A Blockchain-Powered Tribute to Lithuania's Independence
To celebrate Lithuania's centennial independence, the Central Bank of Lithuania will launch "LBCoin," a blockchain-based crypto collectible token, on July 23. This initiative commemorates the nation's history while serving as a hands-on exploration of digital currency technology by the central bank.
Key Features of LBCoin
- Built on NEM blockchain
- 24,000 digital tokens issued across six thematic categories
- Redeemable for 4,000 physical silver collector coins
- Launches alongside an online store (opening July 9)
Originally planned for Q1 2020, the project was delayed due to COVID-19 but has now been finalized for its July release.
How LBCoin Works
Game-Like Collection Mechanism
Six Categories: Tokens feature 20 historical figures divided into:
- Clergy
- Presidents
- Diplomats
- Industrialists
- Scholars
- Civil servants
Purchase & Redemption:
- Buyers receive six random tokens per pack.
- Collect one token from each category to redeem a physical silver coin.
- Trading Enabled: Users can exchange tokens with other collectors.
Historical Significance
Each LBCoin honors one of the 20 signatories of Lithuania’s 1918 Declaration of Independence.
👉 Explore LBCoin’s official store
Central Bank’s Strategic Vision
Marius Jurgilas, Deputy Chairman of the Bank of Lithuania, emphasized the project’s role in responding to global digital currency competition, particularly after Facebook’s Libra proposal:
"We realized the threat of others dominating this space. LBCoin mirrors aspects of a Central Bank Digital Currency (CBDC), positioning Lithuania at the forefront of digital currency innovation."
Objectives:
- Test real-world applications of blockchain for central banks.
- Advance Lithuania’s financial technology strategy.
FAQs
1. Can international buyers purchase LBCoin?
Yes, the online store accepts global orders.
2. Is LBCoin a cryptocurrency like Bitcoin?
No, it’s a limited-edition collectible with no monetary value.
3. How long will redemption for physical coins be available?
Until all 4,000 silver coins are claimed.
4. What blockchain does LBCoin use?
The NEM blockchain ensures transparency and security.
5. Are transaction fees involved in trading LBCoin?
Minimal blockchain network fees may apply.
Risk Disclaimer
Crypto investments carry high volatility. Capital loss is possible. Assess risks carefully.