Sri Lanka rejects Billionaire Tim Draper’s Bitcoin legal tender bid

The governor of the central bank of Sri Lanka, Nandalal Weerasinghe, has turned down Billionaire investor and Bitcoin fan Tim Draper’s advice to promote cryptocurrency as a tool to fight corruption.

“I come to the Central Bank with decentralized currency,” Draper said, only for Weerasinghe to bluntly respond, “We don’t accept.”

“Adoption of 100% Bitcoin won’t be a Sri Lanka reality ever,” Weerasinghe said, adding that, "we don’t want to make the crisis worse by introducing Bitcoin."

Draper told Weerasinghe that he thought Sri Lanka should follow El Salvador’s lead in making use of Bitcoin as "a country known for corruption will be able to keep perfect records with the adoption of Bitcoin.”

According to the Governor, however, having its currency is necessary for Sri Lanka’s monetary policy independence, and other technologies are capable of distributing financial services.

Draper also met the country’s president Ranil Wickremesinghe, where he again made the case for Bitcoin adoption in Sri Lanka.

Sri Lanka is engulfed in a major economic and political crisis that saw its default on more than $56 billion of foreign loans in 2022.

The country is also facing fuel and food shortages that lead to mass protests and forced former president Gotabaya Rajapaksa to flee the country and resign.
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