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World’s 1st Digital Collector Coin: Lithuania’s “LBCOIN” Purchase Registration Opens

  • Lithuania has released the date of its blockchain-based new digital collector coin named “LBCOIN.”  

The Bank of Lithuania, the country’s central bank  released a report on July 9th informing about the latest updates and the issue date of LBCOIN.

To purchase the world’s first digital collector coin, users have to sign up for the Bank of Lithuania’s e-shop segment. The official website is showing the countdown of it’s release time which is July 23rd. The bank has started the registration process where cryptocurrency buyers can begin their registration activities ahead of time and can take the benefits while confirming their identity remotely.

Once the registration completes buyers would get the e-wallet where the Bank of Lithuania has proposed to “transfer the purchased LBCOIN tokens.”

Further, it is mentioned, during the first sixteen days from the date of sale, each buyer would get one LBCOIN. However, gradually, the number of digital collector coin token allotments would be increased.

LBCOIN Based on Numismatics Discipline & Not CBDC 

As per the information, LBCOIN is an entirely different concept based on a new bleeding tech- NEM public blockchain network and deploying the principles of numismatics.

The report reveals the work on digital collector coin started two years back from June 2018. Further, citing the statement from Marius Jurgilas, Member of the Board of the Bank of Lithuania: 

“This innovation will bring real benefits to society by contributing to future digital solutions. It is therefore highly symbolic that LBCOIN is dedicated to the signatories of the 1918 Act of Independence – the brave visionaries who laid the foundation for modern-day Lithuania.”

Imp Points on LBCOIN:

  • LBCOIN Price is EUR 99.
  • It is is a collection of 6 digital tokens and one physical collector coin.
  • The physical silver collector coin would be a proof-like and weighs 36.36g. Reportedly, the size and form, it resembles a credit card.
  • The Bank of Lithuania plans to issue 4,000 LBCOINs, i.e. 24,000 digital tokens and 4,000 physical collector coins.
  • The digital collector coin is representing and devoted to the Act of Independence of Lithuania and its 20 signatories due to the considerable roles in Lithuania’s history and contribution to the restoration of the country’s independence.
Source: LBCOIN website

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.

Lithuania's LBCOIN
Source: LBCOIN website: Menu: Title: Regulations on the Sale of the Bank of Lithuania’s Digital Collector Coins LBCOIN

Purportedly, the buyers on the purchase of LBCOIN get six randomly selected digital tokens which later on, the collectors can use as per their interests. The buyers can exchange for a physical collector coin, store in a dedicated e-wallet on the e-shop, send as a gift, swap with other collectors, or transfer to a public NEM wallet.

  •  It’s not a legal tender, though indenting for collection purpose, said Jurgilas.
  • LBCOIN is not a Central Bank Digital Currency (CBDC). Rather, it’s an “important experiment in exploring the potential of central bank digital currencies (CBDC).”
  • The digital collector coin has designed by Giedrius Paulauskis- coins and medals designer/sculptor- Mint of Lithuania.

The complete Information on the LBCOIN price and conditions of sale including other information relating to LBCOIN are displayed on e-shop and the Bank of Lithuania’s website at https://www.lb.lt/en/services-to-the-public.

The Bank of Lithuania has constantly proved as a forerunner in fintech development. Also, the regulatory innovations in the country have been proving an important factor in Lithuania’s emergence as a technology hub in recent years. The latest initiative of launching the LBCOIN blockchain collectible has added another chapter in the history of Lithuania’s numismatics.