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The First Cryptocurrency for Collectors Will be Created in Lithuania

With the goal of positioning itself as a European center of excellence for the blockchain technology, Lithuania is developing numerous projects related to this innovative technology. The Central Bank of Lithuania issued a call to IT experts and tech companies from around the world to join a hackathon whose goal is to design and develop the first cryptocurrency exclusively created for collectors.

The decisions about the emission, mintage, price, denomination and the method of distribution will be known after the hackathon. The event will be held in May this year, according to a press release issued by the Central Bank of Lithuania.

The bank says the details about the technology that will support the new digital currency, as well as specific development proposals, will come from the specialists and companies that will participate in the hackathon. More information about the event itself will be published in the first weeks of April, 2018.

According to Marius Jurgilas, member of the Board of Director of the Bank of Lithuania, this will position Lithuania as a progressive country: “This would be the perfect way to mark the centenary of the restoration of Lithuania’s statehood, which we are celebrating this year, as well as show the world that it is a progressive and innovation-fostering country, always open to new ideas. Introducing a digital collector coin, Lithuania would be the first to break new ground in numismatics.”

The Bank of Lithuania has decided to include the virtual currency for collectors in its official plan for the numismatic emission in 2018. These editions are created to commemorate important events and famous people and are not meant to enter circulation.

In the last few years Lithuania has been promoting itself as a favorable destination for the European startup companies operating in the FinTech sector. In 2017 only, 35 new companies operating in the tech finance sector were founded in Lithuania. In that favorable framework for the entrepreneurship, the country strategically positioned the blockchain technology. For example, this week, Marius Jurgilas will participate in a conference called FinTech Finovate Europe.

In January this year, the Bank of Lithuania announced the launch of LBChain, a test platform based on the blockchain technology and based on the research to adapt and test services in the financial sector. The LBChain platform is still waiting the co-financing with funds from the European Union and it could be offering its first services at the beginning of next year.

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