The Lithuanian central bank announces the launch of the collectible digital currency LBCOIN, becoming the first CBDC issuer in the world.
Currently, 4000 coins have been released, each fortified with six digital tokens worth 99 euros, which can be exchanged for one silver coin for 19.18 euros. The release of the digital currency is associated with the anniversary of the adoption of Lithuanian independence.
LBCOIN launched on the blockchain NEM. According to CB board member Marius Jurgilas, the digital currency will allow people around the world to get to know the new technologies that are an integral part of the future digital economy.
“LBCOIN will allow testing of new technologies in a safe environment: remotely perform verification, open an electronic purse, exchange coins or transfer to a public network NEM. At the same time, it allows us to understand – how to issue CBDC, which in the final result will benefit the entire central banking community and the eurozone as a whole”, – he stated.
The launch of LBCOIN is the result of CB’s efforts in the implementation of financial innovations – announced the chairman of the bank’s board Vitals Vasiliauskas. Digital currency is a bridge between traditional finance and fintech. He added that Lithuania may in the future become a start-up center in the field of digital finance.
Recall-the launch time of LBCCOIN was announced at the beginning of this month, but the plans for its issuance were announced by the Bank of Lithuania already last year.
The CBDC launch plans were recently announced by Japan and Canada, while China is already attracting the country’s largest companies to test its digital currency.