Lithuania’s Central Bank will launch a regulatory sandbox to blockchain startups

The Central Bank of Lithuania announced plans to launch a new regulatory «sandbox» for startups working with bloccano.

Announced
last week the initiative «LBChain» is that the Bank of Lithuania will create a special platform through which companies can develop services. This «sandbox» will allow firms to test new financial products under the auspices of regulators. Marius Jurgilas (Marius Jurgilas), Central Bank Board member, said:

«The technology of the blockchain has great potential of adaptation to innovation, contributing to the consumers in both financial and public sectors. The opportunity for controlled development of this technology will create in the country favorable investment climate and attract talent and accelerate the development of advanced technologies».

Those who are hoping to join the «sandbox» will have to wait, as the Bank of Lithuania plans to launch a platform in 2019. In addition, the project will be financed by the European Union, although nesche it is unknown what the amount will be used to Finance this initiative.

The decision was taken several months later after the Bank of Lithuania has designated
its position on the initial public token in October of last year. Then the representatives of the regulator stated:

«For a decision on the application and scope of the specific law of Lithuania for a particular ICO, it is necessary to analyze and assess the conditions of the relevant ICO».

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