{"id":547735,"date":"2023-02-04T13:03:24","date_gmt":"2023-02-04T10:03:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sri-lanka-against-bitcoin-adoption-rejects-drapers-anti-corruption-pitch\/"},"modified":"2023-02-04T13:03:24","modified_gmt":"2023-02-04T10:03:24","slug":"sri-lanka-against-bitcoin-adoption-rejects-drapers-anti-corruption-pitch","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sri-lanka-against-bitcoin-adoption-rejects-drapers-anti-corruption-pitch\/","title":{"rendered":"# Sri Lanka against Bitcoin adoption, rejects Draper\u2019s anti-corruption pitch"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4f84f6e9f7f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4f84f6e9f7f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sri-lanka-against-bitcoin-adoption-rejects-drapers-anti-corruption-pitch\/#%E2%80%9D_Sri_Lanka_against_Bitcoin_adoption_rejects_Drapers_anti-corruption_pitch_%E2%80%9C\" >&#8221; Sri Lanka against Bitcoin adoption, rejects Draper\u2019s anti-corruption pitch &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Sri_Lanka_against_Bitcoin_adoption_rejects_Drapers_anti-corruption_pitch_%E2%80%9C\"><\/span>&#8221; Sri Lanka against Bitcoin adoption, rejects Draper\u2019s anti-corruption pitch &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>On a recent visit to Sri Lanka, American billionaire Tim Draper pitched the idea of adopting Bitcoin (BTC) as a legal tender to fight against the corruption that contributed to hyperinflation in the island country. However, a key Sri Lankan authority \u2014 central bank Governor Nandalal Weerasinghe \u2014 believed doing so would worsen the country\u2019s economic situation.<\/p>\n<p>Taking time from a TV shoot in Sri Lanka, Draper met President Ranil Wickremesinghe and Weerasinghe to recommend Bitcoin as a viable option for getting out of financial problems. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/b0af3d6c-64c0-49d5-a355-58cea93f2bf7.png\"><figcaption style=\"text-align: center;\"><em>Tim Draper in Sri Lanka speaking about economic development. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">YouTube<\/a><\/em><\/figcaption><\/figure>\n<p>During the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-03\/billionaire-calls-sri-lanka-corrupt-then-offers-bitcoin-fix\">meeting<\/a>, Draper pointed out a key concern staring right at Sri Lanka:<\/p>\n<blockquote><p>\u201cHave you seen Sri Lanka in the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>? It\u2019s known as the corruption capital. A country known for corruption will be able to keep perfect records with the adoption of Bitcoin.\u201d<\/p><\/blockquote>\n<p>As he recommended using \u201cdecentralized currency\u201d to the head of Sri Lanka\u2019s central bank, he received a short \u201cwe don\u2019t accept\u201d reply. Weerasinghe further stated:<\/p>\n<blockquote><p>\u201cAdoption of 100% Bitcoin won\u2019t be a Sri Lanka reality ever.\u201d <\/p><\/blockquote>\n<p>Instead, Weerasinghe believed that having Sri Lanka\u2019s own fiat currency was critical for monetary-policy independence and would ensure efficient inclusion and disburse electronic welfare payments.<\/p>\n<p>\u201cWe don\u2019t want to make the crisis worse by introducing Bitcoin,\u201d Weerasinghe concluded.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Australia introduces classification for crypto assets<\/em><\/strong><\/p>\n<p>MicroStrategy, a software analytics company co-founded by Michael Saylor, shared plans to continue offering BTC trading services despite incurring an unrealized loss of $1.3 billion in 2022.<\/p>\n<p>During a Feb. 2 earnings call, MicroStrategy\u2019s chief financial officer, Andrew Kang, said:<\/p>\n<blockquote><p>\u201cWe may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or other market dislocations that are consistent with our long-term Bitcoin strategy.\u201d<\/p><\/blockquote>\n<p>According to Kang, MicroStrategy held 132,500 BTC (worth $1.84 billion) as of Dec. 31, 2022. Of the lot, 14,890 BTC were held directly by the business and the rest by its subsidiary MacroStrategy.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sri-lanka-against-bitcoin-adoption-rejects-draper-s-anti-corruption-pitch\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Sri Lanka against Bitcoin adoption, rejects Draper\u2019s anti-corruption pitch &#8220; On a recent visit to Sri Lanka, American billionaire Tim Draper pitched the idea of adopting Bitcoin (BTC) as a legal tender to fight against the corruption that contributed to hyperinflation in the island country. However, a key Sri Lankan authority \u2014 central bank&#8230;<\/p>\n","protected":false},"author":1,"featured_media":547736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/27973081-2f46-42fd-9827-3c49901a8fbd.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,75022,87885,74355,25196,90059,70551,46662,72692],"class_list":["post-547735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-central-bank","tag-hyperinflation","tag-adoption","tag-asia","tag-el-salvador","tag-inflation","tag-island","tag-legislation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=547735"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/547736"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=547735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=547735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=547735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}