Sri Lanka Rejects Tim Draper’s Offer to Adopt Bitcoin

Crypto millionaire Tim Draper had his offer for Bitcoin adoption rejected by Sri Lanka. The Silicon Valley investor received a hostile reception from the country’s president for his decentralized currency advocacy.

Draper, who traveled to Sri Lanka for one of his TV episodes of “Meet the Drapers,” advocated crypto adoption in the troubled country. He discussed with the president of the country, Ranil Wickremesinghe, the prospect of delving into the crypto space to provide economic stability.

The next day, the crypto millionaire went to the central bank to promote Bitcoin adoption, but Draper met with hostility. The central bank governor, Nandalal Weerasinghe, was quick to debunk the idea, showing no interest in it at all.

Draper Proposes Bitcoin Adoption to “Corrupt” Sri Lanka

In Draper’s Bitcoin adoption proposition, Sri Lanka’s corruption history was a stress point for him. He argued that the country could avert inflation and keep a proper financial record by adopting cryptocurrency. 

“Have you seen Sri Lanka in the news? It is known as the corruption capital, a country known for corruption will be able to keep a perfect record with the adoption of crypto,” Draper said.

The message, however, did not get much acceptance from the country’s officials. One of them even antagonized Draper, stating that 100% cryptocurrency adoption would never happen in the country.

Weerasinghe Insists Bitcoin Could Make Things Worse

In the meeting that lasted 30 minutes, Weerasinghe noted the inclusion that cryptocurrency adoption would give the economy. But he also pointed out that the adoption would take away the country’s independence in creating and implementing monetary policies. 

The statement comes after Draper questioned the administration’s willingness to abandon its national currency in favor of digital assets. “What’s the advantage of having your own currency?” Draper asked.

The economy of Sri Lanka is in shambles; the debt-stricken nation has suffered from food and fuel scarcity. This situation forced the former president to flee the country and resign abroad. The central bank governor stated that he is looking for a way to calm the country’s roiling economy without exacerbating the crisis by introducing bitcoin.