June 18, 2024

Sri Lankan Central Bank will develop a platform for identifying citizens on the blockchain

Sri Lanka's central bank is looking for blockchain companies that can develop proof of concept (PoC) customer identification systems for the banking industry.

“The growing demand for digital financial services has provided Sri Lanka with an opportunity to evaluate the application of blockchain to develop the country’s financial sector,” the regulator said in a statement.

Any company from the technical sector is invited to participate in the project. Also, experts from the technological and financial sectors of the country will participate in the development of the platform.

The platform will need to store and update user credentials on the blockchain. Moreover, access to the system will receive not only the Central Bank of Sri Lanka, but also commercial financial institutions.

“It is expected that the platform can be usedin various situations and will help increase the efficiency of the financial sector, as well as make financial services more accessible to the population, ”the presentation says.

More information about the platform regulatorwill provide the company selected to work on the project. At the same time, the company must have 2 years of experience in the field of blockchain and experience in the development and launch of mobile applications.

Previously, the Financial Action Task ForceAnti-Money Laundering Task Force (FATF) has published draft guidance on the implementation of digital identity systems. The document notes that blockchain is excellent for implementing digital user identification systems.