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The government and the Central Bank were taking steps to protect the public from large-scale cryptocurrency scams and strengthen the regulatory framework governing virtual assets, Central Bank Governor Dr Nandalal Weerasinghe said.
Speaking at the Sri Lanka FinTech Festival 2026, in Colombo, last week, Dr. Weerasinghe said the necessary legal framework, supervisory mechanisms and safeguards were being developed to protect Sri Lankans from incidents involving cryptocurrency and digital assets.
Concerns over the security of crypto assets have intensified globally, following the reported theft of more than US$6.3 billion worth of digital assets from Binance, the world’s largest cryptocurrency exchange.
Weerasinghe clarified that holding cryptocurrency as an asset was not an offence in Sri Lanka. However, cryptocurrencies could not be used as a legally recognised means of payment in the country.
He said the restrictions were aimed at preventing cryptocurrencies from being used in place of the Sri Lankan rupee for domestic transactions and safeguarding the country’s monetary sovereignty.
Meanwhile, the Ministry of Digital Economy has prepared a concept paper outlining measures to regulate virtual assets and forwarded it to the Department of Legal Draftsman.
Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando has said Cabinet approval had also been granted to take the necessary steps towards introducing a regulatory framework covering cryptocurrencies and other virtual assets.
Under the proposed framework, the Securities and Exchange Commission (SEC) is expected to serve as the principal regulatory authority, while plans are also underway to introduce a registration system for cryptocurrency exchanges and institutions providing custodial services.
The government is also taking steps to strengthen measures against money laundering, terrorist financing and proliferation financing in relation to virtual assets.
Govt. promises some changes to Prevention of Organised Crimes Bill
Construction of a new railwaybridgeacross the River Mahaweli between Sarasavi Uyana and Peradeniya
Implementation of the “Home Composting” project
Entering into a MOU between India and Sri Lanka regarding the provision of 100 new ambulances for the 1990 Suwa Sariya National Emergency Ambulance Service
Recommendations submitted by the Finance Commission for the Year 2027
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The Cabinet of Ministers granted approval to the resolution furnished by the Minister of Transport, Highways and Urban Development to construct a new railway bridge across the river Mahaweli between Sarasavi Uyana and Peradeniya to enable combining the Mathale railway track to the national railway network by obtaining the financial assistance from Indian loan grant scheme for renovation and development of railway infrastructure facilities devastated due to Ditwah cyclone.
It has been determined that biodegradable organic materials account for 50%-60% of the daily accumulated waste in Sri Lanka. The financial and operational expenses associated with the collection, transport, separation, and final disposal of this waste can be significantly reduced by converting it into compost at home.
Therefore, it has been planned to commence a project in converting the biodegradable waste generated at the household level into compost as one component under the ‘Clean Sri Lanka Pivithuru Purawara’ Solid Waste Management National Project, which is due to be implemented in the 2027-2029 timeframe as a sustainable solution covering the generation of waste up to final disposal.
The project will involve providing compost bins to each relevant household unit and converting biodegradable waste into compost within the household itself on specific streets, where these streets will become a zone that does not collect biodegradable waste in a manner covering all the Local Government Institutes.
This involvement is anticipated to establish a connection and integrate the necessity of physical facilities (compost bins), knowledge, and technical guidance under the supervision of all local government institutes, thereby promoting the continuous use of this practice in every household as part of a single active system.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the President to implement the aforementioned household compost production project, covering the western and southern provinces first as one project of the three-year ‘Clean Sri Lanka Pivithuru Purawara’ Solid Waste Management National Project, and to disseminate this project to other provinces as well, based on the success of the project.
The 1990 Suwa Seriya National Pre-hospital Emergency Ambulance Service was initiated in the year 2016 by utilizing a financial grant from the Indian Government, and this service was disseminated throughout the island in the year 2018.
This service is provided 24 hours a day free of charge, covering all the districts, and 1,000 to 1,200 patient transport operations are handled per day. These ambulances travel approximately 9 million kilometers annually.
Under this condition, there is an increased tendency for technical defaults to arise in the 322 ambulances of this fleet. Taking into consideration the special request made by the Sri Lankan Government, the Indian Government has agreed to provide a financial grant enabling the acquisition of 100 new ambulances equipped with complete medical facilities for use in the 1990 Suwa Seriya service.
Accordingly, the Cabinet of Ministers has granted the resolution furnished by the Minister of Health and Mass Media to enter into a Memorandum of Understanding with the Government of India to obtain the aforementioned financial grant.
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