• Kapruka, a Sri Lankan e-commerce platform, will accept cryptocurrency payments

  • Kapruka, Sri Lanka’s leading online retailer, has announced plans to accept cryptocurrency payments. The announcement comes as the South Asian country ramps up efforts to enact legislation designed to regulate its blockchain space and attract investments from the cryptocurrency industry.

    Within the Next Few Weeks, Kapruka Will Accept Cryptocurrency Payments

    Kapruka (Kapruka.com), a major e-commerce platform in Sri Lanka, has announced that it will begin accepting cryptocurrency payments very soon. Dulith Herath, the founder and Chairman of Kapruka, made the announcement on Twitter this week. The executive stated:

    Kapruka intends to accept cryptocurrency payments within the next few weeks.

    Kapruka, founded in 2005 by a Sri Lankan entrepreneur and web-technology specialist, has grown to become the country’s largest internet retailer. Aside from its core business, it has expanded into cross-border e-commerce exports and last-mile delivery, as well as payment solutions and B2B baking services.

    Kapruka is now on its way to becoming the second Sri Lankan company to offer cryptocurrency payment options to its customers. MTB.lk, a platform that organizes mountain bike tours and holidays, was the first local business to adopt cryptocurrency. MTB.lk took the plunge in September and is now accepting coins in exchange for its services.

    Meanwhile, the government of Sri Lanka is preparing to regulate crypto-related activities and attract industry investment. A committee of experts from both public and private institutions was recently formed to draft a report on the legal acts and rules required to facilitate the development of the country’s digital banking, blockchain technology, and cryptocurrency mining sectors.

    Namal Rajapakse, State Minister for Digital Technology and Enterprise Development, is a key figure behind the move, having secured Cabinet approval to assemble a team of professionals. Rajapakse, who also coordinates youth, sports, and development projects in Sri Lanka, recently revealed plans to establish a cryptocurrency exchange at Colombo Port City, the country’s special economic zone and international financial center.

    The announcement by Kapruka of the upcoming introduction of crypto payments on its platform comes at a time when the country’s crypto space is still unregulated. Until recently, financial authorities viewed cryptocurrencies with caution, with the Central Bank of Sri Lanka issuing a warning notice earlier this year about the risks associated with crypto investments.

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