Saliya Wickremasuriya, Chairman of the Governing Commission of the dollarized special investment zone, stated that Colombo Port city would open its doors to cryptocurrency trading.
However, these trades will be subject to several checks and balances, such as the prevention of the creation of a rupee token and the prevention of initial coin offerings for the first couple of years.
Amid excessive money printing, cryptocurrency has become a popular speculative asset. However, it has yet to gain traction as a denominator currency for the pricing of goods resulting from excessive price volatility and inappropriate anchors.
The Colombo Port City has permitted trade via multiple stable currencies with better anchors to protect investors from policy errors of the Monetary Board of Sri Lanka, resulting in the depreciation of the SL rupee, exchange rates, and the collapse of trade.
All digital assets will fall under the jurisdiction of the Securities Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The two entities will be responsible for the rulemaking, enforcement, and board overview of digital assets.
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