Sri Lanka’s leading online retailer, Kapruka, has unveiled plans to introduce support for cryptocurrency payments. The news comes as the South Asian country intensifies efforts to adopt legislation tailored to regulate its blockchain space and attract investments from the crypto industry.
Kapruka to Launch Cryptocurrency Payments Within Weeks
Kapruka (Kapruka.com), a major e-commerce platform in Sri Lanka, has revealed its intention to start accepting payments in cryptocurrency quite soon. Kapruka’s founder and Chairman Dulith Herath made the announcement on Twitter this week. Quoted by the Sri Lankan Daily Mirror newspaper, the executive stated:
Kapruka plans to accept crypto payments within the next couple of weeks.
Founded in 2005 by the Sri Lankan entrepreneur and web-technology specialist, Kapruka has established itself through the years as Sri Lanka’s largest retailer on the internet. Besides its core business, it has also ventured into cross-border e-com exports and last-mile delivery among other areas, including payment solutions and B2B baking services.
Kapruka is now on its way to becoming the second Sri Lankan company to offer its customers a cryptocurrency payment option. The first local business to take the path of crypto adoption was MTB.lk, a platform that organizes mountain bike tours and holidays. MTB.lk took the step in September and is now accepting coins for its services.
Meanwhile, the government in Sri Lanka is gearing up to regulate crypto-related activities and attract investments from the industry. A committee of experts from both public and private institutions was recently set up to prepare a report on the legal acts and rules needed to facilitate the development of the digital banking, blockchain technology, and cryptocurrency mining sectors in the country.
Digital Technology and Enterprise Development State Minister Namal Rajapakse is a key figure behind the move as he secured the necessary approval from the Cabinet to gather a team of professionals. Rajapakse, who also coordinates youth, sports, and development projects in Sri Lanka, recently revealed a plan to set up a cryptocurrency exchange at Colombo Port City, Sri Lanka’s special economic zone and international financial center.
Kapruka’s announcement of the upcoming introduction of crypto payments on its platform comes as the country’s crypto space is still unregulated. Up until recently, financial authorities have had a restrained attitude towards cryptocurrencies with the Central Bank of Sri Lanka issuing a warning notice earlier this year for the risks associated with crypto investments.