Lithuanian investors are warned about crypto investments

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In a statement published on Tuesday, the Lithuania Banking Association stated that although cryptocurrency has recently gained considerable attention, it still remains unclear to domestic investors. As such Lithuanian investors, it was recommended to exercise caution when working with digital assets.

Established as a self-governing body for informing the public about financial technologies and relevant regulations, the association consists of large financial institutions in the country, including Swedbank, SEB Group, Danske Bank and the LKU Credit Union Group.

The Association further stated that it plans to adhere to the position of Bank of Lithuania and stay away from activities related to cryptocurrencies.

The comments also come as the central bank is intensifing its efforts to monitor the development of business related to cryptocurrency, such as initial coin offerings (ICO), on its territory.

Just a few weeks ago, Bank of Lithuania initiated a survey inside the internal ICO, which reportedly collected about Ђ 80 million, which was determined by the regulatory body for the provision of securities. This was followed by the leadership of the ICO, issued by the central bank.