Introduction of a simplified procedure for the purchase of LBCOIN digital collectibles

These conditions are provided for in the LBCOIN Sale Regulations. The regulation also stipulates that after another 6 months, i.e. from January 23, 2023, the Bank of Lithuania’s online store dedicated to the sale of LBCOIN – lbcoin.lb.lt – will be closed and all digital tokens it contains will be destroyed. Therefore, all tokens purchased so far must be exchanged for a physical silver collectible coin or transferred to a digital wallet on the public NEM blockchain network.

Each digital token represents one of the 20 signatories of the Act of Independence of Lithuania. The digital tokens are divided into six categories according to the profession of the signatories (priests, presidents, diplomats, industrialists, academics and municipal officials) with 4,000 tokens allocated to each category. When purchasing LBCOIN, the buyer receives six randomly selected digital tokens that can be exchanged for a physical silver collectible coin, stored in the Bank of Lithuania online store, sent as a gift, exchanged with d other collectors or transferred to a digital wallet on the public NEM blockchain network.

The physical collector’s coin is silver, with a face value of €19.18. It is minted at the Lithuanian Mint.

The size and shape of the coin resembles a cash card depicting the Act of Independence of Lithuania and its signatories. The Lithuanian flag on the reverse of the coin represents the national anthem written in a binary code. The obverse of the coin bears the Vytis – the coat of arms of the Republic of Lithuania – embedded in a QR code which is linked to the online store. The weight of the coin is 36.36 g, quality – as a proof. The physical collector’s coin and the digital tokens were designed by Giedrius Paulauskis.

LBCOIN is the first digital coin issued by a central bank not only in the Eurozone but worldwide. The play received a lot of international attention and helped to promote Lithuania as an innovative country.

The Bank of Lithuania developed LBCOIN as part of its strategic direction in the field of innovation and fintech. The creation of the coin has helped Lithuanian and foreign companies to gain knowledge and conduct blockchain-focused research, thereby adapting and testing blockchain-based services in the financial industry. The issuance of this coin has also provided the Bank of Lithuania with practical knowledge in the field of digital currencies, and the experience of the LBCOIN project is fueling the exploration of the practical possibilities of the digital euro.

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