Sri Lanka's Central Bank has rejected billionaire venture capital investor Tim Draper's proposal to introduce a Bitcoin-based solution to fix the economy.
The Silicon Valley entrepreneur's proposal was not well received in a short meeting by the Central Bank Governor Nandalal Weerasinghe.
He has argued that the adoption of Bitcoin could help alleviate corruption by maintaining an accurate record of transactions.
Governor Weerasinghe has pointed out that a country without its own currency would lack monetary independence and that introducing Bitcoin during a time of crisis could potentially worsen the situation.
“We do not accept. We don’t want to make the crisis worse by introducing Bitcoin.” the Central Bank Governor has responded.
The Silicon Valley entrepreneur was in the country to film an episode of his TV show “Meet the Drapers” and to promote the widespread adoption of Bitcoin in Sri Lanka.