Sri Lankan Authorities Reject Bitcoin Adoption

COLOMBO, SRI LANKA – Sri Lankan central bank Governor Nandalal Weerasinghe has rejected a recommendation from American venture capitalist Timothy Draper to adopt bitcoin as legal tender to quell the country’s hyperinflation. 

The meeting between Weerasinghe and Draper was reported by Bloomberg in which Draper said, “A country known for corruption will be able to keep perfect records with the adoption of Bitcoin.” Weerasinghe countered that bitcoin could worsen the conditions in the country and stated, “Adoption of 100% Bitcoin won’t be a Sri Lanka reality ever.” 

Sri Lanka is known as one of the most corrupt states in the world. In July 2022, Sri Lanka’s president Gotabaya Rajapaksa fled the country as protestors stormed the presidential palace, occupying the decadent home and even swimming in the president’s pool. The protests erupted after inflation in Sri Lanka skyrocketed 54%, and interest rates were raised 15.5% the previous month.