Bank of Lithuania issued your LBCOIN digital collector’s coin. It is not about CBDC, but a coin commemorating Lithuania’s regaining independence.
Bank of Lithuania and LBCOIN
Lithuanian authorities emphasize that this is the first digital coin issued by a central bank in the euro area. LBCOIN commemorates the signing of the Act of Independence of Lithuania in 1918 and its 20 signatories.
“The digital coin illustrates what we have achieved in just a few years after our strategic decision to take a firm path towards financial and payment innovation. It serves as a bridge between classical numismatics and rapidly developing financial technologies. I have no doubts that LBCOIN will strengthen Lithuania’s role as a regional fintech center “
– said Vitas Vasiliauskas, President of the Management Board of the Bank of Lithuania.
“Digital money is inevitable in the digital economy. Today, LBCOIN enables people in Lithuania and around the world to test new technologies in a safe environment, e.g. they pass all authentication procedures remotely, set up an e-wallet, exchange digital tokens with other collectors or upload them to the public NEM network. At the same time, it also allows us to learn about the issuance of central bank digital currencies (CBDC), which in turn should benefit the central bank community and the euro area as a whole “
– said Marius Jurgilas, member of the Management Board of the Bank of Lithuania.
How does LBCOIN work?
Based on the blockchain, LBCOIN consists of six digital tokens and one physical collector’s coin. The Bank of Lithuania issued 4,000 LBCOINs, i.e. exactly 24,000 digital tokens and 4,000 silver collector coins.
However, the tokens were split. Each of them represents one of the 20 signatories of the Independence Act and at the same time belongs to one of the six categories of signatories (priests, presidents, diplomats, industrialists, academics, officials).
After purchasing LBCOIN, collectors will receive six randomly selected digital tokens, which they will be able to exchange for a physical collector’s coin, store in the LBCOIN e-store, send as a gift, exchange with other collectors or transfer to the public NEM blockchain network (in other words send to your wallet).
Physical silver collector coins with an unconventional denomination of 19.18 euro were minted at the Lithuanian Mint. Their size and form resemble a credit card, they also present the Act of Independence and its signatories. The obverse of the coin features the coat of arms of the Republic of Lithuania, placed in the QR code associated with the LBCOIN online store. The physical coin and digital tokens were designed by Giedrius Paulauskis.
At the price of EUR 99, LBCOIN can be purchased in the LBCOIN online store (registration required). In order to ensure equal opportunities for everyone, one person will be able to buy one LBCOIN within the first 6 days of the issue. Later, the number of purchases for one person will not be limited.