The Central Bank of Lithuania released cryptocurrency

2020

Lbcoin Release

On July 23, 2020, the Lithuanian central bank Lietuvos Bankas announced the release of cryptocurrency - the digital collection coin Lbcoin. The regulator called its project unique in the world and timed its launch to the Act of Independence of Lithuania of 1918 and 20 of its signatories.

The crypto coin consists of six digital tokens and one physical collector's silver coin. Companies from Lithuania, India, Poland and Singapore participated in the competition for the development of the crypto coin project. Emphasis was placed on the issue of virtual security so that the coin was protected from copying and counterfeiting, and the platform for its sale was able to withstand a large number of customer requests and resist cyber attacks. The winner was the Lithuanian company iTree. Its specialists created a digital token (a virtual analogue of the coin) and a platform for sale. A certain set of tokens can be exchanged for a physical coin.

Announcement of Lbcoin

Lbcoin can be purchased from the Lbcoin lbcoin.lb.lt online store for 99 euros. The denomination of the physical silver coin will be 19.18 euros. At the same time, six digital tokens can be exchanged for one physical coin.

It is noted that at first one person will be able to purchase one Lbcoin only once from the first to the sixth day of its sale.

According to the publication 15min.lt, on the day the cryptocurrency was launched, the Central Bank had technical problems, because of which users could not receive a collectible digital coin after writing off the money.

This is a completely new technological product that has not yet been in the financial market, so although we have tested a lot, there are unexpected obstacles that we are quickly removing. We apologize to all customers for the inconvenience and ask for patience, "said Lietuvos Bankas representative Migle Zaletskene.[1]

Digital Collector Coin Announcement

In early June 2020, the Bank of Lithuania announced the release of a digital collection coin based on the blockchain. It was called LBCoin. The regulator completed user testing of the online store where LBCoin will be sold, and also evaluated the services of third-party suppliers, such as "Know Your Customer" and collection of payments. The coin will be released in July 2020.

LBCoin is based on innovative and complex solutions. Therefore, it needs to be tested in different situations, for example, in terms of functionality, personal data protection and resistance to cybernetic risks, "explained Pavel Lipnević, project manager at the Bank of Lithuania.

Lithuanian Central Bank issues digital collectible coins on blockchain

The initiative was organized with the aim of developing blockchain, including for the study of digital currencies. The tests allowed participants to test a digital coin in a controlled environment, combining technological and regulatory infrastructure. The development of a digital coin for the Central Bank was carried out by IBM Poland and Tieto Lithuania.

The central bank will issue 24,000 LBCoins, which will be available through the online store. They will be divided into six categories, 4,000 coins are allocated for each group. A collector who manages to get all six digital tokens will be able to exchange them for a silver collector's coin, which is not available for sale. Only 4,000 physical silver coins will be minted.

The digital coin is based on the NEM blockchain, which is currently used for cryptocurrency transactions. Users can store, gift and exchange collectible coins through a public NEM wallet.^[2]

If the issue of the coin is successful, it will become the first collectible coin on the blockchain in the world. The collectible crypto coin will be devoted to the history of Lithuania.

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