Lithuania’s central bank issue world’s first digital collector coin

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Photo taken on July 9, 2020 shows a physical silver collector coin matched with the bank's digital collector coin LBCOIN to be issued on July 23, in Vilnius, Lithuania. An e-shop (lbcoin.lb.lt) has been launched on Thursday in Lithuania by the country's central bank, giving the green light to register to purchase the world's first blockchain-based digital collector coin LBCOIN. (Photo by Alfredas Pliadis/Xinhua)
Photo taken on July 9, 2020 shows a physical silver collector coin matched with the bank's digital collector coin LBCOIN to be issued on July 23, in Vilnius, Lithuania. An e-shop (lbcoin.lb.lt) has been launched on Thursday in Lithuania by the country's central bank, giving the green light to register to purchase the world's first blockchain-based digital collector coin LBCOIN. (Photo by Alfredas Pliadis/Xinhua)

Lithuania’s central bank Thursday issued its first digital collector coin amid efforts to test blockchain-based services in the financial sector and promote the country as a regional fintech hub.

Dedicated to Lithuania’s 1918 Act of Independence and its 20 signatories, LBCOIN is not only the first digital coin issued by a central bank in the euro area, but also across the world, according to an announcement by the Bank of Lithuania (LB).

The LB issued 4,000 LBCOINs, namely 24,000 digital tokens and 4,000 physical collector coins. Priced at 99 euros and available for purchase at the LBCOIN e-shop, it consists of six digital tokens and one physical silver coin shaped like a credit card.

People can purchase one LBCOIN once during the first six days of its sale, though these restrictions will be lifted after the initial sale period.

Digital tokens are not legal tender and can only be exchanged for a physical collector coin, swapped with other collectors, sent as gifts, or transferred to a public NEM wallet.

The LB said the physical silver coin is worth 19.18 euros but using it as payment “will not be encouraged,” though it has legal tender status similar to other euro collector coins. Enditem

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