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Blind denial of cryptocurrencies lead nowhere bank of Lithuania says

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With Crypto gaining tremendous footing in the Baltic the country of Lithuania does not want to be left behind. Attempts are being made to initiate a conversation about crypto and do away with the blind denial that surrounds it.

They have begun dialogues on crypto rules and regulations with the local stakeholders and parties. These include the commercial banks and local businesses. The fintech coordinator said  “the blind denial, the reluctance to understand and work with the cryptocurrency world, leads us nowhere,” during a meeting in Vilnius.

“We sat at one table – the banks, the ICO companies, the FCIS, and other stakeholders,” said Ekaterina Govina, the central bank’s fintech coordinator. “It is important that banks discuss this [matter] with entities behind initial coin offerings and companies that exchange cryptocurrencies. We have established a dialogue. Let’s see where it’s going to take us,” Govina stated during a conference at the Vilnius University.

Banks Don’t Get It

“Commercial banks don’t understand the nature of cryptocurrency. That’s why they think this is a risky business and demand additional guarantees. They often refuse to set up accounts for [crypto] companies,” Vitautas Kasheta, head of the Lithuanian association of the crypto economy participants explained.

“The dialogue is necessary. We are interested in having it with everybody so that we better understand each other’s business models,” said Mantas Zalatorius, president of the Association of Lithuanian Banks.

Lithuanians Accept It

The public of Lithuania has shown acceptance towards Crypto. Last year in 2017 ‘s first three months there were just 22 articles about crypto by the media in Lithuania. However, in 2018’s first three months the count of published articles about crypto reached over 1,400. Cryptocurrency has seen a growing popularity in the small Baltic country.

“Lithuania is shining brightly on the world ICO map,” says Egle Nyameikshtite, head of the Vilnius Blockchain Center. Statistical data presented during the conference states that the Lithuanian-based projects have attracted 10% of ICO investments last year. “Only Americans and Chinese are ahead of us,” she claims.

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