The Central Bank has disclosed its intentions to launch a digital currency, named ‘Lanka Pay,’ for Sri Lanka by the end of the current year. Officials from the Central Bank shared this information during a session with the Ways and Means Committee in Parliament.
The initiative to introduce both ‘Lanka Pay’ and ‘Central Bank Digital Currencies’ is already in progress, and the official launch of these systems is anticipated by the year-end. The Parliamentary Media Unit (PMU) reported that Central Bank officials were summoned before the committee to address concerns related to online payments in Sri Lanka. Committee Chairman Patali Champika Ranawaka specifically inquired about the regulation of online payment systems in the country.
During the discussion, it was highlighted that the absence of a financial registry in Sri Lanka leads to approximately 45% of financial transactions occurring without proper regulation. In response, MP Ranawaka suggested extending the QR code system, commonly used in fuel sales, to financial services. Additionally, he proposed the adoption of online payment systems by the Inland Revenue Department, Excise Department, and Customs, with a focus on utilizing blockchain systems for these purposes.
In response to the rapidly evolving landscape of online payment systems, the Ways and Means Committee requested Central Bank officials to conduct a study on similar implementations in countries like India and Bangladesh. A comprehensive report is expected to be submitted within two weeks.
The committee meeting saw the participation of State Minister Lasantha Alagiyawanna, Sisira Jayakody, MPs Ashok Abeysinghe, Charitha Herath, and Ishak Rahuman.
