The Bank of Lithuania has issued out a digital collector coin, named LBCOIN. This marks the first digital coin issued out by a central bank within Europe. Technically speaking, the Petro Coin is the first-ever digital coin issued out by a central bank, but Lithuania’s LBCOIN will doubtlessly be more trusted. This announcement came from the Bank of Lithuania on Thursday.
4,000 LBCOINs Representing 28,000 Coins In Total
LBCoin was originally announced at the beginning of July, with the blockchain-based asset consisting of one physical collector coin and six digital tokens. As it stands now, the Bank of Lithuania has issued out 4,000 LBCOINs, which equates to 24,000 digital tokens, as well as 4,000 silver collector coins. The launch of these coins is a dedication to the Act of Independence, which occurred in 1918, as well as its 20 signatories.
Vitas Vasiliauskas stands as the Bank of Lithuania’s Board’s Chairman, and gave comment about the launch as a whole. He explained that the digital coin stands as a clear representation of what the central bank has done. This comes in reference in the few years after the strategic decision was made in order to take a steady path towards payment and financial innovation by the bank.
Spurring CBDC Development
Lithuania’s central bank had launched LBCOIN as part of a project to trial Central Bank Digital Currencies (CBDC) as well as blockchain technology overall. Particularly, it’s testing whether or not it’s viable for everyday usage. This launch comes shortly after Facebook launching its Libra stablecoin whitepaper, which has prompted to motivate central banks across the globe to start seriously considering a CBDC of their own.
Marius Jurgilas stands as a member of the Bank of Lithuania’s Board, and gave comment about the matter, as well. He stated that a digital economy means that digital money is something of an inevitability. With the LBCOIN launched today, Jurgilas said that both Lithuanians and those across the world can now test this new technology through a safe environment. For example, Jurgilas explained that you could open an e-wallet, go through the entire authentication process remotely, then swap tokens with other collectors, or otherwise transfer them to the public network, NEM.
Learning By Doing
At the same time, Jurgilas highlighted the fact that this will increase the know-how that the Lithuanian central bank has in regard to the issuing of CBDCs. This could, in turn, help benefit the central bank community, Jurgilas said, and will see the Euro be improved as a whole, with any luck.