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Monday, 16 April 2018

Bank Of Lithuania Blasts Anti CryptoCurrency Countries

So many times, many countries have come out to ban cryptocurrency, especially of recent. An example of such case are the African Countries, who have refused to approve cryptocurrency or regulate it if at all. 

However, The Bank of Lithuania blast anti CryptoCurrency Countries by telling them to stop deceiving themselves. Despite the risks, “the blind denial, the reluctance to understand and work with the cryptocurrency world, leads us nowhere,” a high-ranking official of the Bank of Lithuania said this week. 

Hence, instead of falling into such group of 'blind denials' of  cryptocurrency, The central bank of the tech-savvy nation has started a dialogue with representatives of the crypto sector and the country’s commercial banks to discuss possible regulations. The decision comes after consultations with other financial authorities, including the Ministry of Finance and the Financial Crimes Investigation Service (FCIS).

See Also: New Cryptocurrency Organization formed in Japan

“We sat at one table – the banks, the ICO companies, the FCIS, and other stakeholders,” said Ekaterina Govina, the central bank’s fintech coordinator, quoted by Obzor. “It is important that banks discuss this [matter] with entities behind initial coin offerings and companies that exchange cryptocurrencies. We have established a dialogue. Let’s see where it’s going to take us,” Govina stated during a conference at the Vilnius University.

The Bank of Lithuania has so far maintained a conservative approach towards ICOs . It has also insisted that traditional financial services should be clearly separated from activities related to “virtual currencies”. The central bank, however, has not relinquished its ambition to turn Lithuania into a fintech center in Northern Europe. It plans to accomplish the goal through accelerating the issuance of inexpensive licenses for crypto businesses and accepting applications in foreign languages such as English.

Cryptocurrencies like bitcoin enjoy a growing popularity in the Baltic state.

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