Lithuanian Central Bank Launches A Digital Currency

Blockchain technology is growing by the day, and there are countries around the world seeking out use cases. Not to be left behind, the Bank of Lithuania has decided to develop a collectors’ coin with the fintech, honoring their Act of Independence.

  • The new coin will be worth 19.18 euros, in honor of the passing of the Act of Independence of Lithuania.
  • Customers will need to collect all six varieties of the blockchain-based coin to cash in for a real-world silver coin.

The Act of Independence of Lithuania has been a major event in the history of this country, and it will soon be honored in the blockchain industry, according to board member Marius Jurgilas. According to a recent press release from the Bank of Lithuania, the financial institution will be releasing a digital collector coin, based on blockchain, in the coming spring of next year. The new coin will look like a credit card in its size and shape, but will be worth 19.18 euros, due to the passing of this historical act on February 16th, 1918.

The institution plans to release a total of 24,000 tokens to the public, which will be hosted on a blockchain layer. Each of the tokens will show one of the 20 signatories who were a part of enacting the Act of Independence of Lithuania. Based on the area of activity for the signatories, the coins will be divided into six groups of 4,000 coins per category.

As the collector makes their purchase, they will receive six tokens, which have been randomly selected. The collector needs to redeem one coin in each of the six categories to redeem for a tangible silver coin. Consumers that want to purchase the tokens can seek them out on the central bank’s online store. Ultimately, the bank is hoping that these incentives will engage a new generation of coin collectors, as there will also be “elements of play” involved in these purchases.

This whole experience for the bank is about learning the technology, according to Jurgilas, considering that they will gain more experience in the creation of virtual assets. As central banks bring up crypto assets and the potential development of their own virtual currencies, this type of enterprise sets up the bank for many other opportunities. This is just the first step in their initiative to get involved in fintech.

In October, the central bank announced two big contenders for their blockchain platform that is in development, IBM and Tieto.