Kapruka, Sri Lanka’s largest online shop, has announced plans to embrace cryptocurrency payments. The development comes as the South Asian country works to pass legislation that will govern its blockchain and attract investors from the cryptocurrency industry.
Sri Lanka’s largest e-commerce site has declared its first intention to accept cryptocurrency payments in the near future. Kapruka’s founder and chairman, Dulith Herath, revealed the news on Twitter this week. Kapruka plans to accept bitcoin payments in the coming weeks, according to the Sri Lankan Daily Mirror.
Kapruka is Sri Lanka’s largest online retailer, having been founded in 2005 by a Sri Lankan businessman and web-technology expert. It has gone into e-commerce frontiers and milestone delivery, among other sectors, including payment solutions and B2B baking services, in addition to its main business.
Kapruka is about to become the second Sri Lankan company to offer cryptocurrency as a payment option to its consumers. MTB.lk, a portal that organizes mountain biking and holiday tours, was the first local company to use cryptocurrency. In September, IMTB.lk took the initiative and began taking cryptocurrencies as payment for its services.
Meanwhile, the Sri Lankan government is prepared to regulate cryptocurrency-related activities in order to attract investment. A group of specialists from both public and commercial organizations was recently formed to draught a report on legislative and regulatory actions that would help the country’s digital banking, blockchain technology, and cryptocurrency mining thrive.
Namal Rajapakse, Minister of Digital Technology and Business Development, is a major figure in this, as he has got Cabinet authority to establish a team of experts. Rajapakse, who also oversees Sri Lanka’s youth, sports, and development programs, recently announced a plan to open cryptocurrency exchanges in Colombo Port City, the country’s special economic zone and an international financial center.
The announcement by Kapruka of future crypto payments on its platform comes at a time when the country’s crypto space is still under control. Until recently, financial authorities maintained a cautious stance toward cryptocurrencies, with the Central Bank of Sri Lanka issuing a warning about the hazards of crypto investment earlier this year.