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December 8, 2022
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Lithuania will launch its CBDC later this month Blocksats

A representative of the Central Bank of Lithuania announced that on July 9, the Bank of Lithuania (BoL), will begin the presale of CBDC, called LBCOIN. The coin itself will be issued on July 23.

LBCOIN – Collector’s CBDC

Technically, LBCOIN is a CBDC based on the NEM block chain, issued by the Lithuanian central bank. The financial institution itself, however, prefers to call it “the world’s first digital collector-based coin based on blockchain”.

Indeed, LBCOINs will be issued for collectors. This is happening as part of the development of blockchain research and its capabilities, Pavel Lipnevič, project manager for LBCOIN, told Cointelegraph.

The Central Bank of Lithuania intends to sell 24,000 LBCOINs. They will be delivered in packages of six, and each will cost 99 euros. Each token will feature a portrait of one of 20 Lithuanian historical figures who signed the declaration of independence of the country in 1918. These people are divided into six categories: priests, presidents, diplomats, entrepreneurs, scientists and city officials.

You can exchange the token for a silver coin worth 19.18 euros

After purchasing a token from each of the six categories, collectors will be able to exchange it for a physical silver coin. Unlike tokens, silver coins will be considered legal tender with a value of 19.18 euros.

Lipnevič explained that this experience will help BoL to continue researching blockchain,

“LBCOIN helps to gain practical experience in issuing (a kind of) Central Bank’s retail digital currency (CBDC) in a real environment – in this case the niche field of numismatics – that will function as a” playground “with controlled risk for the central bank and retail users.” .

According to Lipnevič, “valuable legal, technological and cyber security problems have already been encountered and solved by showing a steep learning curve.”

In recent interview for Reuters, Marius Jurgilas, deputy president of the central bank, called LBCOIN “probably the most advanced experimental playground on which various CBDC reincarnations are being tested.”

The presale is scheduled to start on July 9.

“We call this presale because buyers will be asked to register in advance because it will take time to go through the KYC procedures to prepare and make it as smooth as possible on the day of sale.”

– explained the representative of the Central Bank of Lithuania.

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