanka,’  the Government has decided to appoint a committee consisting of skilled professionals in the public and private sectors on rules and regulations required to attract investments from companies operating in block chain technology and crypto currency mining.

A proposal to this effect submitted by Project Coordinating and Monitoring Minister Namal Rajapaksa was approved by the Cabinet of Ministers on Tuesday at its meeting.

The Cabinet of Ministers approved the appointment of a committee consisting of skilled professionals in the public and private sectors to report to the Cabinet on the Acts, rules and regulations required to attract investments of the companies are being operated in these sectors, to approve crypto currency mining companies to invest in Sri Lanka and to allow the Board of Investment (BOI) to take the necessary steps under the provisions of the Board of Investment Act No. 4 of 1978 and the related amendments.

The necessity of developing an integrated system that incorporates digital banking, block chain technology and crypto currency mining and other essential services has been identified to facilitate the creation of a digital business environment.

“Many countries in South Asia have already begun to evaluate this sector and develop it. Therefore, to be able to deal with the countries on a competitive basis, proactive steps need to be taken,” the Government said.