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Lithuania's central bank to issue world's first digital collector coin

Society 07.03.2018 | 10:19
Photo: Internet
Photo: Internet

VILNIUS, March 6 (BelTA - Xinhua) - Lithuania's central bank announced plans on Tuesday to issue world's first digital collector coin amid efforts to master block chain technology and promote the country as fin-tech friendly location.

According to the announcement by the Bank of Lithuania (LB), the "one-of-a-kind digital collector coin" would make Lithuania the first to break new ground in numismatics, said Marius Jurgilas, a board member of the bank, was quoted as saying in the announcement.

LB notes the first digital collector coin, as well as other LB's numismatic items, would be issued for collection and are not intended to enter into circulation.

"Nonetheless, digital collector coins, like the usual ones, may be returned to the Bank of Lithuania at nominal value," says the bank.

The world's first digital collector coin would also mark the centenary of the restoration of Lithuania's statehood this year.

LB plans to hold a hack-a-thon to create a technological solution for the digital coin. The programming event is to take place in May, and would bring together IT professionals from across the globe, LB said.

Earlier this year, LB announced plans to launch a platform service for fin-tech companies to test their block chain-based services. The platform would serve as a "regulatory and technological sandbox", says LB.

Despite its plans to issue the first digital collector coin and support for block chain-based solutions, LB warns of risks associated to crypto-currencies and initial coin offerings (ICO).

In October, the Bank of Lithuania warned the country's financial institutions "should not participate in activities or provide services associated with virtual currencies." According to the institution, crypto-currencies are instruments "involving high risk, while profiteering on it may lead to significant losses of funds".

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