Domestic investors in Lithuania have been given a warning by a self-governing banking organization, particularly on the risks of engaging in cryptocurrency transactions.
According to the Lithuania Banking Association, cryptocurrency still remains to be an obscure concept despite gaining a significant rise in popularity. “Those who decide to invest in cryptocurrency must realize that they do so only at their own risk,” said the warning. “Virtual currencies are unattended and unregulated. Today’s value of cryptocurrencies is based on speculations and transactions of such currencies are usually irrevocable and anonymous.”
A few weeks back, the Bank of Lithuania launched a probe over a local ICO, which supposedly raised some €80 million ($97.8 million) that were deemed to be offering securities as per the regulator.
Members of the association include major financial institutions such as the SEB Group, Swedbank, Danske Bank, and LKU Credit Union Group.