According to the reports by Sri Lankan news media, R3, a financial innovation firm that is leading a blockchain consortium has called the country’s central bank to join their collaborative initiative to design a distributed ledger based on the blockchain.

With more than 80 of the world’s leading financial institutions and regulators, R3 blockchain consortium is working on research, experimentation, design and engineering of an advanced distributed ledger technology, by collaborating with its member companies.

Speaking during the sidelines of ‘Future of Business’ Innovation Strategy and Learning Event’ organized by the Ceylon Chamber of Commerce, Niki Ariyasinghe, Project Strategy Director at R3, stated that they would like to run projects and undertake research collaboration between the Central Banks, Lanka Business Online reported.

“For example, the Monetary Authority of Singapore and the Hong Kong Monetary Authority are regulatory members, so we work with them on projects. The meeting was about developments in blockchain technology, what R3 is doing and we also extended an invitation to the Central Bank of Sri Lanka if they would like to join,” Ariyasinghe, stated.

He also mentioned that from a regulatory perspective, there are no charges or anything like that since R3 wants them to be involved and also it had a very positive discussion with the Central Bank Governor and plans to follow up in the coming weeks.