In March, the Central Bank of Lithuania declared the intention to year-end to issue its own cryptocurrency. The Agency soon determined the denomination, quantities and methods of distributing the national collection of coins that will appear to the independence Day of the country. Now, the regulator organized a round table with representatives of cryptocracy and the banks on the regulation of digital money in the country.
Lithuania started the dialogue with kriptosmartfon
The Central Bank maintains its position on the need for the regulation of cryptocurrencies — a simple ban transactions with digital money, no nothing. This was at a meeting with market participants said the representative of Department Ekaterina Gowin. Previously, the regulator was conservative in matters on Bitcoin and other coins, but under the circumstances, he reconsidered his views, she said.
Now cryptocurrency companies in the country face a number of challenges, one of which is the inaccessibility of banking services. This was stated by the head of the Lithuanian cryptocurrency Association Vytautas Kaseta.
Commercial banks do not understand the nature of digital money. They believe that cryptocurrency is a risky sector of the economy and requires additional safeguards. This position complicates the work of cryptocurrency companies.
In response, the President of the Association of Lithuanian banks mantas Zalatoris said that banks and cryptocurrency companies need to solve the problem in the format of a dialogue. The parties will better understand the business model each other and can come to a consensus, he added.
Priority goals for the Association is the prevention of financial crime and security customers. We have to take this into account during the dialogue with the ICO companies.
Hope cryptologist, banks and the regulator in Lithuania will be able to negotiate. If this happens, there will be another country that are loyal to bitcoin.
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