The Bank of Lithuania Released a Cryptocurrency, But It’s for Collector

The Bank of Lithuania Released a Cryptocurrency, But It’s for Collector

Lithuania’s central bank has issued a NEM blockchain-based collector token in homage to the country’s Act of Independence of 1918.

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The Bank of Lithuania has released a digital, blockchain-based collector coin dedicated to the country’s Act of Independence of 1918 and its 20 signatories.

Claiming a world first, the central bank says the digital coin represents “a bridge that brings together classical numismatics and rapidly evolving financial technologies.” 

Issued on July 23, the new LBCOIN is intended both as a national symbol and as a signal of the bank’s strategic choice to drive innovation in the field of finance and payments.

“Digital money is inevitable”

Marius Jurgilas, a member of the board of the Bank of Lithuania, gave a comprehensive overview of the project’s goals, stating that:

“Digital money is inevitable in the digital economy. Today, LBCOIN is what allows people in Lithuania and around the globe to test new technologies in a safe environment, e.g. go through all authentication procedures remotely, open an e-wallet, swap digital tokens with other collectors or transfer them to the public NEM network.”

Jurgillas added that for the bank, issuance of the coin “allows us to get the know‑how in issuing central bank digital currencies, which in turn should benefit the central bank community and the euro area as a whole.” 

Symbolic capital

The LBCOIN issuance consists of six digital tokens and one physical collector coin. 4,000 LBCOINs have been issued in total — 24,000 digital tokens and 4,000 silver collector coins.

The physical silver collector coins bear a denomination of 19.18 euros, in homage to the year of the 1918 Act of Independence. Minted at the Lithuania Mint, their size and form resembles a credit card and they feature various symbolic details, such as the national anthem inscribed in binary code. It also incorporates a QR code linked to the LBCOIN e-shop. 

Each digital token features one of the Act’s 20 signatories and belongs to one of six signatory categories — priests, presidents, diplomats, industrialists, academics and municipal servants.

Once a collector purchases an LBCOIN, priced at 99 euros, they receive six randomly selected digital tokens from the issuance. 

These can either be exchanged for a physical collector coin, stored at the LBCOIN e-shop, sent as a gift, swapped online or transferred to an NEM public blockchain network using an NEM wallet.

Temporarily, purchases will be limited to one per person for a period of six days, after which they will be unlimited.

Beyond its embrace of blockchain numismatics, the Bank of Lithuania also has ambitious long-term plans to develop its own blockchain platform for use beyond the financial services sector.

At the end of May, the bank’s blockchain-based sandbox, LBChain project, completed its third and final stage. The LBChain network is set to be released in the fourth quarter of 2020.


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Lithuania’s central bank has issued a NEM blockchain-based collector token in homage to the country’s Act of Independence of 1918.

Bank of Lithuania Envisions Future Cross-Industry Blockchain Platform

Bank of Lithuania Envisions Future Cross-Industry Blockchain Platform

The Bank of Lithuania has revealed ambitious long-term plans to develop its blockchain platform for use beyond the financial services sector.

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The Bank of Lithuania (BoL) has revealed ambitious long-term plans to develop its blockchain platform for use beyond the financial services sector.

On May 26, the central bank’s blockchain-based sandbox, LBChain project, completed its third and final stage. 

In a wrap-up meeting this morning, BoL’s blockchain project manager Andrius Adamonis said that the bank ultimately envisions moving beyond LBChain to develop a future “LTChain” — short for Lithuania Chain —  that would have non-financial applications.

This future LTChain would see the bank cooperating with other public institutions and seeking to attract start-ups from non-financial sectors, including energy, healthcare and transportation.

Bank of Lithuania plans to launch LBChain in Q4 2020

In the short term, Adamonis revealed that the central bank has plans to launch LBChain in the fourth quarter of this year, as well as to finalize its commercial procurement with the fintechs and service providers currently involved in the LBChain project.

In its earliest stage, the BoL had selected Deloitte, IBM and Tieto to work with fintechs on developing and testing their solutions. In fall 2019, the bank chose IBM and Tieto to proceed as finalists vying to develop the LBChain platform itself.

Adamonis noted that in response to feedback from the financial services sector, the bank had focused R&D on permissioned systems rather than on public blockchains, choosing therefore to base LBChain on R3’s Corda and Hyperledger Fabric.

