Regulation in Sri Lanka
Problem
Sri Lanka is in deep financial crisis and is in need of a technology like blockchain to alleviate its current situation
Solution
Introducing blockchain technology to the grassroot levels & lobbying with lawmakers to create awareness and best practices for regulations
Total to date
This is the total amount allocated to Regulation in Sri Lanka.
About this idea
[IMPACT]
Sri Lanka is an island nation with a multi-culture population of an estimated 22 million in the year 2020.
Sri Lanka witnessed a sharp rise in foreign debt reaching 42.9% of nation’s GDP by 2019. The onset of the COVID 19 pandemic induced global recession, accelerated the crisis and by 2021 the foreign debt rose to 101% of the nation’s GDP leading to economic collapse.
CAUSES
The information provided is sourced from Reuters Report, links of which are attached.
February 25th 2022 Report
How did Sri Lankan economy end in crisis?
In late November 2019, there were promises to slash tax, a move that included a near halving of value-added tax. The economic argument for the cuts was ‘To free up spending and boost Sri Lanka’s ailing finances’.
Being a tourism-reliant country, the pandemic added to the financial burden. Foreign exchange reserves have shrunk almost 70% in 2 years to 2.36 billion dollars, short of 4 billion in debt repayments due in 2022.
Inflation has surged, key imports have been held up at Colombo port due to the lack of cash and the conflict in Ukraine has pushed energy bills higher. There is only enough fuel for a few days; national power cuts have begun.
LINKS TO NEWS REPORTS
A continued increase in oil and gas prices.
https://www.youtube.com/embed/B1zFCem5hrMhttps://www.youtube.com/embed/MTH0Tzc4TXIGlobal supply chain crisis
Passage of anti-chemical fertilizer act by the Parliament
https://www.youtube.com/embed/ao8BQKsLvwc
WHAT ARE WE SUGGESTING?
- The idea is to lobby with lawmakers in Sri Lanka on regulating blockchain. The idea is to create awareness on blockchain functionalities and best practices to regulate and leverage such revolutionary technologies to make Sri Lanka a haven for blockchain ecosystem to grow.
- Bringing favorable legislation will open avenues for new blockchain based start-up ecosystem to flourish and in turn bring a change in the grassroot levels with respect to finance, education, customs, trade, currency, land registry, vehicle registration, e-passport to name a few.
- As the saying goes “Early bird gets the worm”, if the law is changed and the country adapts these new technology, Sri Lanka will have a scope to be one of the flourishing nations alongside blockchain ecosystem development.
GOALS:
- Creating a website for easy access of information related to blockchain technology, Cardano ecosystem and its possible impacts on Sri Lanka and its various sectors.
- Appointing a lobbying panel consisting of legal, financial, education, governance, mass media and technology experts.
- Approaching the Sri Lankan cabinet ministry officials (28 member cabinet panel with different portfolios) and advocating about the benefits of adopting the blockchain technology with help of the website and repositories that will be built.
- The main aim is to approach this in the grassroot levels and therefore the idea is to start lobbying sector wise for a better outcome.
This is the right time to create awareness among the lawmakers and to work on grassroot level to drive the nation forward and help alleviate the economic crisis.
KPIs:
- Total number of ministry officials lobbied with regards to blockchain technology
- Number of sectors included in the lobbying
- Informative resources created for effective lobbying
CHALLENGES
- Not everyone will get onboard with the idea.
- Lack of uniformity in blockchain technology and virtual currency regulations across the globe
- Lack of awareness about the scope of the technology
- Improper advocacy related to blockchain technology and digital currencies in the country
MITIGATION STRATEGY
- Clarifying the scope of blockchain and its possible positive impact on the economy
- Improving advocacy by lawmakers
- Creating awareness by creating regulations and communicating it to the population.
- Starting from the grassroot level by introducing the technology and its solutions
The major challenge is to drive adaption because, as we know a "Nation is not built over a day". Constant lobbying is of key importance to navigate through the challenges and working out solutions.
[FEASIBILITY]
1st Month
- Scheduling meeting with various ministry council to put forward a brief proposal about how to leverage the technology to build solutions.
- Building the website and creating resources.
2nd Month
- Appointing the Lobbying panel consisting of legal, financial, education, governance, mass media and technology experts who are nationals of Sri Lanka.
- Drafting the Agenda
3rd & 4th Month
- Scheduling meetings with ministry officials and initiating the lobbying process.
- Updating the website with status updates related to the meeting and outcomes.
Total Budget : $ 29000
- Website & Repository Building $ 3000
- Lobbying Panel (7 member team) $ 21000 for 3 months
- Lobbying events $ 5000
The detail of the team is provided in the link below
https://medium.com/@konmaorg/team-for-lobbying-in-sri-lanka-213815e9a0d7
[AUDITABILITY]
- Number of ministry approached
- Number of lawmakers educated
- Number of members onboarded
Success for this proposal would be to get the grassroot sectors onboard and working on blockchain based solutions to improve the sector.
This is a new proposal.
SDG Rating
SDG goals:
Goal 1. End poverty in all its forms everywhere
Goal 2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
Goal 8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Goal 17. Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development
SDG subgoals:
1.a Ensure significant mobilization of resources from a variety of sources, including through enhanced development cooperation, in order to provide adequate and predictable means for developing countries, in particular least developed countries, to implement programmes and policies to end poverty in all its dimensions
2.c Adopt measures to ensure the proper functioning of food commodity markets and their derivatives and facilitate timely access to market information, including on food reserves, in order to help limit extreme food price volatility
8.1 Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries
8.2 Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors
8.3 Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services
9.1 Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
9.3 Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets
Key Performance Indicator (KPI):
9.3.1 Proportion of small-scale industries in total industry value added
8.1.1 Annual growth rate of real GDP per capita
8.2.1 Annual growth rate of real GDP per employed person
8.3.1 Proportion of informal employment in total employment, by sector and sex
#proposertoolsdg
Team
I am an entrepreneur who has been into international trade with Sri Lanka for a decade now and have close connections with the lawmakers of the country.
