Central bank of Sri Lanka to complete a new proof of concept

The Central Bank of Sri Lanka (CBSL) frequently issued warnings to people against virtual financial transactions in recent years.

The Sri Lankan banking system feels that virtual currencies, such as virtual currencies, are based on speculation, making them very unpredictable and exposing investors to the jeopardy of losing substantial sums of money.

The Central Bank of Sri Lanka succesfully provided Ajith Nivard Cabraal, the governor of the Sri Lankan cb, with a summary on the completion of the Know-Your-Customer (KYC) proof-of-concept (POC) initiative.

The project took place In july 2019 and ended on June 10, 2021, with the creation and assessment of an interactive application.

In a statement, D. Kumaratunge, the bank’s director of payments and settlements, mentionned:

“We invited software companies to develop a shared KYC POC free of charge, as a national project. The response to join this project, both locally and internationally, has been extremely heartening and we are happy to say that we have finalized selecting suitable applicants to begin development shortly.”

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