Home » Central Bank of Sri Lanka Rejects Tim Draper’s Bitcoin Solution to Corruption

Central Bank of Sri Lanka Rejects Tim Draper’s Bitcoin Solution to Corruption

by Natalie Christie

Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, rejected the idea of American venture capital investor Tim Draper to eliminate corruption in the country by embracing bitcoin. Weerasinghe argued that adopting the primary cryptocurrency could worsen the economic situation of the nation. Draper had visited Sri Lanka to shoot an episode of his TV show “Meet the Drapers” and held discussions with the President of the country and the Governor of the central bank. He claimed that Sri Lanka has emerged as a “corruption capital” and suggested shifting towards bitcoin to get on the right track.

Weerasinghe was not open towards the idea and instead suggested technologies different from the leading digital asset could successfully distribute monetary services and boost financial inclusion in the country. The economic condition of Sri Lanka is quite concerning, with inflation surging above 54%. Draper pointed out El Salvador and the Central African Republic (CAR) which both declared bitcoin legal tender and saw positive impacts on their economies.

Draper predicted in June 2021 that bitcoin will shoot to $250,000 by the end of 2022, envisioning that multiple giant institutions will accept it as a means of payment. Despite the market decline, Draper remained bullish in the following months, saying BTC will reach the $250K target once the macroeconomic conditions improve and when women start using it for daily shopping.

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