In Brief:
- Sri Lanka’s Know-Your-Customer proof-of-concept project for cryptocurrencies has now been completed.
- The project was part of a larger government initiative called Vistas of Prosperity and Splendor.
According to a report presented on Monday by Sri Lanka’s central bank governor, Ajith Nivard Cabraal, the Know-Your-Customer (KYC) proof-of-concept project has been completed.
The CBSL, Sri Lanka’s central bank, collaborated with three companies dedicated to developing the Blockchain-based KYC platform. As per the report, “the concept was tested by the CBSL, as well as 10 regional and international commercial banks including, Amana Bank, Cargills Bank, Bank of Ceylon, DFCC Bank, Commercial Bank of Ceylon, Hatton National Bank, National Development Bank, HSBC, People’s Bank, and Standard Chartered Bank.”
On June 10 of this year, the team completed development and testing of the experimental platform, which was launched in July 2019.
D. Kumaratunge, Central Bank Director Payments and Settlements, stated, “We invited software companies to develop a shared KYC PoC free of charge, as a national project. The response to join this project, both locally and internationally, has been extremely heartening and we are happy to say that we have finalised selecting suitable applicants to begin development shortly.”
As part of Sri Lanka’s National Policy Framework, the project was part of a larger government initiative called Vistas of Prosperity and Splendor.
Namal Rajapaksa, Sri Lanka’s Minister of Project Coordinating and Monitoring, proposed forming a new “Crypto Committee” to investigate how blockchain technology and cryptomining might fit into Sri Lanka’s plans to become a more digital society.
Recently, Sri Lanka has been experiencing economic uncertainty, which may explain its interest in cryptocurrencies and its new efforts to learn more about KYC.
