Lithuania Issuing the First CBDC Dubbed LBCOIN, Pre-sale Next Week

In this trial of the state-backed digital currency in everyday use, 24,000 LBCOIN attached with a portrait of people who signed Lithuania’s declaration of independence will be issued in the eurozone.

The latest country to not just jump on the central bank digital currency bandwagon but the first one to issue the first such digital coin is Lithuania. According to Reuters, the digital coin of the country will be issued in the eurozone, as part of a project to trial the state-backed digital currency in everyday use.

24,000 digital tokens of blockchain-based LBCOIN will go on pre-sale next week. Each token of the CBDC will be attached with a portrait of one of the 20 people who signed the country’s declaration of independence in 1918. Marius Jurgilas, deputy governor of Lithuania’ central bank said,

“No one in the central bank community was thinking about digital currency seriously before we realized that there is a legitimate threat that someone else will take our space.”

“We need to provide society with what it wants.”

Jurgilas said LBCOIN is very similar to central bank digital currencies that put Lithuania at the forefront of such development. He said,

“At a time when central banks are beginning to change their thinking on digital currency, LBCOIN is probably the most advanced experimental playground to test different reincarnations of the CBDCs.”

Covid-19 Pandemic Accelerates CBDC Development

LBCOINs will be sold in a pack of six for 99 euros. A specific set of coins can also be exchanged for a credit card-sized physical silver coin with a normal worth of 19.18 euros. The central bank expects users to build this set by trading their tokens with others.

LBCOINs can be exchanged not only directly with the central bank but also on private blockchain networks.

As we have been already seeing, during the coronavirus pandemic millions of people turned to cashless payments. In June central bank officials had also said that this has accelerated the development of CBDCs.

In a report published this month, the Bank of Japan also announced that it will begin experimenting with a CBDC, digital yen, to check its technical feasibility.

The major hurdles involved are access meaning accessibility to everyone and resilience which refers to offline availability.

BOJ is further planning to collaborate with other central banks and institutions over the CBDC and will consider introducing a digital yen, says the report called Technical Hurdles for CBDC.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately...

Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4...

Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest...

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to...

Ethereum 2.0 Final Testnet, Medalla, Rolls Out; Is A 2020 Launch Now In Sight?

The Ethereum 2.0 Phase 0 Medalla public testnet finally went live on August 4, 2020 at around 1AM GMT giving hope of a possible...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today