Co-founder of MicroStrategy Michael Saylor announced plans to keep providing BTC trading services.
The head of Sri Lanka's central bank responded with a curt "we don't accept" when he suggested utilizing "decentralized currency."
On a recent visit to Sri Lanka, American billionaire Tim Draper proposed the idea of adopting Bitcoin as a legal tender to combat the corruption that has contributed to hyperinflation in the island nation. However, a key Sri Lankan authority – Central Bank Governor Nandalal Weerasinghe – expressed his belief that doing so would only worsen the country's economic situation.
During his visit, Draper took time out from a TV shoot to meet with President Ranil Wickremesinghe and Weerasinghe to suggest Bitcoin as a potential solution to the country's financial woes.
Draper raised a significant issue during the meeting that directly affects Sri Lanka:
"Have you seen the news on Sri Lanka? It is recognized as the capital of corruption. With the adoption of Bitcoin, a nation infamous for corruption will be able to maintain accurate records.”
The head of Sri Lanka's central bank responded with a curt "we don't accept" when he suggested utilizing "decentralized currency." Weerasinghe continued:
"Adoption of 100% Bitcoin will never be a reality in Sri Lanka."
Instead, Weerasinghe argued that having Sri Lanka's own fiat currency was essential for achieving monetary-policy autonomy and would guarantee the efficient distribution of electronic welfare payments.
By introducing Bitcoin, Weerasinghe said, "We don't want to make the problem worse."
Michael Saylor was a co-founder of the software analytics firm MicroStrategy, which recently declared plans to keep providing BTC trading services despite suffering an unrealized loss of $1.3 billion in 2022.
Andrew Kang, the MicroStrategy Chief Financial Officer, said during an earnings call on February 2 that:.
"We may explore pursuing more transactions that capitalize on Bitcoin price volatility or other market turbulence that are consistent with our long-term Bitcoin strategy."
Kang claims that as of December 31, 2022, MicroStrategy held 132,500 BTC, which were worth $1.84 billion. 14,890 BTC were maintained by the corporation directly, and the remaining BTC were distributed through its subsidiary MicroStrategy.
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