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“Billionaire Venture Capitalist Pitches Bitcoin Adoption to Bankrupt Nation, Gets Rejected”
Billionaire Crypto Advocate Meets with Sri Lanka President
Silicon Valley investor and Bitcoin backer Tim Draper recently visited Sri Lanka to film an episode of his TV show “Meet the Drapers” and to promote cryptocurrency adoption to local entrepreneurs and the President of Sri Lanka, Ranil Wickremesinghe.
Central Bank Governor Rejects Bitcoin Proposal
During his visit, Draper met with the governor of the central bank, Nandalal Weerasinghe, to present his pitch for the widespread adoption of Bitcoin. However, the governor, who is still working to stabilize the financial situation in Sri Lanka, was not receptive to the idea. The governor stated, “We don’t accept [decentralized currency].”
Sri Lanka Struggles with Financial Crisis and Inflation
Sri Lanka is facing fuel and food shortages, inflation at 54.2%, and an economy that contracted 8% last year. The country is also in talks with international creditors for debt restructuring and seeking assistance from the International Monetary Fund. Despite these challenges, Draper believes that Sri Lanka would be the perfect place for Bitcoin adoption as a steady store of value not subject to central-bank or government policy.
Central Bank Governor Cites Concerns with Bitcoin Adoption
In response to Draper’s pitch, the governor cited other technologies that could efficiently distribute financial services and noted that a country without its own currency cannot have monetary-policy independence. He concluded, “We don’t want to make the crisis worse by introducing Bitcoin.” The meeting between Draper and the governor lasted for 30 minutes.
Overall, while Draper has received a warmer reception in other locations, such as being the founding resident of Palau’s digital residency program, his proposal for widespread Bitcoin adoption in Sri Lanka was met with rejection from the central bank governor.
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