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Billionaire’s Bitcoin Offer to Sri Lanka Gets Rejected

Published 02/03/2023, 11:24 AM
Updated 02/03/2023, 11:30 AM
© Reuters. Billionaire’s Bitcoin Offer to Sri Lanka Gets Rejected

  • 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 respon…

The post Billionaire’s Bitcoin Offer to Sri Lanka Gets Rejected appeared first on Coin Edition.

See original on CoinEdition

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