Bank Of Lithuania Releases NEM-Based Collector Token: Report

The Bank of Lithuania has just released a new NEM-blockchain-based collector token that is dedicated to the country’s Act of Independence of 1918 as we are reading more in the following crypto news.

The Bank of Lithuania released the new digital coin decided to the 1918s Act of Independence and its 20 signatories, claiming to be the world’s first digital coin launched by a bank which will act as a “bridge that brings together classical numismatics and rapidly evolving financial technologies.” Issued on July 23, the new LBCOIN will function as a national symbol and as a signal of the bank’s strategic choice in order to boost the innovation in the field of payments and finance. The member of the board of the Bank of Lithuania, Marius Jurgilas explained:

 “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.
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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 said that issuing the coin will allow the bank to get the needed know-how in launching central bank digital currencies which in turn should benefit the central bank community and the Euro area altogether. The LBCOIN issuance will consist of six digital tokens and one physical collector coin. About 4000 LBCOINs were issued in total where 24000 digital ones and 4000 silver collector ones. The physical silver collector coins are valued at 19.18 euros in homage to the year of the Act of Independence.

The coins are minted at the Lithuania Mint, and their size and form resemble a credit card with different symbol details featured. You see the national anthem inscribed in binary code as well and an incorporated QR code linked to the coin’s e-shop. Each token features one of the Act’s 20 signatories and belongs to a different category- diplomats, presidents, industrialists, priests, academics, and municipal servants. Once someone purchases the LBCOIN they will receive six randomly selected tokens from the issuance.

These will be available for an exchange for a physical collector coin that is stored on the LBCOIN e-shop sent as a gift or swapped online to the NEM public blockchain network using the NEM wallet.  The purchases will also be limited to one person in six days after which they will become unlimited. What is NEM doing here is providing great support and amazing blockchain features.  Beyond the embrace of Blockchain numismatics, the Bank of Lithuania has other plans to develop its own blockchain-platform and to use it not only in the finance sector but way broader.