“The exercise of introducing ‘Lanka Pay’ and ‘Central Bank Digital Currencies’ has already begun. The two systems will be launched by the end of this year,” Central Bank officials informed the Ways and Means Committee in Parliament.

The Chairman of Ways and Means Committee Patali Champika Ranawaka inquired about the regulation of online payment systems in Sri Lanka,” Parliamentary Media Unit (PMU) said.

It was revealed that the absence of a financial registry in Sri Lanka results in 45 per cent of financial transactions going without being regulated.

MP Ranawaka proposed that QR code system which is used in fuel sales should be extended to financial services as well.

Also, he proposed that the Inland Revenue Department, Excise Department and Customs should adopt online payment systems. The focus was made on using blockchain systems for the purpose.