March 28, 2024

Lithuania will launch its own digital currency

Lithuania will launch its own digital currency

The Central Bank of Lithuania will release a blockchain-based digital coin called LBCOIN this month.

LBCOIN – This is a collectible digital tokenon the NEM blockchain, which does not have a payment function and is dedicated to the Act of Independence of February 16, 1918. Each token depicts one of the participants in a historical event, allowing collectors to collect all political figures.

The issue will be only 24,000 tokens at 99 euros,and 4,000 regular silver coins, valued at 19.18 euros. The digital Euro coin can be stored in the digital wallet of the LBCOIN online store or transferred to the NEM wallet. They can be donated or exchanged. 

Token sale will be carried out upon preliminary registration of customers in compliance with KYC and AML procedures.

The July 23 release of LBCoin was the result of a two-year experiment in the LBChain fintech sandbox.

Bank of Lithuania has been showing interest for a long timeregarding blockchain. Last year, it became the first financial regulator to issue guidelines for working with securities token offers (STOs).

Now the bank is working on an interdepartmental multi-blockchain platform that all government services and departments can use.

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