- Tim Draper, a billionaire, proposed Bitcoin to Sri Lanka.
- The proposal was rejected by the nation’s Central Bank Governor.
- Draper says it is an opportunity to keep perfect records for the “corruption capital.”
Silicon Valley investor Tim Draper proposed a Bitcoin fix to Sri Lanka, which got turned down by the nation’s Central Bank Governor Nandalal Weerasinghe. Draper, who was in Sri Lanka to shoot an episode of his TV show “Meet the Drapers,” met with President Ranil Wickremesinghe and the governor to promote the adoption of cryptocurrency.
Despite Draper’s arguments that Sri Lanka’s reputation for corruption could be solved with the adoption of Bitcoin, the governor was not convinced.
Governor Weerasinghe stated, “Adoption of 100% Bitcoin won’t be a Sri Lanka reality ever.” Despite the country’s current financial crisis, with inflation at 54.2% and an 8% contraction in the economy last year, the governor argued that the introduction of Bitcoin could worsen the crisis.
Draper met with Weerasinghe where he got a frostier response than anticipated when pitching the widespread adoption of Bitcoin to a bankrupt country. Weerasinghe responded, “We don’t accept” to Draper’s proposal.
According to the news report, Draper relentlessly pitched Bitcoin to the island nation. Bitcoin is hovering over the low $20,000s, but he sees it reaching $250,000 this year. Draper also cited El Salvador, which adopted Bitcoin as the legal tender.
Claiming to provide an opportunity to keep the perfect records of “the corruption capital,” Draper, who was dressed in a Bitcoin tie claims:
I come to the Central Bank with decentralized currency.
The governor explained the economic situation of Sri Lanka where fuel and food shortages started riots last year, leading to the resignation of the then President. However, they are in talks with the international creditors about debt restructuring, hoping for a rescue plan from the International Monetary Fund (IMF).
Even though this might seem like the perfect opportunity for Bitcoin adoption to crypto enthusiasts, Weerasinghe said that other technologies could efficiently distribute financial services to foster inclusion and disburse electronic welfare payments.
Clarifying that he has no intention of making things worse by introducing Bitcoin, he states, “A country without its own currency couldn’t have monetary-policy independence.”
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