Lithuania Is a Crypto Hub
The Bank of Lithuania will issue the world’s first digital collectors coins in spring 2020. According to an official announcement, the country will honor its February 1918 announcement of independence together with its 20 signatories.
The country aims to release on the blockchain 24,000 coins, which will fall into six categories. Marius Jurgilas is Bank of Lithuania Board Member. Speaking about the development, he said:
“This innovative coin will feature the signatories due to their significant role in the country’s history and contribution to the restoration of our independence.”
The official said that the project aims to give the Bank of Lithuania helpful experience and knowledge in the development of cryptocurrencies. The new development could put the country in the race for a central bank-backed digital currency, currently spearheaded by China.
He added that the token aims to help engage young people into coin collecting, and it’s a good way to introduce them to blockchain technology and cryptocurrency. The coins will only be sold exclusively on the digital portal of the central bank. They will not be accepted as legal tender.
Redeemable Coins
Once collected, the collectors can redeem the tokens for a physical silver coin once they meet all the six categories. The physical silver coin will hold a value of 19.18 Euros, representing the significant date in the history of Lithuania.
According to a YouTube video illustrating the launch, the coins are square tokens, possibly representing their position on the blockchain. The silver token will be the size of a credit card, representing the act of independence and its signatories.
The announcement added that the development is another step in realizing the central bank’s strategic direction, which supports innovation and fintech. It will also help both local and international businesses boost their knowledge of blockchain and the comfort of using digital assets.
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