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Baltic countries will support the development of DLT

Government officials in the Baltics have come to an agreement that includes an obligation to support the development of technologies such as blockchain.

13.Nov.17 5:30 PM
By Daria Zaytseva


Baltic countries will support the development of DLT

In the recently released Memorandum of Understanding, the Estonian Ministry of Finance, Latvia and Lithuania agree to cooperate in a number of activities to expand and develop their economies, a process that, as outlined in the document, would include the promotion of distributed ledger technologies (DLT) to promote innovation in capital market.

Neither Estonia, nor Lithuania are new to the blockchain industry. In the past, both countries have discussed the initial coin offerings (ICOs) and other aspects of technology, and the Lithuanian regulators issued guidance related to use of the financing blockchain option last month.

The country took a cautious stance, allowing consumers to know that ICOs are not regulated, and the risk that investors will lose their funds is “particularly high”.

On the other hand, Estonia shows much greater interest in technology, believing that it will offer its own cryptocurrency for its e-residency program. While the efforts of “estcoin” have been criticized by institutions such as the European Central Bank, the country can still try to launch it as a “quasi- official entity”.

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