Lithuanian LBCoin: the world's first largest silver arrives

The Lithuanian Central Bank will announce in July the digital commemorative coin, LBCoin, which has entered the final stage of testing.

Photo de Ledger Insights

LBCoin released the background

As the bank of Lithuania, LBCoin will be dedicated to commemorating the 100th anniversary of Lithuanian independence, and LBCoin will be the first blockchain-based digital commemorative coin in history.

Marius Jurgilas of the Lithuanian Bank's Board of Directors said:

"This new coin will be a sign of their important role in the history of the country and their contribution to the independence of the country. Many of them can be called people - modern innovation because they were designed and imported in Lithuania. "

The growth of central bank digital currencies (CBDCs) has become a turning point and Lithuanian banks have been involved in the formation of central bank funds, along with other banks, in the way that has proved beneficial in CBDCs.

In an interview in January this year, Aistė Juškaitė, CFO of Real Estate Investments at the Central Bank of Lithuania, acknowledged the benefits of the digital banking company.

First, CBDCs will help improve the financial system.

Second, for countries or regions with poor economies, CBDCs will replace cash and provide better returns.

Third, CBDCs have significantly reduced transfer costs, reduced cross-border costs, and improved payment rates.

Juškaitė also believes that medium-term banks can offer stronger securities than fixed coins. Since CBDC is a bank-backed bank, many banks view these assets as more stable, in case regulators need to drive growth in digital results.

Enter the amount of LBCoin

LBCoin is placed on the NEM blockchain, purchased and stored only in the LB online store, and purchased LBCoin can be exchanged for real coins. Unlike other CBDCs, LBCoin has a special collection rate.

The Lithuanian company has announced plans to issue 24,000 blockchain-based digital tokens and 4,000 tokens. Lithuania's declaration of independence had 20 signatories. Of the 24,000 blockchain-based digital tokens, each token has a token that represents them, and all tokens are divided into 6 based tokens, with 4,000 tokens assigned to each group. When purchasing digital tokens, the author will receive 6 digital tokens, which can be stored in a special wallet through LBCoin e-repair or sent to the NEM public wallet in exchange with another author. Tokens from each of the 6 categories must be collected to be exchanged for 19.18 euros for real coins.

Currently, the Central Bank of Lithuania has completed the Customer Acceptance Test (UAT) of the LBCoin online store, which includes services provided by third parties such as Know Your Customer (KYC) and fundraising. Online stores and software developed according to the NEM blockchain were also assessed. A privacy assessment has also started. Lithuanian banks test the security of their systems by performing appropriate tests.

Lithuania Blockchain Platform Layout

LBCoin was only introduced under the Lithuanian Central Bank's guidelines on innovation and finance. The bank is now completing its blockchain monitoring sandbox plans for fintech companies and plans to invest in new developments on the multi-blockchain LBchain platform.

The project aims to enable startups and fintech companies to become blockchain-based research, development and service tests in a legal and managed environment.

Lithuania is also planning to expand its Fintech management sandbox project on a larger scale. The LBChain platform will be available nationwide in the near future and will include partnerships with various government agencies and companies in a variety of industries related to healthcare, transportation or electricity applications.