THE WORLD'S FIRST DIGITAL COLLECTOR COIN LBCOIN

Posted 10 July, 2020

As early as 2019. The Bank of Lithuania has signed an agreement on the programming of the world's first digital collector coin - LBCoin. The digital collector coin and associated physical coin will be issued earlier this year.

LBCOIN is the world's first digital collector coin developed using block chain technology. This digital collector coin and its associated physical coin are expected to be issued in 2020. July 23 those wishing to purchase the world's first digital collector coin LBCOIN can already register a special e-mail of the Bank of Lithuania is launched shop lbcoin.lb.lt, where it will be possible to  buy this coin.

The Bank of Lithuania intends to issue LTL 24 000 digital block chain technology collectible tokens. Each token will represent one of the twenty signatories and collectors will be able to try to collect the entire collection of twenty tokens. Thetokens are divided into six categories, taking into account the areas of activity of the signatories - 4 thousand each units in each category. Ehen purchasing a digital collector coin, the customer will receive six randomly selected digital tokens, but only after collecting six different token categories will they be able to exchange them for a phusical collector silver coin. Tokens will be available for purchase and storage in the Banko of Lithuania's e-shop.

LBCOIN project manager Egidijus Paleckis commented that the Bank of Lithuania will issue a total of 24 thousand tokens, each digital token will represent on of the 20 signatories, the tokens will be divided into categories according to the signatories' areas of activity.

"Digitam money is a really painful issue that is currently being considered by many centrak banks. This project is a test, an opportunity to test hoe people, community, systems respond to such an innovation. The main benefit to the Bank of Lithuania from this project is to understand how the processes required to launch such a coin work. We have to admit that we don't know everything, so we have to try. We hope this attempt succeeds, and if it fails, we will learn the lessons and do it again. The whole central banking community has matured into the question of  whether we do not need digital money," said M. Jurgilas

 

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