Lithuanian Central Bank To Release Its Own Collector Token. What For?

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The Lithuanian Central Bank issued a press release in which it informed about the intention to release the world's first digital collector coin dedicated both to the Act of Independence of Lithuania (from the 16th of February, 1918) and to its twenty signatories.

Details of the project

According to the assumptions, this digital coin is supposed to be issued in 2020, in spring to be more specific. It will be devoted to not only the Act of Independence but also, considering the role they played in creating the history of that country, to signatories.

"Quite a few of them could be called innovators of their time, as they created and brought progress to Lithuania"

- said Marius Jurgilas, a member of the Board of the Bank of Lithuania.

Jurgilas claims that, thanks to the implementation of this idea, the Lithuanian banking institution will gain great knowledge, for instance in the field of creating this type of virtual coins. It is particularly important nowadays because of the fact that a great number of central banks around the world are openly discussing the issue of their own digital currencies (CBDC).

This token will have two main goals. The first one is the introduction of a qualitative change in the history of numismatics in Lithuania, that is the science of examining coins, banknotes and other forms of money in many respects. The second one focuses on the involvement of young people in learning new technologies.

The bank is planning to issue 24,000 digital collector tokens created with the use of blockchain. The tokens will be divided into 6 categories, according to the areas of activity of the signatories. After making a decision about the purchase of such virtual coins, people will randomly receive 6 of them. Only after collecting every coin from all categories will they be able to exchange them for a physical reward.

Part of a wider initiative

Digital coins are said to become an essential step towards the development of innovation and fintech. In this way, both Lithuanian citizens and companies will be able to acquire knowledge and conduct research focused on new technologies.

It is also worth noting that in October the Lithuanian Central Bank selected finalists developing blockchain-based platforms. Among them was the technology giant, IBM, and the company providing IT services - Tieto. As the announcement informs, after having both companies test their own solutions, the final winner will be selected. All this is to take place as part of the LBChain project.

"We believe that the greatest advantage of LBChain is its versatility. We strive to create a platform that would not only serve for testing products or services that are already offered on the market, but would also be used to create those that might currently exist only in a financial architect’s mind."

- added Andrius Adamonis, an LBChain Project Manager at BL.