Lithuania’s Central Bank To Issue Blockchain-Based Digital Collector Coin

The Bank of Lithuania, the country’s central bank, is planning to issue a blockchain-based digital collector coin.

In a press release, the bank said that the board has approved the sample of the physical version of the digital collector coin, called LBCOIN – an original silver coin bearing a denomination of €19.18 to commemorate the year of the Act of Independence of Lithuania.

The physical silver coin reportedly weighs 36.36 g. The size and form of the coin resembles a credit card, depicting the Act of 16 February 1918 as well as a digitized picture of the Council of Lithuania. The bank said it intends to issue 24,000 blockchain-based digital collector tokens.

“Each token will feature one of the 20 signatories of the Act of Independence and will be divided into six categories depending on their occupation, with 4,000 tokens allotted to each group,” the bank said. “When purchasing the digital coin, collectors will get six randomly selected digital tokens and, having collected a token from each of the six categories, will be able to redeem a physical silver coin. The tokens will be available for purchase and storage in a dedicated wallet at the e-shop of the Bank of Lithuania. They could also be used as a gift, exchanged with other collectors or transferred to a public NEM wallet.”

The bank expects LBCOIN, which is planned to be issued in spring 2020, to turn a qualitatively new page in the history of Lithuania’s numismatics and to engage more people, especially the youth, in coin collecting.

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