COINTELEGRAPH - The SORA community has sent an open letter to the people of Sri Lanka to use the SORA (XOR) token as a legal tender. Currently, Sri Lanka is going through an economic crisis, causing political and social unrest, leading key players in Sri Lankan politics to resign while the people suffer from food shortages, electricity outages and economic mismanagement.

SORA recently participated in several events in Davos on the sidelines of the World Economic Forum. Project contributor Dr. Makoto Takemiya — along with experts such as former Toyota Financial Services CEO Hideto Ozaki and former Mitsubishi UFJ Bank chief manager of market infrastructure Taketoshi Mori, among others — penned an open letter inviting the Sri Lankan people to adopt XOR as a legal currency in alignment with SORA’s Many Worlds, One Economy vision. A longer exposition about the efficacy of using XOR to drive national economies is explained in a short paper, “The Case for XOR,” written by Dr. Takemiya.

This is the first time a blockchain-based project has reached out to a nation offering financial support for its country in a collaborative way. Unlike Bitcoin (BTC) adoption in El Salvador, where the government introduced a cryptocurrency that functions as a foreign currency outside of their control, the introduction of XOR would benefit the Sri Lankan people through governance processes that allow fund allocations to enable productive economic output, leading to sustained and impactful economic growth. This allows XOR to be treated as a domestic currency but with clear and transparent democratic oversight by token holders to prevent corruption and misallocation.

The open letter outlines the principles of SORA, its characteristics and the industry’s scope of implementation. It was translated to Sinhala and Tamil and published both in physical print and online in major Sri Lankan news outlets. The letter also highlights the use of XOR for trading the phygital — physical and digital — wine Noir.digital, which is an example of a productive economic use for the SORA network.

Here is an excerpt:

Dear People of Sri Lanka,

We would like to show our appreciation for your majestic country. A country with a rich cultural heritage and historical importance within global trade. It is no surprise that your nation is considered the highest-ranked South-Asian nation on the Human Development Index.

Unfortunately, as with numerous countries across the world, there are many problems currently affecting your beautiful country, related in particular to the economy. At the core of these problems is money. Your financial system and currency have lent themselves to corruption and debasement, instead of being at the core of value creation.

As observers, we are heartbroken with the current situation and we want to help you and take action to improve the economy of your country, with the great hope and belief that together we can restore security and prosperity that your people historically had.

To accomplish this, we humbly offer you to adopt XOR as a legal tender currency in your country. XOR is a blockchain-based currency that isn’t owned by any single country or individual, but belongs to its users and is different from any other currency or economic system. XOR is a new economic system for a new world, one that will eliminate the pitfalls of current monetary policies, combat the injustice that stems from existing systems, and work to remove the current enormous inequity that is now more widespread than ever. SORAMITSU, one of the contributors to SORA, is a software company with world-leading experience, having created the Bakong central bank digital currency payment system for Cambodia, together with the National Bank of Cambodia.

At this point you might be wondering, what can XOR do for me? Imagine having a new currency powered by and for the people, free of corruption, and usable in a global economy. Money that is used for productive purposes that benefit the people of your great country and not just the pockets of a few. Thanks to its transparency and traceability, XOR can help eliminate corruption. Because of its unique governance and economic system, it can give you the power to access the funding needed to reignite your economic growth. XOR empowers every single user to equally, collectively, and democratically decide how they will guide the entire XOR economy, worldwide.

With a XOR-based economy, the government and its officials do not hold financial or policy power over citizens. Instead, it is the citizens in collaboration with their governments that decide the allocation and use of money in an economy. Corrupt entities cannot use XOR, as they do with existing monetary systems, as a means to buy votes or discriminate against citizens who have opposing views.

Other cryptocurrencies, like Bitcoin, act as a foreign currency to a country, unlike XOR that can become an integral part of a local economy and actively promote economic growth. This is because Sri Lankans who hold XOR can join in the decision making process to manage XOR monetary policy and use XOR to buy and sell goods and services, as well as to fund the projects of great importance to their communities.

Transactions using XOR are fast and cheap, costing a fraction compared to existing payment service providers such as credit cards, all while enabling cross-border, global, remittances. No more exorbitant fees or having to wait for payments to clear. Using XOR will also make it cheaper, easier, and faster to send money back to Sri Lanka, for Sri Lankans who live overseas.

An example success story using XOR is NOIR, the world’s first phygital wine. NOIR combines cutting edge digital technology with traditional wine making, the process of which is as old as humanity itself. We invite you to take a look at noir.digital and be assured that with the help of the SORA community, we can launch similar projects in Sri Lanka and get them recognized worldwide.

To jump-start the Sri Lankan economy, the XOR community would give a long term, interest-free loan to Sri Lanka, without fees or any expenses, that would help boost the local economy to help withstand the global financial crises during these troubled times.

How can we achieve this together? The first step is to adopt XOR as a legal tender in Sri Lanka, through legislation that would allow citizens to pay for goods and services, as well as taxes and debts, with XOR. The next step is a gradual introduction of XOR into daily life. XOR will be used in parallel with the Sri Lankan rupee, and the most useful currency will be decided upon by the free market.

To summarise, XOR is a solution that is giving back the power to those who have been robbed, to you the great people of Sri Lanka. It is more than just a ground-breaking economic system, it is a new chapter in human history that we want to write together with you. A XOR-based economy will empower small businesses, the drivers of any economy, and facilitate commerce, while also making it much easier to access capital that is desperately needed to enable economic growth.

We are open to answering any and all questions and concerns that this letter may raise, and we look forward to engaging in valuable conversations that will lead to actions that can help the people of Sri Lanka. An unbiased analysis of the situation in Sri Lanka shows that not merely temporary aid, but a comprehensive change in the economic system is needed to provide a permanent solution to the current crisis. XOR can be an integral part of the system change that is needed to revitalize Sri Lanka.

Thank you for your attention and kind regards.

Faithfully,

The full letter is available to read on the website, and there is a Telegram community available for Sri Lankans to join and voice their questions about this proposal.