• Tim Draper, a billionaire investor, recently took a trip to Sri Lanka to promote Bitcoin only to be kicked out.
• Regulators of Sri Lanka refused to accept Bitcoin and argued that it could worsen the crisis in the country.
• Despite the resistance, Draper argued that Bitcoin could help fight corruption and keep perfect records with its adoption.
Billionaire Investor Tim Draper Visits Sri Lanka
Billionaire investor Tim Draper recently took a trip to Sri Lanka in an effort to promote bitcoin use within the nation’s central bank. Unfortunately for Draper, his efforts were met with resistance from regulators who commented that the use of crypto or bitcoin would never occur within Sri Lanka’s borders.
Draper Argues For BTC Adoption
Despite this resistance, Draper argued for the adoption of bitcoin as a financial tool that could be used not only to pay for goods and services but also fight off rampant corruption which is relatively prominent in Sri Lanka. He even went so far as to suggest that adopting bitcoin would allow countries like Sri Lanka to keep perfect records without fear of corruption or manipulation.
Sri Lankan Regulators Reject BTC Use
However, despite these arguments from Draper, regulators in Sri Lanka remained resolute in their refusal of bitcoin adoption citing worries about worsening economic crises if it was adopted as well as difficulty understanding how its price would fluctuate over time. This has been a common problem faced by stores and companies who have been reluctant to accept crypto payments due its unpredictable price movements.
Tim Drapper Unsuccessful In Promoting BTC To Central Bank
In the end, all of Tim Drapper’s efforts were unsuccessful and he was ultimately kicked out unceremoniously by regulators at the central bank who refused his offer of decentralized currency adoption. It appears that at least for now,BTC use will remain on hold in cities like Colombo while other forms of payment continue to reign supreme in terms of popularity.
Despite his best effort, Tim Draper failed in his attempt at promoting Bitcoin use within Sri Lankan borders due to fears from regulators about economic crisis worsening if it were adopted as well as difficulty understanding its price fluctuations over time making it hard for stores and companies willing too accept crypto payments for goods and services .