An attempt by billionaire investor and bitcoin enthusiast, Tim Draper, to convince the central bank of Sri Lanka to adopt bitcoin as a solution to its corruption and monetary system’s problems was rejected in the country, according to a coverage by Bloomberg.
Draper was in Sri Lanka to shoot an episode of ‘‘Meet the Drapers’’ TV show with local entrepreneurs, where he met President Ranil Wickremesinghe to persuade him to adopt the flagship cryptocurrency. The entrepreneur – known for his bullish prediction on bitcoin – then went to the central bank of Sri Lanka to meet the governor, Nandalal Weerasinghe, on the same, ‘‘We do not accept,’’ was the response.
During the meeting, which reportedly lasted for half an hour, Draper argued severally that the rising corruption cases in Sri Lanka could end with the use pf cryptocurrency. ‘‘Have you seen Sri Lanka in the news? It is known as the corruption capital. A country known for corruption will be able to keep perfect records with the adoption of Bitcoin,’’ said Draper in his pitch to Weerasinghe.
Bitcoin Won’t Ever Be A Reality In Sri Lanka
Even that could not persuade the governor, who maintained that full adoption of bitcoin won’t be a reality in his country. Food and energy shortage are some of the major challenges in the South Asian nation and has caused riots, even forcing the country’s president to flee. Among the interventions Sri Lanka has been banking on, including the restructuring of its loans, and seeking the help of the International Monetary Fund (IMF.)
That, according to Draper, is the perfect time to adopt a digital economy. The 64-year-old Silicon Valley venture capitalist believes BTC will reach $250,000 this year.
