Lithuania’s Central Bank Releases NEM Blockchain-Based Collector Coin
Lithuania’s Central Bank Releases NEM Blockchain-Based Collector Coin
July 24, 2020
Lithuania’s Central Bank Releases NEM Blockchain-Based Collector Coin
Lithuania’s Central Bank Releases NEM Blockchain-Based Collector Coin
July 24, 2020

Lithuania’s central bank has released a NEM blockchain-based collector coin digitally in dedication to Lithuania’s Act of Independence of 1918 and its 20 signatories.

The Bank of Lithuania claims it’s the world’s first with the digital coin representing:

“a bridge that brings together classical numismatics and rapidly evolving financial technologies.” 

First issued on July 23 the new LBCOIN is intended to serve both as a national symbol and as a signal of the bank’s strategic choice to drive innovation in the field of finance and payments.

Marius Jurgilas, a member of the board of the Bank of Lithuania states:

“Digital money is inevitable in the digital economy. Today, LBCOIN is what allows people in Lithuania and around the globe to test new technologies in a safe environment, e.g. go through all authentication procedures remotely, open an e-wallet, swap digital tokens with other collectors or transfer them to the public NEM network.”

Jurgillas added that the issuance of the coin:

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“allows us to get the know‑how in issuing central bank digital currencies, which in turn should benefit the central bank community and the euro area as a whole.” 

The LBCOIN issuance consists of six digital tokens and one physical collector coin.

As of yet, 4,000 LBCOINs have been issued in total with:

  • 24,000 digital tokens
  • 4,000 silver collector coins

The physical silver collector coins bear a denomination of 19.18 euros, i.e., in respect to the year of the 1918 Act of Independence.

The digital coins were Minted at the Lithuania Mint with their size and form resembling a credit card featuring various symbolic details, such as the national anthem inscribed in binary code.

It also incorporates a QR code linked to the LBCOIN e-shop. 

Each digital token features one of the Act’s 20 signatories and belongs to one of six signatory categories:

  • priests
  • presidents
  • diplomats
  • industrialists
  • academics
  • municipal servants

Once a collector purchases a LBCOIN, priced at 99 euros, they would receive six randomly selected digital tokens from the issuance. 

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These can either be exchanged for a physical collector coin, stored at the LBCOIN e-shop, sent as a gift, swapped online or transferred to NEM public blockchain network using an NEM wallet.

As of temporarily, purchases are limited to just one per person for a period of six days, after which they will be unlimited.

Source: Cointelegraph | Image: Pixabay


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