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Cabinet approval was received to set up a committee on rules and regulations required to attract investments from companies operating in Digital Banking, Blockchain technology and Cryptocurrency Mining.

Keeping in line with the government's National Policy Framework, the necessity of developing an integrated system of digital banking, blockchain and cryptocurrency mining technology has been identified to pace on par with the global partners in the region while expanding trade to the International markets.

Accordingly, the proposal made by the Minister of Project Coordinating and Monitoring Namal Rajapaksa to appoint a committee to report to the Cabinet on the Acts, Rules and Regulations to attract investments and investors in the areas of Digital Banking, Blockchain and Blockchain related industries such as cryptocurrency was approved by the Cabinet, the Department of Government Information announced.

The committee will be tasked with approving cryptocurrency mining companies to invest in Sri Lanka and allowing the Board of Investment (BOI) to take necessary steps under the provisions of the BOI Act No. 4 of 1978 and the related amendments.

This committee will be mandated to study the regulations and initiatives in other countries and propose a suitable framework for Sri Lanka and will also study the laws and regulations of other countries in terms of antimoney laundering, terrorism financing, criminal activities, and 'Know Your Customer' processes.

The committee will comprise the following experts in their field: Sujeewa Mudalige (Chairman), Sadun Hapugoda, D. Kumarathunge, Jayantha Fernando and Milinda Rajapaksha.