'The government has set up a committee to recommend regulatory projects for cryptocurrencies, to allow crypto manufacturing companies to operate in the country, and to explore how to bring about a technological revolution in all industries through the introduction of blockchain technology' - News

The rupee notes and coins we use over time are a physical form that can be started, seen and physically moved. Such rupee notes and coins are issued by the sovereign government according to their economic strength. These are called natural coins. Instead, 'cryptocurrencies' are an invisible physical, volatile currency. These are always found only in the imagination. Such coins are called 'synthetic coins'. And these do not add strength to the economy of any government.

Take the US dollar as an example of all this. The U.S. dollar is estimated at $ 22 trillion to guide the United States' largest economy. The US government values ​​the gold reserves in the country in order to maintain it. At the current market level, the US government has 8110 metric tons of gold. Their dollar value is 23%.

If we take Sri Lanka at the same time, the Sri Lankan economy is worth $ 80 billion. Sri Lanka's gold reserves are just 6.5 metric tons. At the same time, the size of the currency issued by the central bank is only 9%. This is why fictional currencies such as cryptocurrency do not have any such features. They are just a technically created fantasy coin. But using them globally today, it is noticeable that businesses and stock markets are fluctuating.

Cryptocurrencies are nothing new in the world economy and world trade. In 1969, the USD was replaced by the SDR. This is also a kind of cryptocurrency. It was also the most accepted currency of the period. However, due to the agreement reached with other countries under the 1944 World Bank agreement, the currency exchange arrangements were severely hampered. The United States has not officially recognized the SDR counterfeit currency due to some unacceptable developments and damage to many in the United States. Following this, the dollar continued to be the most widely used currency in the United States and in the world. The United States' largest economy and strongest gold reserves were also found to support these. Over time the SDR began to become another unimportant currency in the world.

As such, we are all aware of the global financial crisis of 2007-2008. Bitcoin, also known as Bitcoin, was created because of the global crisis over natural currencies and the high fees charged by banks for money transfer and money changers. Discovered in 2009 by Santoshi Nagamoto with the aim of devaluing the US dollar. In the line of counterfeit currencies, Bitcoin has been given its stability, transfer facilities and security, while maintaining a strong, high level of orderliness for its users.

The technology developed by Bitcoin to provide such a facility and security was also seen as a revolution in the field of technology.

But globally, the central banks of their respective countries have not been able to provide the stability that these can provide to natural currencies. As a result, the currency depreciated, causing inflation. Thus the problems encountered by Bitcoins were due to the fact that their numbers had to be reduced periodically and the production of Bitcoins weakened and became deficient. The result was an increase in the base selling price of the US dollar for Bitcoin in the market. When Bitcoin was first released in 2009, its value was US $ 10. After 2017 their demand and demand increased and thus they increased to $ 20000. As of October 2021, the current value of Bitcoin is US $ 65,000.

And because of this, the US dollar is stagnating due to economic stability and inflation. Central banks, on the other hand, need to develop better management systems to properly address the issues that may arise with Bitcoin. 

These problems are caused by restrictions that are in place. Bitcoins are sometimes depreciating and sometimes rising due to production, trading patterns and inherent weakness. Therefore, despite the large number of beneficiaries and losers, a stable stability has not yet been provided.

With all this in mind the creator of Bitcoin has created a new technology called ‘Black Chain’ to manage it properly. It's technically like the operating system you have on computers or mobile phones. Continuous transactions and chain-linked transactions take place over the Internet. It works under the supervision of highly secure personal computers to deal with this and also works safely from hackers who hack them economically. Attempts to steal such counterfeit coins are more expensive and complicated than attempts to steal natural coins, so hackers do not attempt to steal them.

Blockchain provides a better business relationship and security for the bank and its customers through transactions.

As the world shifts to such new technology, its use in the country with the full legal approval of the government is to be welcomed. Moreover, economists expect that such currencies will be widely used in important trading areas such as the port city of Colombo in the future. All related bills are currently being examined with the approval of the Cabinet. The committee is headed by Hon'ble Minister Namal Rajapaksa and is expected to lay down guidelines for making all preparations in this regard.

So in the future bitcoin currencies may come into circulation in the country with artificial technology instead of physically in circulation. We hope we can use them when we have a better knowledge and understanding of them.