Sri Lanka needs a Safe Asset to hedge against the Rupee (LKR)
Sri Lanka with their booming tourist industry have been burdened with the depreciating rupee for the last 2 decades. The following articles highlight the issues faced by the diminishing rupee:
1.”Good News’ Sri lanka’s debt is rising: https://www.newsfirst.lk/2018/05/good-news-sri-lankas-debt-is-rising/
2. Sri Lanka among 23 countries vulnerable to Chinese debt distress: http://www.lankabusinessonline.com/sri-lanka-among-23-countries-vulnerable-to-chinese-debt-distress-study/
3. Sri Lanka among most vulnerable economies: https://www.newsfirst.lk/2018/05/sri-lanka-among-most-vulnerable-economies-moodys/
4.Sri Lanka rupee hits a new low of rupees $158.20 against US dollar:http://www.economynext.com/Sri_Lanka_rupee_hits_a_new_low_of_Rs158.20_40_against_US_dollar-3-10639.html
5.Sri Lankan rupee plunges to a new historic low after liquidity injections:http://www.economynext.com/Sri_Lanka_rupee_plunges_to_new_historic_low_after_liquidity_injections-3-10408.html
Experts in the country inclusive of the Central Bank have started to show interest in cryptocurrency as a possible solution to hyperinflation and the depreciation of the rupee.
Ultimately the people are losing faith that the Government can provide a stable asset in the form of rupee for their savings and desperately seeking other mechanisms to store their finances.
Ceybit has identified the clear need and is determined to introduce the 21 million population to the benefits of the blockchain and cryptocurrencies to help pave a path to a long cleanup journey.