The Sri Lankan government has created an eight-member commission. Fintech experts and banking officials have been enlisted to serve on the committee as members. The members of the committee will adhere to the laws and regulations that have been put in place by other countries that have adopted cryptocurrency as a legal tender. According to an official statement issued by the Sri Lankan government, the country is the first in the world to make use of the technology in question.
Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency
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