cryptoknowmics.com
Kapruka, Sri Lanka’s largest online store has announced plans to introduce support for crypto payments. The announcement comes after local authorities made a move towards regulating its blockchain ecosystem and attracting investments from the cryptocurrency sector.
Kapruka Will Soon Accept Crypto Payments
Kapruka, a major e-commerce platform in Sri Lanka, has revealed that it will soon start accepting cryptocurrency payments soon. The announcement was made by the founder and chairman of Kapruka, Dulith Herath, on Twitter this week with the Sri Lankan Daily Mirror, quoting the executive:
“Kapruka plans to accept crypto payments within the next couple of weeks.”
Founded in 2005, Kapruka has grown to become Sri Lanka’s largest online store. In addition, the platform also deals with cross-border e-commerce exports and last-mile deliveries, as well as payment solutions and B2B baking services.
The platform just became the second Sri Lankan firm to accept bitcoin as a payment option. MTB.lk, a portal that organizes mountain biking excursions and holidays was the first local firm to accept cryptocurrency payments in September.
Youth and Sports, Development Co-Ordination and Monitoring Minister and Digital Technology and Enterprise Development State Minister Namal Rajapakse recently revealed plans for a potential crypto exchange at China-backed Colombo Port City during China’s crypto ban.
Recently, he also secured the Cabinet's approval to appoint a committee in the public and private sectors to draft a report on the acts, rules, and regulations required to attract investments from the crypto industry.
Sri Lankan Govt Shows Interest in Blockchain, Cryptocurrency Tech
The Sri Lankan government is preparing to regulate cryptocurrency-related activities and encourage investment from the sector. For instance, a committee of specialists was recently formed on the legislative acts and rules to help grow the country’s digital banking, blockchain technology, and cryptocurrency mining industries.
While the cryptocurrency industry remains unregulated in Sri Lanka, the Central Bank maintains a cautious approach to crypto trading and recently warned the public on the risks involved in investing and trading in virtual currencies with peer-to-peer (P2P)-based crypto trading.