Sri Lanka Central Bank Wants to Create Blockchain-Based KYC

Representatives of the Central Bank of Sri Lanka told about intentions to develop their own KYC platform (Know Your Client), based on the blockchain.

The Central Bank of Sri Lanka is looking for assistants who can develop the concept of the KYC system based on decentralized data registry technology, this was announced on the official website of the country’s main financial institution.

“The increasing demand for digitalized financial services has created an opportunity for Sri Lanka to evaluate the possibility of adopting Blockchain Technology to further advance Sri Lanka’s financial sector,” – the bank’s invitation tells.

Using the system described in a press release on the Central Bank of Sri Lanka website, commercial banks and government officials will be able to exchange information on a decentralized basis. This will increase security, openness and cancel any attempt to falsify data.

In view of the foregoing, it appears that Sri Lanka authorities want to get as close as possible to world standards of financial regulation.

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