The Bank of Lithuania has started to make crypto-currencies a closer look. You want to promote the dialogue between banks, regulators and traders.
More and more countries and Central banks recognize the signs of the time and deal with crypto currencies and the Blockchain technology will. To Malta and Liechtenstein, the strike significantly positive tones, now also appears to Lithuania for the emerging technology.
How local media reports on 15.04.2018, will call for the Bank of Lithuania, a better co-operation between banks, regulators and traders. You want to create, apparently, a single dealing with crypto-currencies.
The Central Bank, various representatives of the authorities and banks invited. Including representatives of the Ministry of Finance, the tax police, government representatives, the banking and initiators of ICOs.
Yekaterina Govina, the Fintech coordinator of the Bank of Lithuania, stressed the importance of the approach. She says that one should not close at all justified concerns and risks the eyes. Rather, you should think about a reasonable regulation:
“There is an urgent need for the banks to speak with those who ICOs. Or with people that crypto-currencies in conventional currencies exchange. We have started a dialogue and now see where the development leads.“
Banks do not understand the “crypto-Business”
Already on 10. October 2017, the Bank issued a document, stating their attitude to ICOs and crypto-currencies. In the document, specify that participants should separate on the financial market their activities. The activities related to crypto-currencies should be listed separately, therefore, from a regulatory point of view, in the documentation of ordinary transactions. Moreover, you should pay attention to the fact that neither money nor terrorism is being supported and the appropriate laws are complied with wash.
Vytautas Kaseta from the Blockchain Center in Vilnius was to the effect to bear in mind:
“Commercial banks, neither the crypto-Business to understand its business model. Therefore, it is a risky Business, and call for additional evidence on the origin of the investment. Often they refuse, therefore, to Create accounts for company.“