The Bank of Lithuania Leveraging NEM Blockchain to Issue Blockchain-Based Digital Collector Coin

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The Bank of Lithuania, the central bank of the country, is going to issue LBCOIN, a blockchain-based digital collector coin built on NEM Blockchain, on July 23.

NEM announced the news in a blog post published on Friday, July 10th. According to the announcement, the Central Bank of Lithuania will be issuing LBCOIN on NEM NIS1 blockchain that will consist of six digital tokens and one physical silver collector coin. LBCoin Platform will transfer over to SYMBOL from NEM later in 2020 when the public version of SYMBOL goes live.

By issuing LBCOIN, “Bank of Lithuania wanted to celebrate the 1918 Act of Independence and the innovative role the 20 original signatories played in the creation and development of the Lithuanian state,” reads the announcement.

Marius Jurgilas, the member of the board of the Bank of Lithuania, said:

“Two years ago we only had one brave idea. Today we turn a new page in the history of numismatics, further exploring the potential of central bank digital currencies (CBDC). This innovation will bring real benefits to society by contributing to future digital solutions. It is therefore highly symbolic that LBCOIN is dedicated to the signatories of the 1918 Act of Independence – the brave visionaries who laid the foundation for modern-day Lithuania.”

The Bank of Lithuania will issue 24,000 digital tokens and 4,000 physical collector coins. Each digital token will feature one of 20 signatories of Lithuania’s Act of Independence and belong to one of the six signatory categories that are priests, presidents, diplomats, industrialists, academics, municipal servants. 4000 digital tokens will be allocated to each signatories category.

This means anyone who purchases LBCOIN would first receive a set of six digital tokens that can be stored on a dedicated wallet at the LBCOIN e-shop. These tokens will also be able to exchange for a physical collector coin, send as a gift, swap with other collectors, or transfer to a public NEM wallet. The initial price of LBCOIN is EUR 99.

The physical silver collector coin resembles a credit card with a denomination of €19.18, representing the year when the Act of Independence was signed by 20 signatories.

According to a separate announcement by the Bank of Lithuania, the physical collector coin and digital tokens were designed by Giedrius Paulauskis. iTree Lietuva developed the LBCOIN platform and installed it in the Bank of Lithuania’s and NEM infrastructures. Super How served as an advisor to the Bank on blockchain architecture and infrastructure development.

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