According to a statement, the Lithuania Banking Association stated that despite an increasing attention, cryptocurrencies still remains obscure to domestic investors. Banking Association advised being cautious in dealing with cryptocurrencies.
Investors must realize that they do so only at their own risk. Cryptocurrencies are unattended and unregulated. According to the statement, today’s value of cryptocurrencies is based on speculations.
The Banking Association consists of major financial institutions in the country including Swedbank, SEB Group, Danske Bank and the LKU Credit Union Group. It was founded in order to inform the public about financial technologies.
According to the association, it does not want to relate to cryptocurrencies. It plans to support the country's central bank, Bank of Lithuania.
LBA members strictly adhere to the position of the Bank of Lithuania to clearly disconnect their activities from virtual currencies and not to provide related services.
The Lithuania Banking Association