Central Bank to introduce digital currency by the end of this year
The Central Bank is to introduce a digital currency for Sri Lanka by the end of this year, its official told a top committee in Parliament yesterday.“The exercise of introducing ‘Lanka Pay’ and ‘Central Bank Digital Currencies’ has already begun. The two systems will be launched by the end of this year,” Central Bank officials informed the Ways and Means Committee in Parliament. Central Bank officials were called before the committee to discuss issues pertaining to online payments in Sri Lanka. Accordingly, the Chairman of Ways and Means Committee Patali Champika Ranawaka inquired about the regulation of online payment systems in Sri Lanka,” Parliamentary Media Unit (PMU) said.
It was revealed that the absence of a financial registry in Sri Lanka results in 45 per cent of financial transactions going without being regulated.
MP Ranawaka proposed that QR code system which is used in fuel sales should be extended to financial services as well. Also, he proposed that the Inland Revenue Department, Excise Department and Customs should adopt online payment systems. The focus was made on using blockchain systems for the purpose.
Ways and Means Committee requested the Central Bank officials to carry out a study on the online payment systems that are being implemented in countries such as India and Bangladesh and submit a report within two weeks.
State Minister Lasantha Alagiyawanna, Sisira Jayakody, MPs Ashok Abeysinghe, Charitha Herath and Ishak Rahuman participated in the committee meeting.
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