American billionaire Tim Draper pitched the idea of adopting Bitcoin as a legal tender to fight against the corruption that contributed to hyperinflation in the island country. However, central bank Governor Nandalal Weerasinghe believed doing so would worsen the country’s economic situation.
Taking time from a TV shoot in Sri Lanka, Draper met President Ranil to recommend Bitcoin as a viable option for getting out of financial problems.
During the meeting, Draper pointed out a key concern staring right at Sri Lanka. As he recommended using “decentralized currency” to the head of Sri Lanka’s central bank, he received a short we don’t accept reply.
Instead, Weerasinghe believed that having Sri Lanka’s own fiat currency was critical for monetary-policy independence and would ensure efficient inclusion and disburse electronic welfare payments.
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.
