Bank of Lithuania launches its own digital token „LBCOIN

Posted on : by : admin

The crypto world surprises us with the news that the Bank of Lithuania has decided to officially launch its collection token called „LBCOIN“.

The interesting thing about the news is that it will be the first digital currency provided by a bank and, moreover, in the Euro Zone!

Central Bank of Lithuania updates cryptographic payment policies
LBCOIN for Lithuania

The institution informed on Thursday that next week the digital currency will be issued. This as part of a project to test digital coins and Blockchain technology in daily use.

And yes, the launch is taking place in the framework of the commemoration of Lithuania’s 1918 Declaration of Independence. We expected nothing less!

„The digital coin is a striking illustration of what we have achieved in just a few years after our strategic decision to take a firm path towards financial and payment innovation,“ said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, according to the statement.

In addition, Marius Jurgilas, a member of the Board of the Bank of Lithuania, said that LBCOIN will enable people in Lithuania and around the world to try out new technologies in a secure environment. He added that it is an opportunity for the bank to gain experience on CBDCs.

Let’s talk a bit more about the token

The statement said that LBCOIN consists of six digital tokens and one physical collector coin. The Bank of Lithuania has issued a total of 4,000 LBCOIN, which means that there are 24,000 digital tokens and 4,000 collector coins in play.

An interesting fact is that each digital token represents one of the 20 signatories of the Act of Independence „with 4,000 tokens allocated to each of them“.

It is also relevant to know that the Bitcoin Freedom tokens are based on the NEM Blockchain.

There are still some questions to be answered: How much will it cost? And, where will it be available? The statement informs that each LBCOIN will have a value of 99 euros and can be purchased in electronic stores.

But watch out! During the first six days of its sale, the most you will be able to buy will be an LBCOIN. After those six days, the limit will be lifted.

„I have no doubt that LBCOIN will strengthen Lithuania’s role as a regional centre of financial technology.“

Vitas Vasiliauskas said in the statement the Bank of Lithuania.
In addition, LBCOIN, according to Marius Jurgilas, has several similarities to a central bank digital currency (CBDC) which, for those not familiar with the term, consists of traditional money in digital form issued by a country’s central bank.