The Minister of Lithuania Says Blockchain Technology Could be a Massive Potential

As we speak, Lithuania is making plans to enter the world of Blockchain. And, once they open the doors to the new Center for Blockchain technology, they will be the last European country to investigate this new type of technology. At the opening of the new bureau, Lithuania Minister of Economy, Virginijus Sinkevičius stated:

“Although global experts predict a multitude of scenarios about the way cryptocurrency might evolve, Blockchain technology is more than just about cryptocurrency. And, many other companies and public sectors are being to adopt the new technology.”

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In his speech, the Minister also made mentions of the enormous potential that Blockchain can hold for those who are interested. With this perspective, Lithuania could become a crucial turning point for the future internationalization of the Blockchain.

An International Network Based on the Blockchain

When the Vilnius Blockchain Center was first launched, the Prime Minister placed the first block that will serve as the center of knowledge for industries related to the Blockchain. And, this will serve as a collaboration covering a network between them, Shanghai and Australia.

The project’s partners plan to honor the opening ceremony with their presence. Among them will be members of the PWC, NASDAQ, representatives from the European Central Bank, the European Commission and many others.

Paulius Kunčinas, Chairman of the Blockchain Center’s board, declared that it is their wish to set up an international framework which will incorporate Vilnius, Shanghai as well as Melbourne.

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Lithuania’s reputation in the crypto-finance field is already well-established. The entire community, as well as the Lithuania Central Bank, have been working towards the development of these new types of financial technologies. As it stands, Lithuania is number 1 in terms of having one of the fastest transaction speeds in all of Europe by using fiber optics. Their connection speed has jumped up from being in the gigabyte range to breaching the terabyte threshold.

According to the CEO of the Blockchain Center, Martin Davidson, Lithuania has been chosen for its good standing with the EU, but also for its political and economic stability

The Lithuanian Central Bank supports the cryptocurrencies

To continue with its progress in Blockchain development, the Lithuanian Central Bank has now announced the launch of an exchange platform known as LBChain. This new project provides the opportunity for both national and international companies to continue to research and develop the Blockchain. Members of the project will be offered a technical training and be consultant about all applicable regulations.

Now, Lithuania is not the only country that has realized the potential of Blockchain technology. Its neighboring country, Estonia, has already taken steps towards creating their own nation cryptocurrency since most of the country’s administrative services are available online. This is all made possible by X-Road, an exchange system based on Blockchain technology. Also, a resulting partnership between Estonia and Finland has now brought X-Road to be established in Finland as well.

Lithuania, Finland, Estonia. These are only a few on the list of countries who are gaining an appetite for cryptocurrency. Soon, we could see other countries such as Switzerland, Austria, and Sweden get involved. And, who knows who will be next on the list?

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