{"id":17290,"date":"2023-02-05T03:56:06","date_gmt":"2023-02-05T03:56:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/billionaire-tim-draper-urges-sri-lanka-to-adopt-bitcoin-central-bank-says-we-dont-want-to-make-the-crisis-worse-regulation-bitcoin-news\/"},"modified":"2023-02-05T03:56:06","modified_gmt":"2023-02-05T03:56:06","slug":"billionaire-tim-draper-urges-sri-lanka-to-adopt-bitcoin-central-bank-says-we-dont-want-to-make-the-crisis-worse-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/billionaire-tim-draper-urges-sri-lanka-to-adopt-bitcoin-central-bank-says-we-dont-want-to-make-the-crisis-worse-regulation-bitcoin-news\/","title":{"rendered":"Billionaire Tim Draper Urges Sri Lanka to Adopt Bitcoin \u2014 Central Bank Says ‘We Don’t Want to Make the Crisis Worse’ \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Billionaire investor and venture capitalist Tim Draper has reportedly attempted to convince the Sri Lankan government to adopt bitcoin. However, the governor of the Central Bank of Sri Lanka rejected his recommendation, emphasizing: \u201cAdoption of 100% bitcoin won\u2019t be a Sri Lanka reality ever.\u201d<\/strong><\/p>\n

Tim Draper Suggests Sri Lanka Adopts Bitcoin<\/h2>\n

Billionaire investor and venture capitalist Tim Draper reportedly tried to convince the Sri Lankan government and central bank to adopt bitcoin during his visit to the south Asian country earlier this week to shoot an episode of his \u201cMeet the Drapers\u201d TV show with local entrepreneurs.<\/p>\n

The billionaire met with Sri Lankan President Ranil Wickremesinghe Tuesday to pitch bitcoin adoption, Bloomberg reported, adding that he then visited the Sri Lankan central bank the next day with the same pitch.<\/p>\n

Wearing a bitcoin tie, Draper was quoted as saying: \u201cI come to the central bank with decentralized currency.\u201d However, Sri Lankan Central Bank Governor Nandalal Weerasinghe replied:<\/p>\n

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We don\u2019t accept \u2026 Adoption of 100% bitcoin won\u2019t be a Sri Lanka reality ever.<\/p>\n<\/blockquote>\n

Sri Lanka\u2019s fuel and food shortages led to riots last year. The president at the time fled the debt-ridden country and later resigned. Sri Lanka\u2019s key inflation rate stood at 54.2% in January, and last year the economy contracted by 8%, the governor detailed.<\/p>\n

Draper told the central bank chief that he is \u201ca little worried about you guys,\u201d elaborating:<\/p>\n

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Have you seen Sri Lanka in the news? It\u2019s known as the corruption capital. A country known for corruption will be able to keep perfect records with the adoption of bitcoin.<\/p>\n<\/blockquote>\n

The billionaire VC continued to try to convince Weerasinghe during their 30-minute meeting. He even cited El Salvador, which became the first country to adopt bitcoin as legal tender<\/a> alongside the U.S. dollar in September 2021.<\/p>\n

\u201cDoes the administration have the guts to do it?\u201d Draper asked the Sri Lankan central bank governor as he pushed for bitcoin adoption. \u201cWhat\u2019s the advantage of having your own currency?\u201d<\/p>\n

However, Weerasinghe replied:<\/p>\n

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We don\u2019t want to make the crisis worse by introducing bitcoin.<\/p>\n<\/blockquote>\n

Draper has pitched bitcoin adoption to several other countries and received better responses than he did from the Sri Lankan government and central bank. The tiny island country of Palau in the Pacific, for example, made him the founding resident of its digital-residency program.<\/p>\n

The billionaire has long been bullish about bitcoin due to the cryptocurrency\u2019s trait as a hedge against inflation<\/a>. In November last year, he predicted that BTC<\/a> should hit $250K by mid-2023<\/a>.<\/p>\n

The Central Bank of Sri Lanka has cautioned the public several times about the risks of investing in cryptocurrencies. In July last year, the central bank published a notice warning <\/a>that virtual currencies \u201care considered as unregulated financial instruments and have no regulatory oversight or safeguards relating to their usage in Sri Lanka.\u201d The authority added that it \u201chas not given any license or authorization to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies.\u201d<\/p>\n

Do you think Sri Lanka should adopt bitcoin as billionaire Tim Draper has suggested? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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