The Central Bank of Sri Lanka has announced plans to introduce a digital currency, named 'Lanka Pay,' by the close of this year. Officials from the Central Bank disclosed this information during a session with the Ways and Means Committee in Parliament, where discussions centered on the regulation of online payment systems in the country.
"The exercise of introducing 'Lanka Pay' and 'Central Bank Digital Currencies' has already begun. The two systems will be launched by the end of this year," shared Central Bank officials during the parliamentary session.
The Ways and Means Committee, led by Chairman Patali Champika Ranawaka, delved into the challenges surrounding online payments in Sri Lanka. A notable revelation was made about the absence of a financial registry, leading to 45% of financial transactions going unregulated.
MP Ranawaka proposed the extension of the QR code system, currently used in fuel sales, to financial services. Additionally, he suggested that online payment systems be adopted by the Inland Revenue Department, Excise Department, and Customs, emphasizing the potential use of blockchain systems for enhanced efficiency. The move towards a digital currency aims to revolutionize financial transactions and address regulatory gaps in Sri Lanka's evolving financial landscape.
