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The comparatively small European states are highly flexible and innovative. So far, Lithuania often lies in the shadow of its similarly large but even more innovative neighbour Estonia.
With its openness to crypto currencies, Lithuania would like to demonstrate an equally high level of innovation. Lithuania has proved to be extremely active in the field of crypto currencies: Around half a billion US dollars were collected in the Baltic state with ICOs. The fact that the money also comes from Russian investors causes some frowning. One of the most sceptical of these is Marius Jurgilas, member of the board of the Lithuanian Bank Lietuvos bankas.
He expressed his concern to the news platform Politico:. The main concern is that the crypto market could develop into a huge money laundering machine for Russian criminals. The fears are not for nothing: the crisis-ridden neighboring country Ukraine has already been called the Wild West of crypto currencies.
Last year, a leading blockchain expert was kidnapped and released for a million US dollars ransom. In Kiev, the authorities seized mining equipment worth over four billion US dollars during a raid on a semiconductor factory.
The proceeds flowed into Russian accounts. Possibly the ICO guidelines published earlier this month by the Lithuanian Ministry of Finance can help to contain the fears of a Russian crypto invasion.
The new paragraphs will concern crypto exchanges and providers of crypto wallets. The guidelines state that the aim is to increase transparency and stabilise the market.
It also wanted to promote dialogue between traders, banks and regulators. Lithuania is located in Northern Europe and belongs to the three Baltic states. It is the southernmost of the three Baltic states. Lithuania has been the 19th member of the Eurozone since 1 January The climate in Lithuania is a temperate continental climate. The prevailing westerly wind on the coast carries warm and humid air from the Baltic Sea inland. The average annual temperature is 6. The average annual rainfall is mm, significantly higher in the southwest and lower in the north.
Best Bitcoin Exchange for Lithuania Lithuania becomes crypto: payments in business have long been normality The fashion brand United Colors of Benetton now accepts a number of crypto currencies in its store in Lithuania.
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