Tim Draper invited the Sri Lanka authorities to legalize bitcoin to attract investment – Bits Media

Billionaire Tim Draper invited the Sri Lanka authorities to legitimize bitcoin as a means of payment, as well as introduce blockchain and artificial intelligence in different sectors of the country to attract investment.

Cryptocurrency enthusiast and large venture investor Tim Draper (Tim Draper) I arrived in Sri Lanka, to chat with the heads of local startups and the government, including President Ranil Vikremesingha (Ranil Wickremesinghe). Speaking at a panel discussion called from Trome Trubled Nation to Startup Nation, organized accelerator of startups Hatch, Draper called on Sri Lanka to follow the example of Salvador, legalized bitcoin in 2021 year, and Estonia, A few years ago, the E-ReSidency electronic citizenship program launched.

“Previously, Salvador was not particularly interesting for anyone. But after that, How in Salvador Bitcoin was recognized as a legal means of payment, An investor stream followed the country. The same thing happened to Estonia, When the country has introduced an electronic citizenship program, Digital identification, Voting and parking. You will ask yourself soon, Why do you work with fiat rupia, which in six months fell on 80%. Of course, Bitcoin was badly injured, But he is not so bad. It is better to have cryptocurrency, which will grow over time, than currency, which is guaranteed to lose in cost next year ", - said Draper.

The entrepreneur added, that bitcoin is able to smooth out the negative impact of the economic crisis, due to excessive printing of money and thoughtless budget expenditures. According to Draper, In most countries, one centralized body usually prints too much money, It is poorly managed by the economy, recklessly spends money or creates high inflation. As for decentralized cryptocurrencies, They are transparent, And if their course decreases in one place, then grows in another. therefore, Replacing fiat currency bitcoin, More taxes will enter the treasury, In this case, corruption will be reduced, I'm sure Draper.

“Bitcoin and artificial intelligence can become even larger, than the Internet. Bitcoin opened a number of interesting markets, And the blockchain allows you to perfectly keep records and store information. Only a few governments recognized this, But now they can receive taxes without the need to attract an auditor, accountant or an agent for the transfer of securities. If you make a deal using smart contracts, You don't need a lawyer ", - noted the businessman.

Tim Draper is known for his adherence to Bitcoin. He previously suggested, what in 2023 a year of bitcoin can grow ten times and achieve $250 000. Draep explained, that it can happen, when retail sellers begin to take bitcoin everywhere.