The Minister of Finance of Lithuania shared his thoughts on the cryptocurrency, and how blockchain technology looks promising
On January 30, 2018, Lithuanian Finance Minister Vilius Šapoka spoke to the press at the Fintech Forum in Paris about his country's open approach to the management and cryptocurrency regulation of Finnacial Technolgy.
Šapoka believes that there is a potential in the application of blockchain platforms for a series of services, declaring: "Blockchain is a very promising technology that can be used ... not only in financial services, but in all kinds of registers, transactions, etc."
According to Šapoka, Lithuania plans to introduce a service based on block chains for the public.
The public sector in Lithuania seems to adopt the notion of blockchain technology and cryptocurrencies. So far, the Bank of Lithuania has considered it appropriate to launch a regulatory safety deposit facility, called LBChain, to serve as an environment for researchers to assess regulatory approaches to foster economic growth. Earlier this month, the Ministry of Finance of Lithuania joined the Hyperledger foundation.
Šapoka did not back down when investigating the risks surrounding cryptocurrencies, and acknowledged that local and international governments were working to find regulatory solutions:
"Of course, the risk is everywhere. You can not even marry without risks. But ... we can not ignore this new phenomenon of cryptocurrencies, and we believe that this area should be regulated ... In Lithuania, we consider national regulation, but also the European Commission is meditating to issue regulations at a continental level ".
Whether it comes from the European Commission or the G20 members, Šapoka argues that regulation at the international level is necessary.
"It does not matter who is the first to start, but I am glad that the legislators have begun to debate this issue and that they believe that this solution should be global," he concluded.
Source: ETHNews
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