During a recent visit to Sri Lanka, American billionaire Tim Draper came up with the idea of using bitcoin as legal tender to crack down on the corruption that caused hyperinflation in the island nation. But Nandalal Weerasinghe, the governor of Sri Lanka's central bank, one of Sri Lanka's main authorities, feels that doing so will make the country's economic situation worse.
During a television shoot in Sri Lanka, Draper met with Sri Lankan US presidents Ranil Wickremasinghe and Velasinha and strongly recommended Bitcoin as an option to solve financial problems.
During the meeting, Draper elaborated on a key issue of immediate concern to Sri Lanka:
Did you see Sri Lanka on the news? It is called the land of corruption. A country known for corruption will be able to maintain extreme records by using bitcoin.
When she asked the governor of the Central Bank of Sri Lanka to use "diversified currency", he received a brief "everyone refused to accept" response. Weerasinghe further stated:
"choosing 100% bitcoin will never be a fact in Sri Lanka."
In turn, Weerasinghe feels that it is particularly important to have Sri Lanka's own legal tender awareness of monetary policy, which will ensure efficient diversity and payment of electronic benefits.
"We don't want to add to the dilemma by introducing bitcoin," Weerasinghe concluded.
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Tue, 18 Apr 2023