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HomeMoneySri Lanka Against BTC Adoption Rejects Anti-corruption Pitch

Sri Lanka Against BTC Adoption Rejects Anti-corruption Pitch

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Nandalal Weerasinghe, a career central banker, said decentralized cryptocurrencies (including BTC adoption) would weaken his financial background. It’s his confidence that adopting decentralized cryptocurrencies would go ahead (Tesler. software)  in hand with the country’s economic situation.

Cointelegraph’s Reports of Why Bitcoin Should be Adopted as a ‘LEGAL TENDER’

Tim Draper, an American venture capitalist investor, recently visited Sri Lanka. He was the one to aim for the idea of voting for Bitcoin as a legal tender. The broader view backed this proposal. He holds the view that Bitcoin can be used to confront corruption. And this corruption plays a part in hyperinflation in the island country.

In the course of a TV shoot held in Sri Lanka, Draper met Sri Lankan President Ranil Wickremesinghe. Here, he indicated Bitcoin as a practical solution to resolve financial issues.

Notwithstanding, Nandalal Weerasinghe, the former senior deputy governor of the Central Bank of Sri Lanka, firmly believes that adopting Bitcoin as a legal tender would only worsen the country’s economic crisis.

Draper’s Voice in the Meeting with Sri Lankan President

While meeting the Sri Lankan President, Tim Draper called attention to a significant concern in Sri Lanka. He said, “Our country is referred to as a ‘corrupted capital’. And a country termed the corrupt capital can further distance itself from the records easily. It can be done only via the adoption of Bitcoin.”

As he put forward using ‘decentralized currency’ to Nandalal Weerasinghe, the chief of Sri Lanka’s central bank, he received a rejection. Nandalal replied, “We don’t accept” the proposal. He further stated the reason for the same. Reacting in short, Weerasinghe declared, “Adopting 100% Bitcoin is not going to be a Sri Lanka reality, never.”

Nandalal Weerasinghe Reasoning ‘Why Against BTC Adoption’

Against btc adoption countrys economic crisis

After rejecting the anti-corruption pitch and not adopting Bitcoin as a legal tender for the country, Nandalal Weerasinghe shared his firm belief. His strong presumption is that Sri Lanka’s fiat currency was quite acute of monetary-policy independence. The fiat currency can ensure efficient involvement and partitioning of electronic welfare payments.

“We are not in a condition to make the economic crisis worse by introducing Bitcoin,” Weerasinghe drew to a close.

Cointelegraph Spots ‘Sensational’ about Michael Saylor

Michael Saylor is an American enterpriser and business administrator. He is also the co-founder of the software analytics firm MicroStrategy. Michael had proposed plans to contribute to BTC trading services. His announcement is appalling because he has already suffered an unapparent loss of $1.3 billion in 2022. Despite that, Saylor agreed to make Bitcoin trades (buying and selling bitcoins).

In February 2023, MicroStrategy had to attend two earnings calls. The chief financial officer and cryptocurrency entrepreneur Andrew Kang hears the call saying, “We may think about seeking additional transactions. These other dealings might account for the volatility in Bitcoin prices or other market disorders. Our long-term Bitcoin strategy is always homogeneous with the BTC trades.”

MicroStrategy did not encounter pressure from shareholders to sell any of its bitcoin holdings. And, in the opinion of Kang, as of December 31, 2022, MicroStrategy held 132,500 BTC. Of these holdings, 14,890 BTC were held on behalf of the company, and the rest were held by its subsidiary, MicroStrategy.

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