Increase usage of blockchain technology attracting its service providers to Sri Lanka

The increase in cryptocurrency usage in Sri Lanka has attracted blockchain ecosystem and cryptocurrency infrastructure provider, Binance to gauge and understand the local market.

"We also want to educate the Sri Lankan market on blockchain ecosystem and cryptocurrency infrastructure," Raj Karan, Regional Strategy and Operations Director for Asia and Eastern Europe at Binance told the Business Times on the sidelines of the first meet up in Sri Lanka on Thursday.

The Binance Colombo meet up was an offline educational event introducing people to the crypto and blockchain ecosystem. There were about 200+ attendees sharing a keen interest in blockchain technology. The event also included an experience sharing session by the local Binance Angels as well as an outlook on Binance’s education efforts in the South Asian region. Mr. Karan noted that Sri Lanka does not have laws pertaining to regulating cryptocurrency etc and that Binance was planning to meet some of the top officials to discuss this and the importance of the blockchain business.

Highlighting the local context on the blockchain industry and its potential positive integrations in Sri Lanka, he stated, “our mission in Sri Lanka is focused on dispelling myths on the crypto industry as well as bridging the knowledge gap on the lack of awareness on Binance as an ecosystem provider for Blockchain and Web3 technology amongst the community in Sri Lanka. While crypto is an integral component of our service, it is one among several other technological innovations we are focusing on, we have expanded our narrative to NFT (non-fungible tokens) and we are continuing our innovation on avenues to expand in the industry vertical.”

Mr. Karan noted that Sri Lanka does not have laws pertaining to regulating cryptocurrency etc and that Binance was planning to meet some of the top officials to discuss this and the importance of the blockchain business