The Minister of Finance of Lithuania supports the regulation of cryptocurrencies

The Minister of Finance of Lithuania supports the regulation of cryptocurrencies

30 January 2018, the Minister of Finance of Lithuania Vilius Sapoka held a press conference at the Fintech forum in Paris, speaking about the country’s readiness for financial and technical management and implementation regulation of the cryptocurrency.

Epoca believes that the use of blockchain platforms there is a great potential for a number of services: “the Blockchain is a very promising technology that can be used… not only in financial services, but in different registers, transaction, etc.” The Minister also said that Lithuania plans to introduce the state of the blockchain service.

The public sector of the country is very positive about the blockchain technologies and cryptocurrencies. The Bank of Lithuania found it necessary to run legislative training and experimental platform called LBChain, which will serve as a medium for assessment by experts of regulatory approaches to strengthen the economy. Earlier in January, the Minister of Finance of Lithuania joined the Fund Hyperledger.

Sapoka not retreated from its position after the question about the risks of cryptocurrencies and said that the country’s government and other States are working to address the issue of legislative regulation:

“There are risks in everything. Even marriage is a risk. But… we can’t ignore this new phenomenon, and believe that it is subject to state regulation… In Lithuania is developed by the national legislation, but also in the European Commission consider the idea of passing new laws”.

With regard to the European Commission or members of the G20, Epoca believes that the consolidation of regulation at the international level is required.

“No matter who will take the lead. I’m just glad politicians have started a discussion and think the solution must be global,” — concluded the Minister.

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