More and more countries are rising eyebrows when it comes to ICOs, and, from a certain point of view, I think this is a good thing. ICOs are, primarily, just a way to fund a startup. They just happen to use tokens issued on blockchains, but other than that, they do carry the same risks and, potentially, the same benefits that you get when you're funding a startup in, for instance, cement production.
In a statement revealing Bank of Lithuania position on this topic, one of the board members, Marius Jurgilas, stated:
Virtual currency is an instrument involving high risk, while profiteering on it may lead to significant losses of funds. Therefore, in order to protect the customers of financial institutions, financial institutions legally operating in our country and supervised by the Bank of Lithuania must strictly dissociate themselves from this product type in their activities. An illusion that virtual currencies are supervised or safe can in no way be created.
Lithuania joins countries like China and South Korea, which banned ICOs all together, or Switzerland, which are trying to find an accurate framework for this type of activity.
Just remember that Bitcoin didn't have any ICO when it started, 9 years ago.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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