The Central Bank of Lithuania announced the launch of the LBCOIN – digital collector coin, becoming the first CBDC issuer in the world.

At the moment, 4000 coins have been issued, each backed by six digital tokens with a total value of € 99, ​​which can be exchanged for one silver coin with a price of € 19.18. The release of the digital currency is timed to the anniversary of the adoption of the Lithuanian Independence Act.

LBCOIN is launched on the NEM blockchain. The digital currency will enable people around the world to experience new technologies that are integral to the digital economy of the future.

“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. At the same time, this also allows us to get the know‑how in issuing central bank digital currencies (CBDC), which in turn should benefit the central bank community and the euro area as a whole,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania.

The launch of LBCOIN was the result of the Central Bank’s desire to introduce financial innovations, said Vitas Vasiliauskas, chairman of the bank’s board. Digital currency is the bridge between traditional finance and fintech. He added that Lithuania could become a hub for digital finance startups in the future.

Recall that Japan and Canada recently announced plans to launch CBDC, and China is already attracting the country’s largest companies to test its own digital currency.