In terms of bitcoin transactions, Central and South Asia and Oceania are expanding rapidly. Crypto transactions rose 706 percent between July 2020 and June 2021 in Central and South Asia and Oceania, a vast region that includes countries like India, Pakistan and Vietnam.
In monetary terms, transactions totaled $ 572.5 billion, which is 14% of the global transaction value. Asia leads the way in overall adoption based on on-chain value received, on-chain retail transactions, and peer-to-peer transaction volume. Vietnam, India and Pakistan took first, second and third place.
Sri Lanka and crypto mining
Sri Lanka’s central bank warned the public of the dangers of investing in cryptocurrency Aprilas there is a lack of legal and regulatory remedies. However, the central bank selected three banks to prepare a proof-of-concept for a joint know-your-customer facility using blockchain within a month of being notified.
Sri Lanka’s director general of government information, Mohan Samaranayake, shared a letter on Oct. 8, indicating that authorities have approved a recent proposal aimed at investing in the country’s blockchain and cryptocurrency efforts to attract.
The Sri Lankan authorities have recognized the need to build an integrated system of digital banking, blockchain and cryptocurrency mining technologies to keep up with global partners and international markets, according to Samaranayake.
He also stated that this committee will be tasked with researching and proposing an appropriate framework for Sri Lanka based on the legislation and activities of other nations such as Dubai, Malaysia, the Philippines, the EU and Singapore.
Sandun Hapugoda from Mastercard and Sujeewa Mudalige from PricewaterhouseCoopers (PwC), two of the eight members of the committee, represent global fintech titans. Traditional finance members include Rajeeva Bandaranaike, CEO of the Colombo Stock Exchange, and Dharmasri Kumarathunge, director of the Central Bank of Sri Lanka.
The remaining four members represent the Presidential Council, the Sri Lanka Computer Emergency Readiness Team (SLCERT) and the Department of Government Information, Information and Communication Technology Agency (ICTA).
The committee will also review laws and regulations in other countries to develop anti-money laundering (AML), terrorist financing and criminal activity rules to aid this mission.