Marius Jurgilas from the board of the Bank of Lithuania has made a remarkable statement on the country’s economic development in the sphere of initial coin offerings or ICOs. As reported by Politico, the official doesn’t view the Russian capital ‘infiltrating into the local economy’ as anything good.
“We are constantly reminding everyone about the risks … ‘I don’t want to see 70 percent of your investors in your ICO coming from Russia’’, Jurgilas told.
In conclusion, the regulatory executive told that Russian investments were ‘not in line’ with his country’s national interests.
Such an unwelcoming approach might be explained by the economic events reported in the financial media and not related to cryptocurrency: the regular bank called Snoras has dramatically shattered the reputation of the Russian investors who had more than a half of the shares of the company. The criminal investigation has been launched by the Lithuanian prosecutors. They suspect false accounting and money laundering.
The news once again illustrates that the crypto economy is dependent on the regional authorities and on the unrelated economic events from the fiat world.