• Tim Draper suggests that Sri Lanka should adopt Bitcoin to combat corruption.
• Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, disagrees with this suggestion.
• Weerasinghe believes that adopting Bitcoin could worsen the economic situation of the nation.
Tim Draper’s Suggestion to Combat Corruption
American venture capital investor Tim Draper recently visited Sri Lanka to shoot an episode of his TV show „Meet the Drapers.“ He held discussions with President Ranil Wickremesinghe and Governor Nandalal Weerasinghe regarding the financial crisis in the country and possible solutions to ease it. During these conversations, Draper suggested that Sri Lanka could eliminate corruption by embracing Bitcoin.
Governor Weerasinghe did not agree with Draper’s idea and dismissed it, stating that „the adoption of 100% bitcoin won’t be a Sri Lanka reality ever.“ He argued that using alternative technologies could successfully distribute monetary services and boost financial inclusion without resorting to Bitcoin.
Economic Impact of Adopting Bitcoin
Weerasinghe believes that adopting Bitcoin would worsen the economic situation in Sri Lanka instead of improving it. He is also worried about other potential consequences of embracing cryptocurrency such as money laundering or terrorist financing activities.
Alternative Solutions for Political Corruption
Weerasinghe suggested several other measures which he believes could help fight against political corruption in Sri Lanka. These include increased transparency in government operations and laws which guarantee free access to public information for citizens, as well as punishment for those who violate anti-corruption regulations.
Although Tim Draper proposed a solution for combating political corruption in Sri Lanka through cryptocurrency adoption, Governor Nandalal Weerasinghe rejected this idea due to its negative economic impact on the country and suggested alternatives instead.