Its officials informed the Parliament's Ways and Means Committee yesterday that the Central Bank of Sri Lanka is working to introduce a digital currency unit for Sri Lanka by the end of this year.

Central Bank officials were called before the committee to discuss the issues related to online payments in Sri Lanka.

Accordingly, Mr. Patali Champika Ranawaka, Chairman of the Ways and Means Committee asked them about the regulation of online payment methods in Sri Lanka.

Central Bank officials said that the exercise to introduce 'Lanka Pay' and 'Central Bank Digital Currencies' has already started and these two systems will be launched by the end of this year.

It was also revealed that 45 percent of financial transactions are unregulated due to the lack of a financial registry in Sri Lanka.

The Ranawaka councilor suggested that the QR code system used in fuel sales should be extended to financial services as well.

He also suggested that the Inland Revenue Department, Excise Department and Customs should adopt online payment methods and focused on using blockchain systems for that.

The Ways and Means Committee asked the Central Bank officials to conduct a study on the inte et payment systems operating in countries like India and Bangladesh and submit a report within two weeks.

Minister of State Lasantha Alagiyawanna, Sisira Jayakodi, Members of Parliament Ashok Abeysinghe, Charitha Herath and Ishaq Rahman attended this committee meeting.
(colombotimes.lk)