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Sri Lanka’s leading online retailer Kapruka has announced plans to introduce support for cryptocurrency payments. The news comes as the South Asian country ramps up efforts to pass appropriate legislation to regulate its blockchain space and attract investment from the crypto industry.
Kapruka to launch cryptocurrency payments in weeks
Kapruka (Kapruka.com), a major e-commerce platform in Sri Lanka, has revealed plans to start accepting cryptocurrency payments very soon. Kapruka founder and chairman Dulith Herath made the announcement on Twitter this week. Quoted by the Sri Lankan Daily Mirror newspaper, the executive said:
Kapruka plans to accept crypto payments in the coming weeks.
Founded in 2005 by the Sri Lankan entrepreneur and web technology specialist, Kapruka has established itself over the years as Sri Lanka’s largest internet retailer. Besides its core business, it has also ventured into cross-border e-commerce exports and last mile delivery, among other areas including payment solutions and B2B bakery services.
Kapruka is now set to become the second Sri Lankan company to offer its customers a cryptocurrency payment option. The first local company to take the crypto adoption route was VTT.lk, a platform that organizes mountain biking tours and vacations. MTB.lk took the plunge in September and is now accepting parts for its services.
Meanwhile, the government of Sri Lanka is preparing to regulate crypto-related activities and attract investment from the industry. A committee of experts from public and private institutions has recently been set up to prepare a report on the legal acts and rules needed to facilitate the development of the digital banking, blockchain technology and mining sectors. cryptocurrency in the country.
The Minister of State for Digital Technology and Business Development, Namal Rajapakse, is a key figure behind the move, as he obtained the necessary Cabinet approval to assemble a team of professionals. Rajapakse, who also coordinates youth, sports and development projects in Sri Lanka, recently revealed a plan to set up a cryptocurrency exchange in Colombo Port City, Sri Lanka’s Special Economic Zone and Central international financial.
Kapruka’s announcement of the upcoming introduction of crypto payments on its platform comes as the country’s crypto space remains unregulated. Until recently, financial authorities have had a restrained stance towards cryptocurrencies, with the Central Bank of Sri Lanka issuing a warning earlier this year regarding the risks associated with crypto investments.
Do you expect more Sri Lankan companies to start accepting cryptocurrencies as the government regulates the industry? Tell us in the comments section below.
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