Economy

Sri Lanka’s Central Bank Governor Discusses Cryptocurrency Regulation Amidst Calls for Relaxation

Published

2 years ago

May 30, 2024

In a press conference held today (May 28), Sri Lanka’s Central Bank Governor, Nandalal Weerasinghe, reiterated his concerns over the use of cryptocurrencies, which are currently not accepted in the country.

“Cryptocurrency has been recognized in some markets as an asset class, but this asset class is highly volatile and risky. So, without proper regulation and supervision, do we need the public to invest in highly volatile and risky assets?” the Governor questioned.

Weerasinghe stated that the decision to allow or disallow the use of cryptocurrency as a payment method or as an asset class rests with the government. He emphasized the need for a proper regulatory mechanism and a regulatory authority like the Securities and Exchange Commission (SEC) to ensure transparency and prevent money laundering.

The Governor also highlighted the challenges posed by exchange controls in Sri Lanka, where there is no free movement of capital. “How do you prevent capital from moving in and out if you allow cryptocurrency? There are a lot of factors to consider before any authority makes that decision,” he added.

This statement comes at a time when cryptocurrencies are gaining popularity worldwide. Sri Lankan President Ranil Wickremesinghe recently remarked, “Some young people are involved in cryptocurrency. They suggest relaxing regulations in this area to foster economic growth.”

This suggests that there is a growing debate within the country about the potential benefits and risks of cryptocurrencies, and how best to regulate them. For now, cryptocurrencies remain unaccepted in Sri Lanka, but the discussion around their regulation continues.

Source – Sri Lanka Business Online

Economy

CPC Seeks Investors As Natural Gas Confirmed in Mannar Basin

Published

3 days ago

August 13, 2026

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The Ceylon Petroleum Corporation says the process of calling for proposals to select an appropriate investor to extract and utilize the natural gas resources in the Mannar Basin will begin this month.

Managing Director of CPC, Dr. Mayura Neththikumara, said the presence of natural gas in the Mannar Basin has been scientifically confirmed by the Sri Lanka Petroleum Development Authority.

The relevant process will be carried out with the approval of the Procurement Committee, and investors will be given approximately five months to submit their applications.

Economy

Battery storage systems to join national grid in September

Published

5 days ago

August 11, 2026

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Commercial-scale battery energy storage systems being installed at 16 electricity transmission substations across Sri Lanka are expected to be connected to the national grid in early September.

The systems, which were brought into Sri Lanka through the Colombo Port in three stages during May and June, are currently in the final stages of construction.

The project being implemented by WindForce PLC near the Anuradhapura substation is now around 85% complete.

The battery systems will store excess electricity generated by solar power plants during the daytime and release the stored electricity to the national grid at night when required.

Officials said the system would help maintain the stability of the national grid while reducing the need to generate electricity from diesel power plants during nighttime hours.

Each battery energy storage project will have a capacity of 10 MW. The National System Operator Ltd. (NSO), operating under the Ministry of Energy, will be responsible for managing and controlling the systems, while their maintenance will be handled by the respective companies.

Economy

Delft Island to become Sri Lanka’s first zero emission eco‑tourism destination

Published

6 days ago

August 10, 2026

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The Government of Sri Lanka has unveiled plans to transform Delft Island into the country’s first Zero Emission eco‑tourism destination, with a strong emphasis on sustainability, environmental conservation, and the preservation of its unique natural and cultural heritage.

A special site inspection and stakeholder discussion on the proposed development was held under the leadership of Deputy Minister of Tourism Ruwan Ranasinghe recently.

The island, renowned for its Dutch‑era ruins, numerous archaeological landmarks, and iconic wild horses, is seen as possessing exceptional tourism potential.

Deputy Minister Ranasinghe told participants that Delft Island should be experienced not only by international visitors but also by domestic tourists. Despite its extraordinary attractions, he noted, the island has so far made only a limited contribution to Sri Lanka’s tourism industry.

He emphasized the Government’s commitment to unlocking Delft’s full potential through sustainable and environmentally responsible development.

Discussions focused on identifying priority infrastructure to position Delft Island as a premier tourism destination, with key areas including water supply, road infrastructure, transportation and accessibility. Strengthening community participation was also highlighted, with plans to enhance the knowledge and hospitality skills of local residents to enable them to benefit directly from tourism development.