A billionaire cryptocurrency enthusiast may have received a less-than-warm reception when proposing the widespread adoption of Bitcoin to Sri Lanka. Tim Draper, a Silicon Valley investor, was in Sri Lanka to shoot an episode of his “Meet the Drapers” TV show and met with President Ranil Wickremesinghe to promote the use of cryptocurrency.
However, the following day when he met with the Governor of the Central Bank, Nandalal Weerasinghe, the proposal was met with resistance. Despite Draper’s attempt to argue that the adoption of Bitcoin could help curb corruption in the country, the governor was not receptive to the idea.
Draper’s experience in Sri Lanka highlights a roadblock in the progress of widespread adoption of cryptocurrencies. The small island country of Palau has embraced Draper, making him the founding resident of its digital residency program. However, Sri Lanka, facing financial turmoil and grappling with high inflation and a contracting economy, was not as open to the idea of adopting Bitcoin.
While experiences like El Salvador, which recently adopted Bitcoin as legal tender, might serve as a cautionary tale more than anything, Draper remains optimistic about the potential for cryptocurrency to help combat corruption and provide a steady store of value.
It is important to note that progress does not happen overnight and that Draper’s visit to Sri Lanka is just one step in the ongoing journey towards widespread adoption of cryptocurrencies.
Despite facing resistance in Sri Lanka, Draper should be applauded for his efforts in promoting the use of Bitcoin and other cryptocurrencies. The technology is still in its early stages and it will take time for people to fully understand and embrace the potential benefits that it can offer.