Kapruka, Sri Lanka’s largest online store, has announced intentions to handle cryptocurrency payments. The announcement comes as the South Asian government ramps up attempts to pass laws that would regulate its blockchain ecosystem and attract crypto investments.
Within Weeks, Kapruka will begin accepting cryptocurrency payments.
Kapruka (Kapruka.com), a prominent e-commerce platform in Sri Lanka, has announced its plan to begin taking bitcoin payments in the near future. Dulith Herath, the founder and chairman of Kapruka, announced the news on Twitter this week. According to the Sri Lankan Daily Mirror, the executive said:
Kapruka plans to accept crypto payments within the next couple of weeks.
Kapruka, which was founded in 2005 by a Sri Lankan entrepreneur and web-technology specialist, has grown to become Sri Lanka’s largest online store. With addition to its primary business, it has dabbled in cross-border e-commerce exports and last-mile deliveries, as well as payment solutions and B2B baking services.
Kapruka is on its way to become the second Sri Lankan firm to offer bitcoin as a payment option to its clients. MTB.lk, a portal that organises mountain biking excursions and holidays, was the first local firm to use cryptocurrency. MTB.lk took the plunge in September and now accepts bitcoin as payment for its services.
Meanwhile, the Sri Lankan government is preparing to regulate cryptocurrency-related activities and encourage investment from the sector. A committee of specialists from both public and commercial organisations was recently formed to draught a report on the legislative acts and rules that would help the country’s digital banking, blockchain technology, and cryptocurrency mining industries grow.
Enterprise Development and Digital Technology State Minister Namal Rajapakse is a driving force behind the plan, having obtained Cabinet clearance to assemble a team of experts. Rajapakse, who also oversees Sri Lanka’s youth, sports, and development programmes, recently revised
The impending launch of crypto payments on Kapruka’s platform comes at a time when the country’s crypto industry is still uncontrolled. Financial regulators have maintained a cautious approach to cryptocurrencies until recently, with the Central Bank of Sri Lanka issuing a warning notice about the dangers connected with crypto investments early this year.
