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CBSL governor rejects Draper’s bitcoin pitch

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Billionaire investor and Bitcoin fan Tim Draper made a surprise visit to the headquarters of Sri Lanka’s central bank trying to promote the cryptocurrency as a tool to fight corruption, but faced a frosty reception from the bank’s Governor Nandalal Weerasinghe, per a Bloomberg report.

“I come to the Central Bank with decentralized currency,” Draper said, only for Weerasinghe to bluntly respond, “We don’t accept.”

“Adoption of 100% Bitcoin won’t be a Sri Lanka reality ever,” Weerasinghe said, adding that, “we don’t want to make the crisis worse by introducing Bitcoin.”

During his meeting with Weerasinghe, Draper, dressed in a Bitcoin tie, said that should Sri Lanka follow El Salvador’s lead in making use of Bitcoin, “A country known for corruption will be able to keep perfect records with the adoption of Bitcoin.”

According to the Governor, however, having its own currency is necessary for Sri Lanka’s monetary policy independence, and other technologies are capable of distributing financial services.

The meeting came during Draper’s visit to the island nation this week to shoot an episode of his “Meet the Drapers” TV show with local entrepreneurs. During his stay, Draper also met the country’s president Ranil Wickremesinghe, where he again made the case for Bitcoin adoption in Sri Lanka.

(decrypt.co)

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Imported milk powder prices upped

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The price of a 400g pack of imported milk powder has been raised by Rs.100, according to the Milk Powder Importers’ Association.

Previously priced at Rs.1,100, the new cost for a 400g pack is now Rs.1,200.

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No cases filed against 22 banned pyramid schemes – CBSL

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Although the Central Bank of Sri Lanka (CBSL) has banned 22 institutions operating illegal pyramid schemes, no legal action has been taken against any of them so far, according to reports.

This was disclosed during a workshop held at the CBSL yesterday (July 08) on the dangers of pyramid schemes.

According to CBSL officials, after initial investigations, the files were handed over to the Criminal Investigation Department (CID) for further inquiry.

The CID’s Financial Crimes Unit has reportedly completed its investigations and submitted findings to the Attorney General’s Department, which is responsible for filing cases.

However, it was noted that not a single case has been filed to date.

The CBSL states that investigations will be continued against companies engaged in these illegal practices and hopes at least one or two such cases would be filed by the end of this year or early next year (2026).

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Bowser owners warn of fuel distribution crisis

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The Ceylon Petroleum Private Bowser Owners’ Association has alleged that fuel distribution operations have been arbitrarily handed over to another party, which could disrupt fuel transportation across the country.

The association’s Treasurer – Jagath Parakrama warned that the move could jeopardize distribution if not reversed immediately, claiming there is an attempt to create a monopoly over fuel transport.

Parakrama noted that bowser owners, numbering around 400–500 in the association, have long handled the transport of fuel from bulk storage depots island-wide.

He alleged that authorities are now trying to award the fuel transportation route from Colombo and Muthurajawela to Kurunegala to a single businessman via a tender process.

He added, “If we don’t transport the fuel, no one else will be able to do so. However, in the last two or three years, this business was about to be handed over to a few large-scale business people. We, as an association, intervened and managed to stop it for a long time. But now, they are trying to hand over this transportation service to their close associates.”

He stressed that fuel transportation should remain a public service, warning that allowing a monopoly could lead to issues similar to those faced by other transport services.

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