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Digital Currency Revolution Series: Lithuania’s Central Bank Launches LBCOIN Ushering CBDC Concept
Today, the bank of Lithuania has pioneered the digital coin issuance, this has been the digital coin issued by a central bank based on state-of-the-art IT solutions not only in the eurozone but also across the globe.
Lithuania’s central banker, Lietuvos bankas has officially launched their digital collector coin ‘LBCOIN’, as per the bank’s announcement.
The LBCOIN project has already been announced at the beginning of this month, and issued as intended earlier with the blockchain-driven asset comprising of six digital tokens and one physical collector coin.
“The digital coin is a striking illustration of what we have achieved in just a few years following our strategic decision to take a firm path towards financial and payment innovation. It serves as a bridge that brings together classical numismatics and rapidly evolving financial technologies. I have no doubt that LBCOIN will strengthen Lithuania’s role as the regional fintech hub,” said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
“Digital money is inevitable in digital economy. Today, LBCOIN is what allows people in Lithuania and around the globe to test new technologies in a safe environment, e.g. go through all authentication procedures remotely, open an e-wallet, swap digital tokens with other collectors or transfer them to the public NEM network. At the same time, this also allows us to get the know‑how in issuing central bank digital currencies (CBDC), which in turn should benefit the central bank community and the euro area as a whole,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania.
LBCOIN holders will get six randomly selected digital tokens which they will be able to exchange for a physical collector coin, store at the LBCOIN e-shop, send as a gift, swap with other collectors or transfer to a NEM public blockchain network (NEM wallet).
With sovereign governments and their central banks across the globe have been exploring the essence and the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system.
The Bank of Lithuania appears to be aiming to establish the sustainable and conducive environment to competition and advanced innovations in the field of finance. With that perspectives, the central bank has reportedly launched several initiatives, including its regulatory sandbox to test financial innovations, the blockchain-based platform LBChain to help start‑ups bring their ideas to reality in a faster and more cost‑efficient way.