Lithuania to issue first digital collector coin in the world to mark the 2018 centenary of Lithuania’s independence from the Soviet Union. What do we know about this initiative?
8 March, AtoZForex – The central bank of Lithuania has announced that it is considering to issue the world’s first digital collector coin. The initiative will mark the 2018 centenary of Lithuania’s independence from the Soviet Union.
Lithuania to Issue First Digital Collector Coin in the World
In order to develop and further design the underlying Blockchain technology, the Bank of Lithuania planned to organize a “hackathon.” It will bring the tech companies and IT professionals from all over the world together.
As per the comments of Marius Jurgilas of the Board of the Bank of Lithuania, the central bank will carry out intensive preparations for the issuance of the digital coin:
“Many challenges are upon us, yet we hope that having overcome any hurdles that may come our way, we will make our plans a reality before the end of the year.
This would be the perfect way to mark the centenary of the restoration of Lithuania’s statehood, which we are celebrating this year, as well as show the world that it is a progressive and innovation-fostering country, always open to new ideas. Introducing a digital collector coin, Lithuania would be the first to break new ground in numismatics.”
Lithuanian LBChain platform
The planned Lithuanian collector coin will be intended for collection. It will not be issued with the aim to be circulated. That being said, it will be possible to exchange these coins with the Bank of Lithuania at nominal value.
The issuance of this digital collector coin emerges as a part of Lithuanian Bank’s strategic plans in the area of innovation and financial technology. At the beginning of the current year, the central bank has informed the public about its plans to create a Blockchain platform LBChain. The platform will help Lithuanian and international companies to gather knowledge on cryptocurrencies. In the near future, the authorities plan to adapt and test Blockchain-based services in the Lithuanian financial sector.
The project will most likely be launched in 2019. It is anticipated that it will contribute to the development of FinTech businesses and consolidate Lithuanian position in becoming a northern European hub for financial technology firms.
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