Bank of Lithuania to issue blockchain-based digital collector coins

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Bank of Lithuania to issue blockchain-based digital collector coins

Tue, 21 Jan 2020, 07:28 am UTC

The Bank of Lithuania, the country’s central bank, has announced its plans to issue blockchain-based digital collector coins.

The bank’s board has approved the sample of the physical version of the digital collector coin – an original silver coin bearing a denomination of €19.18, commemorating the year of the Act of Independence of Lithuania.

According to a press release, the silver coin weighs 36.36 g. Its size and form resembles a credit card, depicting the Act of 16 February 1918 as well as a digitised picture of the Council of Lithuania.

The central bank said that it intends to issue 24,000 blockchain-based digital collector tokens, called LBCOIN.

“LBCOIN is the world’s first blockchain-based digital collector coin created by the Bank of Lithuania. By implementing this unique idea, the central bank seeks to gain invaluable experience and knowledge in the field of virtual assets,” the Bank of Lithuania said.

Each digital token will feature one of the 20 signatories of the Act of Independence. Depending on their occupation, the tokens will be divided into six categories with 4,000 tokens allotted to each group.

When purchasing the digital coin, collectors will get six randomly selected digital tokens. Once a token from each of the six categories is collected, collectors would be able to redeem a physical silver coin.

The tokens will be available for purchase and storage in a dedicated wallet at the central bank’s e-shop. They could be used as a gift, exchanged with other collectors or transferred to a public NEM wallet. The digital collector coin is expected to be issued in spring 2020.