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Lithuania's central bank will release LBCoin this month

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The Bank of Lithuania, the country’s central bank, is scheduling to launch LBCoin a on 23 July 2020.

 

LBCoin is the blockchain-based digital collector coin. It consists of six digital tokens and one physical silver collector coin. The Bank of Lithuania will issue 4,000 LBCOINs, i.e. 24,000 digital tokens and 4,000 physical collector coins. The coin is dedicated to the Act of Independence of Lithuania and its 20 signatories. Each token features one of the 20 signatories and belongs to one of the six signatory categories (priests, presidents, diplomats, industrialists, academics, municipal servants) with 4,000 tokens allotted to each category. Having purchased LBCOIN, collectors will get six randomly selected digital tokens which they will be able to exchange for a physical collector coin, store in a dedicated e-wallet on the e-shop, send as a gift, swap with other collectors or transfer to a public NEM wallet. The price of LBCOIN is EUR 99. The physical silver collector coins, bearing an unconventional denomination of €19.18, were minted at the Lithuanian Mint. In size and form, they resemble a credit card, depicting the Act of Independence and its signatories. The physical coin is proof-like and weighs 36.36 g. 


“LBCOIN is an important experiment in exploring the potential of central bank digital currencies (CBDC),” said Marius Jurgilas, member of the board of the Bank of Lithuania.


LBCOIN is built on the NEM public blockchain, and once purchased, it can be stored in a NEM wallet or a dedicated wallet on the LBCOIN’s online shop. LBCOIN can also be sent as a gift or swapped with other purchasers. 


Notably, it is not a legal tender and is intended just for collection, said the central bank. 


The whole LBCOIN project will get closed in the next 30 months, meaning no digital tokens will be issued and no physical silver coins can get redeemed thereafter.


“Therefore, by that time, collectors have to exchange their digital tokens into a physical collector coin, send them as a gift or transfer to the NEM public network, where they can be stored for an unlimited time,” said the central bank.


JULY 09, 2020