By George Ward
Per reports, billionaire investor and crypto advocate Tim Draper was in Sri Lanka to attract the country’s government toward adopting cryptocurrency to solve its economic challenges. However, the billionaire met resistance from the government as they considered crypto off the list of opportunities worth exploring.
A Failed Promotion Campaign
Tim Draper, the serial entrepreneur, is reported to have visited Sri Lanka, the east Asian nation, to film an episode of his crypto-based TV show “Meet the Drapers,” which is aimed at promoting broader adoption of digital assets. However, his 30-minute meeting with the Sri Lankan president, Ranil Wickremesinghe, was a failure even though the country is battling to stabilize its economy.
According to sources familiar with Draper’s presentation, which saw the investor appear dressed in a Bitcoin-themed tie and a well-pitched idea of decentralized currency, the country’s central bank did not embrace his views during the meeting. In addition, the central bank governor, Nandalal Weerasinghe, was reported to have replied in response to Draper’s Bitcoin pitch, “we do not accept.”
In contrast to what happened in Sri Lanka, the Island nation of Palau made the investor the first foreign national to participate in its digital-residency program during his visit. Reports say Draper has doubled down on the rejection during his meeting with the Sri Lankan central bank chief by persisting with his pitch to promote Bitcoin adoption.
He reportedly questioned the country’s leadership on whether they were confident to pursue such a project. He also stressed the benefit of having an alternative currency in their economy.
In addition, the investor expressed his worries about the country’s ongoing financial crisis and that this provides an opportunity for Sri Lanka to dive into digital assets by adopting Bitcoin.
Sri Lanka’s Economic Woes
Sri Lanka saw a nationwide riot last year due to food and fuel shortage which ultimately forced the president to resign and flee the country. The East Asian nation was heavily indebted, and the leaders were in negotiation with foreign creditors to restructure the country’s debt.
Financial analysts believe that the talk of debt restructuring was done with the hope that the International Monetary Fund (IMF) would rescue the debt-ridden nation by devising a plan. With the inflation rate at 54.2% and stunted economic growth, which slipped to 8% over the past year, crypto advocates see the country as the perfect space to promote digital currency adoption.
One of the most attractive features of cryptocurrency as a store of value is that it is subjected to shifts in monetary policy by central banks or other government economic plans.