Central Banking

Bank of Lithuania bans banks from virtual currency activities

bank-of-lithuania
Bank of Lithuania in Vilnius

The Bank of Lithuania has prohibited financial market players from engaging in activities relating to virtual currencies under new guidelines.

“Virtual currency is an instrument involving high risk, while profiteering on it may lead to significant losses of funds,” says Marius Jurgilas, a board member of the central bank.

In the document, published on October 11, the central bank sets out its position on virtual currencies and initial coin offerings (ICOs), warning financial institutions their

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