• Tim Draper, a billionaire investor, visited Sri Lanka to promote the use of Bitcoin to the nation’s central bank.
• The regulators of Sri Lanka were not receptive and commented that bitcoin would never be adopted within their borders.
• Despite his efforts, Draper failed to convince regulators that bitcoin could help fight corruption and create more efficient financial records.
Billionaire Investor Tries To Promote Bitcoin Use In Sri Lanka
Billionaire investor Tim Draper recently took a trip to Sri Lanka in an attempt to promote bitcoin adoption by the nation’s central bank. However, he was met with resistance from regulators who stated that the use of crypto or bitcoin would never occur within the nation’s borders.
Draper Attempts To Push Bitcoin As Financial Tool
In his opening statement, Draper argued that BTC could be used as a payment tool and also help fight off rampant corruption in Sri Lanka. He hoped that it could also help keep perfect records with its adoption. Unfortunately, his attempts were unsuccessful as Nandalal Weerasinghe, Governor of the Central Bank stated „We don’t accept…Adoption of 100 percent bitcoin won’t be a Sri Lanka reality ever.“
Reluctance To Adopt Cryptocurrencies
Many stores and companies have been reluctant to adopt cryptocurrencies due to their volatile nature; meaning prices can fluctuate rapidly making it difficult for businesses to know whether they will make a profit or loss when accepting crypto payments. This is why many are hesitant to accept digital currencies as payment methods even though they were initially created for this purpose.
Tim Draper Gets Kicked Out Of Central Bank
Despite his enthusiasm for crypto adoption in Sri Lanka, Tim Draper was ultimately kicked out of the Central Bank unceremoniously without being able to make any significant progress towards bringing BTC into the country. It is clear that there remains much reluctance among government officials when it comes to embracing digital currencies such as Bitcoin despite its potential benefits.
Conclusion
Ultimately, it appears that despite Tim Drapers best efforts, regulations in Sri Lanka remain resistant towards adopting cryptocurrency at this time due to concerns about their volatile nature and uncertain future prospects. Until these issues are addressed more extensively by governments around the world, we may continue to see similar scenarios arise whenever crypto evangelists attempt to push digital currencies onto governments with conservative stances on them.