The Baltic Countries Agreed to Support Blockchain

November 13, 2017

The Baltic Countries Agreed to Support Blockchain

Lithuania, Latvia and Estonia reached an agreement on supporting the development of new technologies, including blockhain.

In the published Memorandum of Understanding, the finance ministers of three Baltic countries reached an agreement on actions aimed at developing and expanding their economies. The promotion of distributed ledger technologies will be one of the actions which may help to achieve the economic development of countries. Capital markets of three Baltic countries may also be improved with these techologies.

"The Ministry of Finance of Estonia, the Ministry of Finance of Latvia and the Ministry of Finance of Lithuania recognize the importance of developing capital markets and having a stronger institutional structure for solving international problems of the Baltic countries <...> and support the development of innovations in the capital market and new technologies, solutions, such as distributed ledgers," the Memorandum says.

It ought to be noted, that Estonia and Lithuania have experience of interaction with the blockchain industry. Both countries discussed the features of ICO and other technological aspects, and Lithuanian regulators got out a guidance note on ICOs last month. In it, the government of the country warned investors about the high risk of losing their money, as this procedure is not regulated by laws. As for Estonia, the release of its own cryptocurrency has been being discussed  for a long time and at a serious level. However, attempts of the Baltic country to release 'estcoin' were criticized by the European Central Bank.

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