Lithuania’s central bank, Bank of Lithuania, has selected technology behemoth IBM and IT services firm Tieto as the finalists contending to develop its blockchain platform. Financial technology news outlet FintechFutures reported on the contest’s developments on Oct. 23. Per the report, both firms will test their platform and the winner will be selected later in 2019 as part of the project dubbed LBChain. The project's manager at the Bank of Lithuania Andrius Adamonis commented: “The final testing session will show which solution is most suitable for market needs. [...] We believe that the greatest advantage of LBChain is its versatility. …

Lithuanian convenience stores Narvesen and Lithuanian Press kiosks are going to start selling Bitcoin (BTC), local news outlet Delfi reported on Sept. 17. Bitcoin in Lithuanian stores According to the report, the shops will start selling coupons that can be exchanged for BTC online. Narvesen and Lithuanian Press have been chosen because of their extensive network and favorable attitude towards cryptocurrencies, which would grant access to the target audience and provide the means to buy coupons quickly. Narvesen CEO Vigintas Bartaševičius said: “We currently have a network of nearly 60 Narvesen stores, where we are constantly looking to expand our …

Blockchain network Harmony teamed up with a Lithuanian blockchain-powered health app firm to enable fast and secure health data sharing. According to a press release shared with Cointelegraph on Sept. 12, Harmony partnered with Lympo, a company developing an incentivizing platform for healthy lifestyle activities like walking or running, in order to boost the platform’s scalability. LYM tokens supported by Samsung Blockchain wallet Specifically, the Lympo app rewards users with LYM tokens for completing various daily challenges and allows spending the tokens to buy sports goods, gadgets and other products, the press release notes. In July 2019, the company announced …

Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12. As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations. Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation. Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face …

The Republic of Lithuania’s Ministry of Finance plans to release legal amendments for operating crypto-related businesses in the country, Riga-based newspaper The Baltic Times reports on April 8. According to the report, the Lithuanian finance ministry wants to bring more legal certainty to the operation of companies relating to cryptocurrency exchanges, crypto wallet operators, as well as initial coin offerings (ICOs). By enforcing legal requirements in the industry, the authority reportedly seeks to ensure an efficient policy against money laundering and terrorism financing, as well as to guarantee a due level of consumer protection, the articles writes. The new amendments …

The Bank of Lithuania has updated its position on virtual assets and initial coin offerings (ICOs), according to an announcement published on Feb. 14. The Bank of Lithuania initially issued a document detailing its position towards ICOs and digital currency in October, 2017, defining how and when virtual assets may be used for payment. The document also specified how and on what terms financial market participants (FMP) may establish investment funds for investment in virtual assets. The recent document reveals that the bank has not made changes to its underlying principles, stressing that FMP still should separate their financial services …

Major crypto wallet provider Blockchain.com has opened its fifth office location, continuing its expansion into Europe, the company announced in a blog post on Feb. 19. According to Blockchain.com, the company considered several locations in Europe, choosing Vilnius, Lithuania. The firm said it found that the country was truly committed to innovation and the perfect place for a new office. The crypto firm also reports it is looking to hire employees in Lithuania, with new vacancies to be announced over the coming weeks. Lithuanian Minister of economy and innovation, Virginijus Sinkevičius, commented on the move: “We’re thrilled to welcome Blockchain …

Lithuanian authorities held a seminar examining the “threats and potential benefits” of Initial Coin Offerings (ICO) to the country’s economy, a press release reported Wednesday, October 3, amid an ongoing investigation into cryptocurrency trading habits. The Financial Crime Investigation Service (FCIS) organized the meeting, which included representatives from government ministries, the central bank, and the General Prosecutor. According to the press release, the gathering revealed that Lithuanian processes “huge” turnover from crypto to fiat. Antonio Mikulsk, head of the FCIS, said: “Virtual currency has huge cash flows, but (there are) worries about converting them into dollars and euros as quickly …

Lithuania has released comprehensive new “guidelines” on Initial Coin Offerings (ICOs) in a document published June 8. Officials are heralding the move as a “step towards certainty and transparency” in the country. Coming two months after the government set up a roundtable to establish dialogue between banks, ICO operators and other entities, the guidelines see confirmation from Minister of Finance Vilius Šapoka that ICOs “should be regulated.” “Lithuania already has an exceptional regulatory advantage. We are one of the first ones in Europe who prepared comprehensive Guidelines on legal framework for ICO projects covering regulatory as well as taxation and …

Representatives from multiple central banks discussed whether or not cryptocurrency could spell the end of fiat currencies during the Money20/20 conference in Amsterdam today, June 5. During a panel talk titled “Cryptocurrency, the Central (Bank) Question”, representatives from the Swiss National Bank, the Bank of Lithuania, the Bank of England, and the Bank of Canada took turns responding to the question “Can cryptocurrencies spell the end of fiat currencies?”. Bank of Canada executive James Chapman stated that cryptocurrencies are only a threat to fiat currencies in a “situation of hyperinflation”. Thomas Moser, an alternate member of the governing board at …