Bitcoin
$63,750.33+0.74%
Ethereum
$3,319.45+2.64%
Binance Coin
$605.47+1.83%
Solana
$142.76+0.84%
XRP
$0.51934572+0.08%
Dogecoin
$0.15026684+1.70%
Toncoin
$5.56+4.14%
Cardano
$0.46962100+1.13%
Shiba Inu
$0.00002483+0.68%
Avalanche
$35.10+2.20%
Tron
$0.12057524+0.33%
Wrapped Bitcoin
$63,964.49+0.75%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
30
DAYS
16
HR
13
MIN
31
SEC
Policy

Sri Lanka's Blockchain Bank KYC Platform to Enter Development 'Shortly': Central Bank

The Central Bank of Sri Lanka is about to decide which firm will develop a blockchain platform that could speed the processing of bank users' ID information.

By Sebastian Sinclair
AccessTimeIconJul 2, 2020 at 9:38 a.m. UTC
Updated Sep 14, 2021 at 8:58 a.m. UTC
Colombo, Sri Lanka (PicadorPictures/Shutterstock)
Colombo, Sri Lanka (PicadorPictures/Shutterstock)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Monetary Board of the Central Bank of Sri Lanka is close to starting development of a blockchain platform expected to speed the processing of bank users' ID information.

  • The Monetary Board has now shortlisted three software development firms to be tasked with designing a proof-of-concept (PoC) know-your-customer (KYC) platform, local news source the Daily Mirror Online said Thursday.
  • The final decision and the start of development are expected "shortly,” said D. Kumaratunge, Central Bank director of payments and settlements, at a Tuesday event.
  • The KYC platform is planned to allow the banking sector and the government to share and update bank customer data in real time on a blockchain. 
  • Kumaratunge said several banks have given their consent to join the project.
  • The open call was on a voluntary basis; 36 national and international candidates applied for the project last November. One of the three finalists is a foreign tech firm.
  • The development of the system is expected to take anywhere between six and nine months to complete.
  • The project is expected to allow banks to onboard new customers without delays for manual processing, as well as save costs associated with traditional paper-based methods of verifying documents.
  • Sri Lanka has been taking steps to improve its financial sector to meet international standards.
  • In October 2019, the nation was removed from the Financial Action Task Force’s anti-money laundering/counter the financing of terrorism (AML/CFT) “strategic deficiencies” blacklist, to which it had been added in 2017.

Also read: World’s Oldest Central Bank Reviews Possible Digital Currency With Mixed Results

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.