Bank
of Lithuania Launches Blockchain-Based Collector’s Token
The Bank of Lithuania,
Lithuania’s central bank, has launched a blockchain-based digital
collector’s token called LBCOIN. The token, according to officials, is now a
central bank digital currency but could lead to the release of one.
LBCOIN consists of six digital
tokens and one physical collector’s coin. The bank issued a total of 4,000
LBCOINs, meaning there are 24,000 tokens and 4,000 collector coins out there.
Each token features one of the 20 signatories of Lithuania’s Act of
Independence signed in 1918.
The cryptocurrency uses the NEM
blockchain network. Those who hold LBCOINs will be able to exchange them for
a physical collector coin, store them at the LBCOIN e-shop, transfer them, or
send them as gifts. One LBCOIN package costs 99 euros.
The project’s goal is to attract
collectors and illustrate how technology can aid in the digitalization of our
world. Marius Jurgilas, a Member of the Board of the central bank, said that
“digital money is inevitable in the digital economy,” and added that LBCOIN
“allows people in Lithuania and around the globe to test new technologies in
a safe environment.”
