2024-01-12
News Categories : Committee News
It was revealed during the Committee on Ways and Means that the Central Bank of Sri Lanka is currently in the process of moving from the "Lanka Pay" system to Central Bank Digital Currencies (CBDCs) and will reach its final stage at the end of this year.
This information was disclosed when the Committee on Ways and Means met in Parliament recently (Jan. 10) under the Chairmanship of Hon. Patali Champika Ranawaka, Member of Parliament, to discuss the introduction of an electronic money system for the financial market and the use of blockchain technology.
Representatives of the Ministry of Finance, Economic Stabilization and National Policy, Central Bank of Sri Lanka, Attorney General's Department, Information and Communication Technology Agency and scholars related to this field were called before the Committee for this discussion.
Due to the lack of a financial registry, there is an unregulated market in 45% of the country, and there was a discussion at length regarding the introduction of a digital currency unit and an electronic payment platform for transactions and the use of blockchain technology to regulate it.
Commenting on the matters presented by the representatives of the Central Bank of Sri Lanka the Chair of the Committee stated that the Central Bank of Sri Lanka should focus on whether and how blockchain technology can be used in the activities of the main revenue collection agencies of the Government of Sri Lanka, namely the Inland Revenue Department, Sri Lanka Customs and Sri Lanka Excise Department.
In response, the Central Bank officials stated that basically there is a possibility to do so and the Central Bank of Sri Lanka is already using blockchain technology for investigations related to identification of individuals. Furthermore, the officials representing the Central Bank mentioned that since the cost of moving directly to the blockchain technology is high, there is a possibility of reaching that goal gradually. In order to achieve that goal, the Committee also pointed out the importance of motivating the customer to do more electronic transactions through digital banking.
Moreover, the Central Bank officials stated that although there is legal permission for digital banking in Sri Lanka, no bank has made requests for fully digital banking. Furthermore, the Chair pointed out that the central bank did not give instructions to use the QR code system for fuel, but to use it for financial transactions without abolishing it. He emphasized the importance of using this "QR Code" method for important sectors of the Sri Lankan economy such as transportation and electricity.
The Committee Chair also instructed the officials of the Central Bank to study the process of digitization in adapting India and Bangladesh to the use of electronic transactions and digital currencies and to submit a report within 2 weeks to the Committee on the methods and procedures regarding the challenges and solutions and its background.
State Ministers Hon. Lasantha Alagiyawanna, Hon. Sisira Jayakody, Members of Parliament Hon. Ashok Abeysinghe, Hon. (Prof.) Charitha Herath and Hon. Ishak Rahuman, were present at the committee meeting held.
2026-06-19
The Ministerial Consultative Committee on Environment focused its attention on the issue of water pollution in the Kelani River when it met in Parliament recently (10th June) under the chairmanship of the Hon. Minister of Environment, Dr. Dammika Patabendi.During the meeting, the Committee was briefed on the progress of discussions being held with companies that have expressed willingness to invest in a project aimed at cleaning the waters of the Kelani River.The Committee also discussed a number of proposals and other issues raised by Hon. Members of Parliament.The meeting was attended by Hon. Members of Parliament and officials.
2026-06-18
A meeting of the Women Parliamentarians Caucus was held in Parliament recently to discuss the importance of incorporating Gender-Responsive Budgeting into Sri Lanka’s national budget formulation process and to examine the challenges associated with its implementation.The meeting was chaired by the Chairperson of the Caucus and Hon. Minister of Women and Child Affairs, Saroja Savithri Paulraj. Hon. Prime Minister Dr. Harini Amarasuriya also participated in the discussion.A key concern raised during the discussion was the lack of adequate data and indicators to accurately assess and measure women’s economic contributions within the budgetary process. Drawing on examples of approaches adopted in India and other countries, members of the Caucus underscored the need to identify and address existing systemic and technical gaps in Sri Lanka’s budgeting framework.The Caucus also emphasized the importance of disaggregating data by gender in project reporting and strengthening digital data management systems to support such efforts. It was further noted that identifying relevant gender-related considerations at the initial stages of project design and implementation at the ministerial level would facilitate more effective project analysis, monitoring, and evaluation of outcomes.The need to move away from existing traditional and time-consuming methods towards formal online systems and data-driven analytical tools was also emphasized.The current progress and challenges in integrating Gender-Responsive Budgeting into Sri Lanka’s public financial policy were discussed in detail during the meeting.It was also emphasized that such budgeting should not be limited to nominal percentages in documents, but that the need to establish a formal framework and data system to ensure it has a real and practical impact was also highlighted.The Hon.Deputy Chairperson of Committees Hemalee Weerasekera, Hon. Deputy Minister Dr. Kaushalya Ariyarathne, Co-Vice Chairpersons of the Caucus, Hon. Members of Parliament Chamindrani Kiriella, Attorney at Law and Samanmalee Gunasinghe, Hon. Members of Parliament Thushari Jayasinghe, Attorney at Law, Krishnan Kaleichelvi, Sagarika Athauda ,Attorney at Law, Nilanthi Kottahachchi, Attorney at Law, Ambika Samivel and Lakmali Hemachandra, Attorney at Law, along with a group of officials from the Ministry of Finance, Planning and Economic Development, also participated in the event.
2026-06-17
The Ministerial Consultative Committee on Public Administration, Provincial Councils and Local Government met recently (Jun. 12) at Parliament under the chairmanship of the Hon. Minister of Public Administration, Provincial Councils and Local Government, Prof. A.H.M.H. Abayarathna.During the meeting, Members of Parliament discussed a range of issues and proposals relating to their respective electorates, as well as several other matters of public importance.Hon. Members of Parliament and officials were present at the meeting.
2026-06-17
The Ministerial Consultative Committee on Buddhasasana, Religious and Cultural Affairs met recently (Jun. 09) at Parliament under the chairmanship of the Hon. Minister of Buddhasasana, Religious and Cultural Affairs, Dr. Hiniduma Sunil Senevi.During the meeting, Members of Parliament discussed a number of proposals and issues, including reviewing the progress of discussions initiated with the Ministry of Education, Higher Education and Vocational Education and the Department of Examinations regarding the formulation of regulations to prevent the conduct of private tuition classes on Sunday mornings, thereby facilitating the holding of Dhamma School classes on Sundays.The meeting was attended by Hon. Deputy Ministers, Hon. Members of Parliament and officials.
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