Lithuania is one of the countries that has been recently exploring the possibility of creating a central bank digital currency (also known as CBDC).
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The Bank of Lithuania revealed that it has been working on these tokens from 2018. The launching marks the beginning of the final stage of the trials.
In the current, still experimental stage, 24,000 LBCOINs will be available for pre-order. The tokens will cost €99 and will be sold in packs of six. Each of them will bear the face of one of the 20 signatories of Lithuania’s declaration of independence from 1918. The portraits are divided in six different categories: academics, priests, diplomats, presidents, industrialists and municipal servants.
The collectors can trade the LBCOIN tokens and then further trade specific sets, from each of the existing categories. As a reward for that, they will receive a special silver coin worth a bit under €20.
The Bank of Lithuania noted that usage of this digital currency for payments will not be encouraged. The goal of the institution is to engage more people, especially the young, in collecting coins while acquiring valuable knowledge in sphere of cryptocurrencies.
Many countries around the world, such as the UK, Japan, US and China are looking into the possibility of integrating various blockchain technologies into their governmental and financial operations.
Developments in the field of cryptocurrencies and blockchain technologies are making these and many other governments to question the viability of sustaining currently used forms of currency over creating a digital one to coexist alongside it.
