Despite its conservative attitude towards the crypto industry, the Central Bank of Lithuania has called for a discussion on the regulation of the crypto space.
The Central Bank of Lithuania (Central Bank) initiated negotiations on regulation in the cryptocurrency sector between representatives of banking services and participants in the cryptocurrency market. The decision on the need for dialogue was made after consultations with government financial authorities. Representatives of banks, ICO companies and FCIS (Financial Crime Investigation Service) gathered at the negotiating table. The representative of the Central Bank of Lithuania believes that, despite the risks present, the crypto industry cannot be ignored, but focuses on protecting consumer rights and measures to combat terrorism.
The President of the Association of Lithuanian Banks identified the origin of capital as the main issue. Not all companies and clients can prove the origin of funds invested in crypto-assets, and the country’s commercial banks will not make concessions on this fundamental issue.
In turn, representatives of cryptoeconomics consider the position of commercial banks regarding the riskiness of the cryptocurrency market to be unfounded. Their demands for additional guarantees and frequent refusal to open accounts for cryptocurrency transactions create many problems for the crypto industry.
The Central Bank of Lithuania is known for its conservative approach to ICOs and a clear separation of traditional financial markets from the crypto market. Meanwhile, Lithuania is striving to take a leading position among the high-tech countries of Northern Europe, with an emphasis on fintech innovation. Lithuania's initiatives are becoming noticeable on the world map of ICO projects. Last year’s statistics showed that 10 percent of all investments in ICOs were attracted to Lithuanian crypto projects. The head of the Blockchain Center in Vilnius claims that only the crypto communities of America and China were able to get ahead of Lithuanian crypto enthusiasts.
Digital business is occupying more and more pages in local media. Since the beginning of this year, more than one thousand four hundred materials on cryptocurrency topics have been published in the press. Whereas last year such publications were 60 times less common.
Cryptocurrency is gaining its place in everyday life. Local brand United Colors of Benetton announced the possibility of paying in its stores with cryptocurrency.. Thanks to cooperation with the payment platform Coppay, payment with tokens has become possible.
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