Lithuanian central bank's crypto collectible token "LBCoin" set to be officially released, collect all six to redeem!

In celebration of the centenary of Lithuania's independence, the Bank of Lithuania will issue a blockchain-based digital collector coin called "LBCoin" in July. Apart from its commemorative value and the integration of blockchain technology into daily life, this initiative also represents an important step for the central bank to gain practical experience and knowledge in the field of digital currencies.

Digital Collectibles on NEM Blockchain

"LBCOIN" is a digital collectible coin based on the NEM blockchain. According to reports from December last year, it was officially announced and approved by the Bank of Lithuania. Originally scheduled for release in the first quarter of 2020, the outbreak of the COVID-19 pandemic, despite relatively low infection rates in the Baltic States (Lithuania, Estonia, Latvia), still had an impact.

However, post-pandemic, "LBCOIN" is set to be released on July 23 this year. Its online store will open next week on July 9. What makes it even more interesting is that it operates like a game, as after collecting six categories, individuals can redeem physical coins! The specific game rules are as follows:

There are a total of 20 different characters of digital collectible coins, divided into six categories: Priest, President, Diplomat, Industrialist, Scholar, Civil Servant, with each category having 4,000 digital commemorative coins allocated, making a total of 24,000 digital tokens.

When purchasing digital commemorative coins, you will receive six random digital coins at once. Once a person has one digital coin from each of the six categories, they can exchange them for one of the 4,000 physical collectible coins issued.

People can also freely exchange with other collectors!

Commemorating the 1918 Declaration of Independence

The "LBCOIN" tokens are used to commemorate the Lithuanian Independence Act and its 20 signatory countries, with each LBCOIN featuring one of the portraits of the 20 people who signed the Lithuanian Declaration of Independence in 1918.

In a report by Reuters, Marius Jurgilas, Deputy Governor of the Bank of Lithuania, revealed the impact of Facebook's Libra stablecoin project on various regulatory bodies worldwide, stating:

Before we realized that there might be other threats that could dominate the terrain, no central bank took digital currencies seriously. So we need to provide what society wants. LBCOIN is very similar to the so-called Central Bank Digital Currencies (CBDC), which puts Lithuania at the forefront of legal digital currency development.

Marius pointed out last year that the speed of development in digital assets and currency is fascinating and that this technology must be treated with caution. Against the backdrop of global interest in CBDCs, the upcoming release of LBCoin can be seen as a comparative experiment, a more practical real-world test amid discussions of CBDCs.

The launch of the encrypted commemorative coin "LBCoin" also signifies another step forward for the Bank of Lithuania in innovation and financial technology. It is poised to make history in Lithuania's monetary policy landscape in the future.