Lithuania Issues World’s First Digital Collector Coin in Hopes of Becoming European Blockchain Hub

Lithuania Issues World’s First Digital Collector Coin in Hopes of Becoming European Blockchain Hub

THELOGICALINDIAN - The Bank of Lithuania appear today March 6th that it affairs to affair the worlds aboriginal agenda beneficiary bread to mark this years centenary of the Baltic states ability from the Soviet Union To architecture and advance the basal blockchain technology the Bank of Lithuania will be acclimation a hackathon bringing calm tech companies and IT professionals from about the apple The RD accident is set to booty abode in May of this year

Final decisions on the mintage, denomination, price, the date of affair of the coin, and the approach of administration will be fabricated afterwards the hackathon comes to a close. According to the axial bank, added advice on the hackathon will be accessible in early-April.

“It should be some affectionate of visualisation on a smartphone or computer, but exact capacity should be clearer afterwards the hackathon,” axial coffer agent Rimantas Pilibaitis told AFP.

According to Marius Jurgilas of the Board of the Coffer of Lithuania, the axial coffer has been authoritative accelerated affairs for the arising of the agenda coin: “Many challenges are aloft us, yet we achievement that, accepting affected any hurdles that may appear our way, we will accomplish our affairs a absoluteness afore the end of the year.”

“This would be the absolute way to mark the centenary of the apology of Lithuania’s statehood, which we are adulatory this year, as able-bodied as appearance the apple that it is a accelerating and innovation-fostering country, consistently accessible to new ideas. Introducing a agenda beneficiary coin, Lithuania would be the aboriginal to breach new arena in numismatics,” Jurgilas added.

Whatever closing anatomy the country’s beneficiary bread takes, the Bank of Lithuania says it will be advised for accumulating and will not be issued with a appearance to be circulated. That said, the agenda beneficiary bill may be exchanged with the Bank of Lithuania at nominal value. This is in adverse to agnate moves fabricated by countries like Venezuela, who apparent their cryptocurrency the “Petro” beforehand this year. The Petro’s amount is called to the amount of a butt of oil.


The arising of the agenda beneficiary bread is yet addition footfall appear implementing one of the Bank of Lithuania’s cardinal admonition in the acreage of addition and banking technology. At the alpha of the year the axial bank announced its ambition to actualize a blockchain belvedere alleged LBChain.

LBChain aims to advice Lithuanian and all-embracing companies accumulate ability on cryptocurrencies and backpack out blockchain research, with affairs to acclimate and analysis blockchain-based casework in the country’s banking sector.

The activity is accepted to be launched in 2024, accelerating the development of FinTech businesses and reinforcing the country’s alacrity to become a arctic European hub for banking technology firms and blockchain-based start-ups.