Maxwell Williams 
Billionaire investor Tim Draper received a far more hostile response than expected when he proposed Bitcoin adoption in Sri Lanka, an economically troubled nation. On Tuesday, while conversing with local entrepreneurs regarding cryptocurrency uptake, the entrepreneur shared his thoughts with President Ranil Wickremesinghe of Sri Lanka.
Sri Lanka Authorities Aren’t Accepting The Bitcoin Idea
When Draper approached the central bank of Sri Lanka with his pitch, Governor Nandalal Weerasinghe politely declined. As he is still attempting to address and resolve the nation’s financial issues, he expressed that although Bitcoin adoption in Sri Lanka might be possible, it was unlikely to become a full reality.
At the meeting, Draper claimed that Sri Lanka was a corrupt nation and that Bitcoin could be its solution. The country is well-known for its mineral wealth but has been marred by corruption issues lately. He proposed that by adopting cryptocurrency, perfect records could be kept, which would help reduce corruption in Sri Lanka. Last year’s devastating economic crisis took a severe toll on the people as prices skyrocketed, coupled with food and fuel shortages across the whole nation, causing widespread protests, ultimately resulting in President Gotabaya Rajapaksa resigning from office.
Sri Lanka Seeks Ways To Restructure Its Debt
Sri Lanka is presently engaging private lenders from Japan, China, and India to restructure their debt obligations of nearly $51 billion until 2027 by the IMF’s plan. Tim Draper, a billionaire investor, suggests that Sri Lanka’s fiscal crisis could be solved by embracing Bitcoin. He considers cryptocurrency an ideal value store untouched by government or central-bank interference.
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