On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
In preparation to regulate its fintech space, the government of Sri Lanka has established a special committee tasked to formulate the country’s policy on digital banking and crypto-related activities. The committee comprises professionals from the public and private sectors.
New Committee to Propose Rules for Blockchain Industry in Sri Lanka
Sri Lankan authorities have unveiled the composition of а newly established committee of experts gathered to formulate the nation’s policy in three key areas related to cryptocurrencies, the local Daily Mirror reported on Saturday. The members are expected to present regulations for entities operating in the digital banking, blockchain, and cryptocurrency mining industries.
According to an announcement by the Government Information Department, the professionals involved in the project are Viraj Dayaratne, chairman of the Securities and Exchange Commission of Sri Lanka, Rajeeva Bandaranaike, CEO of the Colombo Stock Exchange, and Dharmasri Kumarathunge, director of payments and settlements at the Central Bank of Sri Lanka.
The team also includes Jayantha Fernando, chairman of the Sri Lankan Data Protection Law Drafting Committee, Sandun Hapugoda, director of Mastercard Sri Lanka, T.G.J. Amarasena, who is the chief executive of the Sri Lanka Computer Emergency Readiness Team, and political activist Milinda Rajapaksha. Sujeewa Mudalige, managing partner of PwC Sri Lanka, will chair the committee.
The experts, representing both government institutions and private companies, will help Sri Lanka to draft laws, rules, and regulations that will allow the country to attract investments into the digital banking and blockchain technology sectors as well as to create conditions for crypto mining enterprises in the country. The information department elaborated:
The necessity of developing a system that integrates digital banking, blockchain technology and cryptocurrency mining and other essential services has been identified to facilitate the creation of a digital business environment.
According to the report, Digital Technology and Enterprise Development State Minister Namal Rajapakse has played a leading role in setting up the committee. Rajapakse, who is also responsible for development projects’ coordination and monitoring, sought the approval of the Cabinet of Ministers to appoint the body’s members.
The upcoming regulations will allow the Sri Lankan Board of Investment to take the necessary steps to facilitate the said crypto industry investments. The move comes despite the Central Bank of Sri Lanka (CBSL) maintaining a cautious approach towards cryptocurrencies. In April, the monetary authority issued a notice warning about the associated risks as crypto investing and trading spiked around the world and in the South Asian nation.
Do you think the Sri Lankan government will create a business-friendly environment for crypto companies in the country? Tell us in the comments section below.
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