Central Bank to introduce digital currency by the end of this year

• Suggestion made to utilize blockchain technology for online payments    

By Yohan Perera and Ajith Siriwardana  

The Central Bank is to introduce a digital currency for Sri  Lanka by the end of this year, its official told a top committee in  Parliament yesterday.  

“The exercise of introducing ‘Lanka Pay’ and ‘Central Bank  Digital Currencies’ has already begun. The two systems will be launched  by the end of this year,” Central Bank officials informed the Ways and  Means Committee in Parliament.  

Central Bank officials were called before  the committee to discuss issues pertaining to online payments in Sri  Lanka. Accordingly, the Chairman of Ways and Means Committee Patali  Champika Ranawaka inquired about the regulation of online payment  systems in Sri Lanka,” Parliamentary Media Unit (PMU) said.  

It was revealed that the absence of a financial registry in  Sri Lanka results in 45 per cent of financial transactions going without  being regulated.  

MP Ranawaka proposed that QR code system which is used in fuel  sales should be extended to financial services as well. Also, he  proposed that the Inland Revenue Department, Excise Department and Customs  should adopt online payment systems. The focus was made on using blockchain systems for the purpose.  

Ways and Means Committee requested the Central Bank  officials to carry out a study on the online payment systems that are  being implemented in countries such as India and Bangladesh and submit a  report within two weeks.  

State Minister Lasantha Alagiyawanna, Sisira Jayakody, MPs  Ashok Abeysinghe, Charitha Herath and Ishak Rahuman participated in the  committee meeting.