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Lithuanian Central Bank To Issue Digital Collector Coins

04 June 2020 13:38, UTC
Anna Martynova

Bank of Lithuania launches its own collector digital coin on the NEM blockchain. It is planned to issue 24,000 digital tokens.

The Central Bank reports that the development of the Lithuanian Digital Collector Coin (LBCOIN) has entered the final stage and will be launched in July as scheduled in the roadmap. If the LBCOIN issue is successful, it will become the first blockchain collector coin in the world.

In addition, the Central Bank reports that it will issue 4,000 physical collector silver coins and 24,000 blockchain-based digital tokens. As soon as collectors buy a physical coin, they receive 6 digital tokens, and these tokens should be stored in a wallet on the LBCOIN e-platform. Testing of the platform was completed successfully, the KYC and the payment feature have been fully developed.

The blockchain coin, according to the Central Bank of Lithuania, is based on complex and innovative ideas and has passed all kinds of security tests. The bank claims to have confirmed LBCOIN's resistance to cyber risks.

Image courtesy of Ledger Insights