Bitcoin, Crypto currency, Blockchain

Lithuania: fear of Russian crypto-Invasion

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Lithuania has currencies, in Crypto, in fact, very go-getting proven Around half a billion US dollars have been collected in the Baltic state with ICOs. That the money came from Russian investors, causing some of the frown.

One of the most sceptical sceptics Marius Jurgilas, member of the management Board of the Bank of Lithuania (Lietuvos bankas). Compared to the messaging platform Politico he expressed his concern:

“We do not want, that the Russian capital has infiltrated the local economy.”

If 70 percent of the investors of ICOs comes from Russia, this was not “in the sense of our national interests”.

In the foreground of the concerns of the crypto market could develop into a huge money washing machine for Russian Criminals. The fears do not come about by chance: The crisis-ridden neighboring country of Ukraine has already been referred to as the Wild West of crypto-currencies. So was kidnapped in the last year, a leading Blockchain expert, and against a Million-Dollar ransom, then released.
In Kiev, the authorities have seized during a RAID in a semiconductor factory Mining Equipment in value of over four billion dollars. The proceeds flowed to Russian accounts. That is not enough: The Ukrainian authorities indicated that the Mining has helped profits to Finance the Russian separatists movements in Donetsk and Lugansk.

New ICO guidelines

So it is no wonder, if in the face of such messages, also in Lithuania, the heads lift The Baltic state since the end of the Soviet Union in a tense relationship with his big neighbor to the East. May be the beginning of the month published on the ICO guidelines of the Lithuanian Ministry of Finance can help the Fears of a Russian crypto-Invasion of curb.

In addition, both the existing Anti-money laundering should be extended to law as well as the law on the financing of Terrorism. The new paragraphs will relate to crypto stock exchanges and the provider of crypto-Wallets. They wanted to increase the transparency and the market will stabilize, it is stated in the guidelines. The financial want is met to the Ministry of the Lithuanian Bank and the Financial authorities to work together.

This is in the spirit of the Lithuanian Bank: This has recently given in April, is known to want more with crypto-currencies. They also wanted to promote dialogue between traders, banks and regulatory authorities.

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