Baltic Nations Agree To Support DLT Development

November 13, 2017 5:44 pm Published by

Baltic government officials announced Monday they have committed to support the development of technologies like blockchain, reported.

A newly released Memorandum of Understanding signed by finance ministries for Estonia, Latvia and Lithuania have agreed to cooperate on several actions, the report said.

Under the agreement, the countries would expand and develop their economies, the report said, including the promotion of distributed ledger technologies (DLT) to aid in capital market innovations.

The memorandum reads as follows: “”The Estonian Ministry, the Latvian Ministry and the Lithuanian Ministry recognize the importance of the development of the capital market and a stronger institutional framework to handle the cross border challenges in the Baltic States. … [And] supporting the development of capital market innovations and new technologies with a consideration for regional FinTech solutions, e.g. distributed ledger technology.”

This is not the first entry into the blockchain industry by either Estonia or Lithuania, the report said. Both nations, the report continued, have discussed initial coin offerings (ICOs) and other aspects of the technology in the past, with Lithuanian regulators issuing guidance related to the blockchain funding use case just last month.

Estonia, on the other hand, the report said, appears far more keen on the tech, going so far as to consider offering its own cryptocurrency for its e-residency program.

While that “estcoin” effort been criticized by institutions like the European Central Bank, the country may still try to launch it as a “quasi-official entity,” the report said., Jack Durschlag

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