ISACA Conference on 'Crypto Currency'

With the existing electronic transfers of currency that crosses country boarders in a matter of minutes and newer payment mechanisms such as mobile banking , mobile payment and Near Field Communication based payment mechanisms, the advent of digital currency is now not a work of fiction in Sri Lanka. So much so that Lanka clear in their 2014/2015 annual report had stated that:

"In an era where electronic payment modes are gaining popularity worldwide, we at LankaClear have set the foundation & platforms in moving Sri Lanka to a cashless society with paperless office"

- LankaClear Annual Report - http://www.lankaclear.com/anual_report/14/2014-2015.pdf

One method that is slowly gaining popularity, said to be of a different league to the ones mentioned above, and in leaps and bounds breaking manyof the traditional banking norms is;Crypto Currency such as Bitcoin. Crypto currency, in which uses digital wallets,allows the processing of incoming and expenditure through the uses of peer-to-peer technology; that operate with no central authority or banks. As such managing transactions and the issuing of bitcoins are carried out collectively by a public open-sourcenetwork. Beingan open-sourcetechnology, asits design is public, it must be noted that nobody owns or controls Bitcoins. It is setup in such a way that everyone can take part. Through many of its unique properties, Bitcoin allows innovative uses which are not possible by any previous payment system.