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The Bank of Lithuania to issue a blockchain-based digital collector coin

The central bank of Lithuania is planning to launch its blockchain-based digital collector coin LBCOIN later this month. The coin will consist of six digital tokens and one physical silver collector coin. The release is foreseen on July 23rd.

Users who buy LBCOIN will first receive a set of six digital tokens, each of which features one of 20 signatories of Lithuania’s Act of Independence, and then these tokens can be exchanged for a physical silver collector coin that looks somewhat like a credit card. The collector coin will have a denomination of €19.18 - the year when the 20 signatories signed the Act of Independence. 

The central bank of Lithuania is set to issue a total of 4,000 LBCOIN (one LBCOIN priced at 99 euros), which will overall include 24,000 digital tokens and 4,000 physical collector coins. LBCOIN is not a central bank-backed digital currency (CBDC), however, if the initiative succeeds, it might help the bank explore CBDCs further.

The member of the board of the Bank of Lithuania, Marius Jurgilas, dwelled that LBCOIN is a crucial measure in exploring the potential of central bank digital currencies (CBDC). The LBCOIN is built on the NEM public blockchain, and once purchased, it can be stored in a NEM wallet or a dedicated wallet on the LBCOIN’s online shop. The coin can also be granted as a gift or exchanged with other traders in the country. 

Central bank-backed digital currency is currently the subject of studies and experiments across the world with some countries being in the lead. China is on its way to becoming the first nation to have its centralized digital currency dubbed as DCEP (Digital Currency Electronic Payment). Moreover, the central bank of Canada announced a job for a CBDC project manager position. The USA is also among the countries that are strongly considering the possibility of releasing a CBDC. 

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