The Bank of Lithuania finally launches LBCOIN in an attempt to drive the innovation in the field of finance and digital payments system.
As per the official update on July 23, the central bank of the Republic of Lithuania issued LBCOIN- a cryptocurrency that will not only cater to the “Euro area but covering the world.”
However, only one LBCOIN would be allotted to each collector to “ensure a level-playing field,” though, this caveat would be there from the “first to the sixth day of its sale; later, the number of purchases for one person will not be limited,” the update says.
The digital collector coin consists of six digital tokens and one physical collector coin. In total, 4,000 LBCOINs, i.e. 24,000 digital tokens and 4,000 silver collector coins have issued.
The NEM blockchain-based collector coin is grounded on the numismatics discipline which is intending collection purpose and not on CBDC and not a legal tender. The world’s first digital collector coin is a reverence to the country’s Act of Independence of 1918.
Earlier, Marius Jurgilas, board member of the Bank of Lithuania mentioned-
“LBCOIN is dedicated to the 20 signatories of the 1918 Act of Independence – the brave visionaries who laid the foundation for modern-day Lithuania” and this is an attempt to bring innovation in the society while injecting digital solutions.
KoinPost reported earlier, “Each digital token features one of the 20 signatories and belongs to one of the six signatory categories (priests, presidents, diplomats, industrialists, academics, municipal servants) with 4,000 tokens allotted to each category.”
Jurgilas said, “digital money is inevitable in the digital economy” and the collectors of LBCOIN can take benefits to test new technologies globally under a safe environment on the public NEM network.
The coin looks like a credit card in shape and size that carries 36.36g weight- It’s proof in buyers’ hands. It minted at the Lithuanian Mint and shows an exceptional vision of the country that is using an unconventional approach to a digital coin/cryptocurrency. The LBCOIN is denominated in €19.18 which displays 1918, Act of Independence.
The digital coin is priced at EUR 99 and available for the purchase on the LBCOIN e-shop.
The Chairman of the Board of the Bank of Lithuania, Vitas Vasiliauskas, stated-
“The digital coin is a striking illustration of what we have achieved in just a few years following our strategic decision to take a firm path towards financial and payment innovation. It serves as a bridge that brings together classical numismatics and rapidly evolving financial technologies. I have no doubt that LBCOIN will strengthen Lithuania’s role as the regional fintech hub.”
The Bank of Lithuania Embraces New Fintech & Blockchain
Additionally, the Bank of Lithuania also launches various other initiatives in an attempt to offer a conducive and competitive environment in the field of finance such as its blockchain-based platform “LBChain.”
The LBChain is a sandbox which helps the startups to bring along innovative projects and get it tested under this regulatory sandbox. Some other projects like the RegTech solution to streamline the reporting procedures, the CENTROlink payment system which is offering vast payment provisions to the licensed payment service providers like EEA to the Single Euro Payments Area (SEPA).