Cryptocurrency

Bank of Lithuania launches token LBCOIN

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

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

LBCOIN for Lithuania

The institution reported Thursday that next week we will issue the digital currency. This as part of a project to test the digital currencies and the technology Blockchain in daily use.

And yes, the release occurs in the framework of the commemoration of the Declaration of Independence of Lithuania in 1918. I did not expect less!

“Digital currency is a striking illustration of what we have accomplished in just a few years after our strategic decision to take a firm path to financial innovation and payment,” said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, according to the release.

Also, Marius Jurgilas, member of the Board of the Bank of Lithuania, said that LBCOIN will allow people in Lithuania and all over the world to test new technologies in a safe environment. In addition, he added that it is an opportunity for the bank where you can gain experience on the CBDC.

Let’s talk a little more about the token

The statement has pointed out that LBCOIN consists of six digital tokens and a coin collection physical. In this sense, the bank of Lithuania issued a total of 4,000 LBCOIN, which means that there are 24,000 for digital tokens and 4,000 coins collection in game.

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

Also, it is relevant to know that the tokens are based on the Blockchain, NEM.

There are still some questions to be answered: how Much will it cost? And, where can buy? The press release informs that each LBCOIN will have a rating of 99 euros and can be purchased at electronic stores.

But, beware! During the first six days of sale, the maximum that you can purchase will be a LBCOIN. After these six days, raise the limit.

“I have No doubt that LBCOIN will strengthen Lithuania’s role as a regional center of financial technology”.

Said Vitas Vasiliauskas in the statement, the Bank of Lithuania.

In addition, LBCOIN, according to Marius Jurgilas, has several similarities to a digital currency of the central bank (CBDC), which, for those who don’t know the term, consists of traditional money in digital form issued by the central bank of a country.

How Facebook was the catalyst?

Perhaps you can surprise them, but the launch of Pound-for-Facebook opened his eyes to the country.

In fact, Marius Jurgilas explained to Reuters that “no one in the community of the central bank was thinking seriously in the digital currency before we realize that there is a threat and legitimate for someone else to take our space.”

And, although not directly mentioned in Pound-for-Facebook, we know very well that the controversy stablecoin could be a major catalyst for the launch of LBCOIN.

It tell us what you think about this release! Will it be something positive for the crypto industry?

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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