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Lithuania Releases Crypto Token

29 July 2020 09:53, UTC
Nick James

On July 23rd, the Bank of Lithuania released a blockchain-based coin commemorating its 1918 Act of Independence with all 20 signatories included. However, the bank denies that what they have released is a cryptocurrency, and it’s hard not to agree. The coin released by the bank is nothing but a collector’s item and a test of the waters for digital money in the future.

The bank’s board member, Marius Jurgilas also commented on the matter further explaining that what the bank was doing here had nothing to do with releasing cryptocurrencies, yet. Jurgilas asked readers and listeners to take this release as a definite possibility of adopting digital money within the country in the future. This coin, named LBCOIN is designed to help the local population learn ways to apply for its issuance, ways to create an e-wallet, or to generally understand what the concept is.

The official further added that this will be a great test not only for the population but for the government as well. The authorities will be able to take a look at how the population meets this new addition to the economy and whether or not they will want to have it as part of their lives in the future. The board member finished his remark by saying that a digital economy is inevitable and that digital money is going to play a crucial role in integrating it into the economy as fast as possible.

Describing the coin

The Bank of Lithuania did not release just the LBCOINs, it also incorporated actual physical silver coins as well as tokens. In total, there are 4,000 LBCOINs, 24,000 tokens, and 4,000 silver collector coins.

The silver coins will carry a symbolic price of EUR 19.18 in commemoration of the 1918 Act of Independence. The coin will have additional features such as a binary-code inscription of the national anthem, as well as a QR code to the eshop. The LBCOINs will be priced 99 EUR a piece and will come with 6 randomly selected digital tokens. The LBCOINs will be the first “experiment” with the blockchain from the Bank of Lithuania who is now planning to introduce its very own blockchain platform in the future.

Image: LB.lt