Crypto Market in Lithuania: Where is it Today?

With the blockchain technology and cryptocurrency flourishing more within time, reports disclose that Lithuanians sit on the throne of acquaintance about cryptocurrency, compared to other Europeans.

Users of blockchain are pushing toward regulating the industry officially and having cryptos legitimately issued by banks, for more trust and confidence in using them, either for making payments and sales or for trading.

No doubt, that one who has medium-level knowledge about cryptocurrency and the ABCs of it, will have already tried to understand where this system of payment is popular, and how people react to it, in where it is used.

Definitely, mind will move toward big countries, like The U.S.A, China, Japan, The U.K, France, and Germany, to mention a few.

However, economically small states also take part in this financial system, like the Baltic states, and more surprisingly, Lithuania seems to be taking the matter seriously, at the level of popular will of its citizens at least, in spite of the humble economic situation the country is known of.

Dealing in Cryptocurrency is Expanding in Lithuania

It is no secret today that more businesses are getting involved in dealing in cryptocurrency, either in bitcoin, ethereum or other currencies of virtual money, in Vilnius and Kaunas -the two big cities that play the financial safety valve for Lithuania- and are spreading margins in their activities to shed light on it, and clarify the points that are unclear as the research on blockchain in general keeps going on.

The Blockchain Centre in Vilnius held on the 29th of August, an informative conference about cryptos- powered by Luno, under the name “Switch Launch”, raising the question: “Are We Ready For The Mass Adoption Of Blockchain?”.

The event that was held for educating people about digital money, presented to the attendees valuable facts about the cryptocurrency system in general, and in particular, how it is going on in Lithuania in figures, the willingness Lithuanians hold for dealing with it, and more importantly, the significant contribution to the economy in the state the system made. It also shed light on some of the barriers that stand in the way of officially certifying the system, and what make those who do not agree on using it hesitant.

Antanas Guoga- Founder of Blockchain Centre Vilnius, started the conference with giving a quick overview about the centre and the activities it has been involved in for inspiring young people, and the contribution it has made in the Lithuanian society.

Guoga highlighted that the focus of the centre this year is on Blockchain, and how it will be employed in “projects that can change the world, and can help people solve problems”- according to him.

Under the Telescope: are Lithuanians in the Crypto Game?

To give an insight on that, in her turn, Magdalena Golebiewskaas- Country Manager at Luno, unveiled in the conference, that a rigorous study the centre conducted on the market, which starts from tacking the commercial mind-sets of consumers in the market, passing by their personal traits, and not ending with considering their taste of music, shows that as high as ninety per cent of Lithuanians know about cryptocurrency, and are open to deal in it.

The following graph Golebiewskaas sent to AtoZ Markets shows detailed statistics about the popularity of Bitcoin in Lithuania and the willingness Lithuanians hold for dealing in it or not.


Some other traits of those into cryptocurrency the study revealed are, that they are very interested in water sports, are great basketball fans, are interested in gambling, horror films, and their ages are usually up to thirty-five years.

The table bellow from the study Golebiewskaas sent to AtoZ Markets shows more detailed percentages of the respondents checked. 

To say ninety per cent, is higher than how far people know about this system in the UK, France, and Italy. Thirty per cent of that share are fully willing to invest in cryptos, while ten per cent of online payments in Lithuania are carried out in cryptocurrency.

A piece of information that may dazzle readers, given the capacity of the country, its population, and the size of assets reserved in it.

Such an enormous figure, urges us to have a meditative stand at that, and think thoroughly about this digital financial system, which can be an added tributary to the economy of the country, not ignoring the controversial points in it, on which global financial bodies could not reach a conclusion yet. Points that were summed up by fears at the level of grass roots in Lithuania, that cryptos are not yet sold in banks, while other official figures in the financial avenue, showed concerns that the system may help in going around the sanctions imposed on those companies and names under them.

Bottom Line

The world is still swinging between supporters and opponents of the idea of adopting a virtual financial system, with great controversy regarding the pros and cons of the step, and while this delay comes in favour of global safety, days are proving the system can help in elevating economy, either at universal or individual levels.

AtoZ Markets has published a detailed coverage on the Blockchain event in Vilnius, and the many more thrilling information that were revealed in the conference, which to a specific degree, sounded more optimistic than the contrary, regarding the future of cryptocurrency locally and internationally, according to the panelists from Luno and the Blockchain Centre Vilnius, in addition to prominent personalities in the financial sector in Lithuania and Europe.

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