Bank of Lithuania updated the position of cryptocurrencies and ICO

The Lithuanian Bank has updated its position on virtual assets and primary placement of tokens (ICO).

Bank Lithuania initially published

Document with a detailed description of its position in relation to ICO and digital currencies in October 2017. It was determined how and when virtual assets can be used to pay. The document also specified as and under what conditions the participants in the financial market can create funds for investment in virtual assets.

Judging by the new document, the Bank practically did not make changes to their fundamental principles. The statement emphasizes that the participants of the financial market continue to separate their financial services from transactions related to virtual currency, and should not participate in activities or provide services related to virtual assets.

The Bank's policy still does not allow the participants of the financial market to receive payments in virtual assets, but makes it possible to use third-party services. Payments to the accounts of financial companies can only be carried out in fate currencies. Currently, the position of the Bank allows you to create financial funds, including with virtual assets, for professional investors.

At the same time, participants of financial markets are prohibited from taking virtual assets with the obligation of them with interest or without percent. The Bank also emphasizes that financial companies are not allowed to issue loans for virtual assets or take virtual assets as collateral, unless they are considered securities.

In October last year, Lithuanian regulators held

The seminar on which the "threats and potential benefits" of ICO for the country's economy were considered. The authorities noted that the high volume turnover of the ICO industry - 500 million euros ($ 567 million) during the previous eighteen months - requires more stringent mechanisms to counter fraud. It was noted that "according to statistics ICO, Lithuania is one of the world industry leaders and demonstrates the highest growth of 305%."

At the beginning of this month, it became known that the Central Bank of Lithuania will release in 2019

Numismatic LBCOin cryptomet in order to test the underlying cryptocurrency technology blockchain.

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