The five fintechs that were selected to take part in the third and final stage of the sandbox presented the results of their testing at the meeting today. 

Their projects include a solution for blockchain-based regulatory reporting, a blockchain platform for green bond issuance, and a blockchain-based digital bank.

Throughout its three stages, the sandbox has enabled 11 fintechs from eight different countries to conduct blockchain-focused research in a controlled regulatory environment.

Adamonis said the project had been successful in attracting foreign investment, spurring cooperation with academic institutions and deepening the bank’s technological capacities with blockchain. 

Going forward, he said the BoL seeks to attract more international start-ups and to strengthen its public-private collaborations.

At the end of last year, the BoL also revealed its plans to release a digital, blockchain-based collector coin dedicated to commemorating Lithuania’s Act of Independence in 1918.


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The Bank of Lithuania has revealed ambitious long-term plans to develop its blockchain platform for use beyond the financial services sector.

Lithuania: Narvesen Stores and Lithuanian Press Kiosks to Sell BTC

Lithuania: Narvesen Stores and Lithuanian Press Kiosks to Sell BTC

Lithuanian convenience stores Narvesen and Lithuanian Press kiosks to sell Bitcoin

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Lithuanian convenience stores Narvesen and Lithuanian Press kiosks will sell Bitcoin (BTC), local news outlet Delfi reported on Sept. 17.

Bitcoin in Lithuanian stores

Per the report, the stores mentioned above will start selling coupons that can be exchanged for BTC online. Narvesen stores and Lithuanian Press newsstands have been chosen because of their extensive network and favorable attitude towards cryptocurrencies, which would grant access to the target audience and provide the means to buy coupons quickly. Narvesen CEO Vigintas Bartaševičius commented on the development:

“We currently have a network of nearly 60 Narvesen stores, where we are constantly looking to expand our selection of products and services. We recently offered a cash withdrawal service to our busy city customers, and now we are starting to sell Bitcoin vouchers, both cash and card. Bitcoin coupon sales are geared to meet the needs of a younger audience.”

No Know-Your-Client

The author of the article also specifies that no ID or other documents to convert euros into Bitcoin acquired with the coupon. All a user needs is an email address and a Bitcoin wallet address. Raimundas Asauskas, the owner of Rebiton (the service processing the coupons), suggested that this is of no regulatory concern:

“While we have greatly simplified the process of acquiring Bitcoin, we strictly comply with money laundering, fraud prevention and other legal requirements regarding our operations. We also make sure there are no abuses. We perform evaluation and validation of email and IP addresses using solutions from partners providing similar services to brands such as Disney, IBM, American Airlines or Santander.“

New rules

This last choice is made more interesting by the fact that, in June, the same news outlet reported that Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients.

As Cointelegraph reported in June, the total number of bitcoin ATMs (BTMs) worldwide reached 5,000 for the first time. Still, according to BTM search service CoinATMRadar there are none in Lithuania. In February last year, the local tax authority forced the removal of BTMs present in a local shopping mall.


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Lithuanian convenience stores Narvesen and Lithuanian Press kiosks to sell Bitcoin

Lithuania to Regulate Cryptocurrency Exchange Sector With Obligatory ID Checks

Lithuania to Regulate Cryptocurrency Exchange Sector With Obligatory ID Checks

The informal exchange of cryptocurrency over €1,000 is set to come to an end in Lithuania

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Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12.

As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations.

Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation.

Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of fiat or from one cryptocurrency to another — will face stringent reporting requirements.

Exchanges or similar businesses will have to gather identity information about the buyer, while large operations over €15,000 ($16,919) will oblige them to inform Lithuania’s Financial Crime Investigation Service.

Slightly different rules will apply to issuers of tokens — i.e. initial coin offerings — for which ID requirements will kick in once a sale passes €3,000 ($3,383).

At present, Lithuania does not formally regulate its crypto exchange sphere at all, Delfi notes.

The changes come as jurisdictions worldwide prepare to implement controversial recommendations from the intergovernmental Financial Action Task Force.

As Cointelegraph reported, the guidelines, which all G20 nations have agreed to, will be published on June 21 and impose similar ID demands on crypto-based transactions.


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The informal exchange of cryptocurrency over €1,000 is set to come to an end in Lithuania