The Central Bank of Lithuania has launched a cryptocurrency called “LBCOIN” that uses the NEM blockchain.

Bank officials made it clear that LBCOIN is not the CBDC’s cryptocurrency, but suggested that this coin eventually lead to the development and issuance of a central bank cryptocurrency.

University cryptocurrency from Bank of Lithuania:

The Central Bank of Lithuania has completed the development stages of LBCOIN and was planning to start presale.

With some delay, the official launch was announced earlier yesterday.

LBCOIN uses blockchain technology, as this appeared in a statement published by the bank stating the following:

LBCOIN is based on the latest IT solutions and is not only the first digital currency issued by the Central Bank of the Eurozone but also across the world.

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LBCOIN consists of six digital tokens and a coin that combines them.

Since the bank issued 4,000 LBCOIN coins, this means that the total number of digital tokens is 24,000, and there are 4,000 silver coins.

By purchasing the new currency, the buyer will receive a random set of digital tokens.

Those buyers will be able to exchange it for cash, store it in the LBCOIN digital wallet, send it as gifts, and exchange or transfer it to others using the NEM blockchain via the NEM wallet.

On the other hand, silver coins were minted in the form of a credit card in size and shape.

The cost of one LBCOIN coin is 99€.

LBCOIN is not a CBDC digital currency:

Despite some rumors, the Bank of Lithuania statement clarified that LBCOIN is not a central bank digital currency (CBDC), but can be used as digital money.

The LBCOIN project aims to show how technology can help digitize the world.

stated Marius Georgelas, a member of the Board of Directors of the Bank of Lithuania, has the following:

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Digital money is inevitable in the digital economy, and LBCOIN allows people in Lithuania and around the world to test new technologies in a secure environment. The project could eventually lead to an agreement to issue a central bank digital currency (CBDC).

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It will enable the currency to gain expertise in issuing central bank digital currencies (CBDC), which in turn will benefit the central bank community and the Eurozone as a whole.

Vitas Vasiliuskas, Chairman of the Board of the Bank of Lithuania, noted that the new project embodies the country’s rapid technical progress, and explained that the currency project could take the bank on a firm path towards financial innovation and digital payment.

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