Billionaire venture capitalist and investor Tim Draper tried to convince the government of Sri Lanka to adopt Bitcoin, similar to what El Salvador did.
However, the billionaire was met with resistance. According to the country’s central bank, his recommendation was recorded and, seemingly, Bitcoin adoption won’t be a reality in Sri Lanka.
During Tim Draper’s visit to Sri Lanka, he tried to convince the central bank of Sri Lanka. His official reason for being in the South Asian country was to record a Meet the Dapers TV episode with Sri Lankan entrepreneurs.
Tim Draper met with Ranil Wickremesinghe, the president of Sri Lanka, to advise on Bitcoin adoption. He added that he had a meeting with the Central Bank of Sri Lanka the following day on the same agenda.
With a BTC tie on his neck, Draper stated that he came to the financial institution with a decentralized currency. In reply, the governor of the central bank replied that the regulatory institution doesn’t accept the offer.
The country had a rocky 2022, with food and fuel shortages. At the time, the country had a different president who fled the country and eventually resigned. In January 2023, the key inflation rate of Sri Lanka was 54.2 per cent and in 2022 the Sri Lankan economy shrinked by 8%, according to the governor.