Sri Lanka against Bitcoin adoption, rejects Draper’s anti-corruption pitch

On a caller sojourn to Sri Lanka, American billionaire Tim Draper pitched the thought of adopting Bitcoin (BTC) arsenic a ineligible tender to fight against the corruption that contributed to hyperinflation successful the land country. However, a cardinal Sri Lankan authorization — cardinal slope Governor Nandalal Weerasinghe — believed doing truthful would worsen the country’s economical situation.

Taking clip from a TV sprout successful Sri Lanka, Draper met President Ranil Wickremesinghe and Weerasinghe to urge Bitcoin arsenic a viable enactment for getting retired of fiscal problems.

Tim Draper successful Sri Lanka speaking astir economical development. Source: YouTube

During the meeting, Draper pointed retired a cardinal interest staring close astatine Sri Lanka:

“Have you seen Sri Lanka successful the news? It’s known arsenic the corruption capital. A state known for corruption volition beryllium capable to support cleanable records with the adoption of Bitcoin.”

As helium recommended utilizing “decentralized currency” to the caput of Sri Lanka’s cardinal bank, helium received a abbreviated “we don’t accept” reply. Weerasinghe further stated:

“Adoption of 100% Bitcoin won’t beryllium a Sri Lanka world ever.”

Instead, Weerasinghe believed that having Sri Lanka’s ain fiat currency was captious for monetary-policy independency and would guarantee businesslike inclusion and disburse physics payment payments.

“We don’t privation to marque the situation worse by introducing Bitcoin,” Weerasinghe concluded.

Related: Australia introduces classification for crypto assets

MicroStrategy, a bundle analytics institution co-founded by Michael Saylor, shared plans to proceed offering BTC trading services contempt incurring an unrealized nonaccomplishment of $1.3 cardinal successful 2022.

During a Feb. 2 net call, MicroStrategy’s main fiscal officer, Andrew Kang, said:

“We whitethorn see pursuing further transactions that whitethorn instrumentality vantage of the volatility successful Bitcoin prices, oregon different marketplace dislocations that are accordant with our semipermanent Bitcoin strategy.”

According to Kang, MicroStrategy held 132,500 BTC (worth $1.84 billion) arsenic of Dec. 31, 2022. Of the lot, 14,890 BTC were held straight by the concern and the remainder by its subsidiary MacroStrategy.