The central bank of Lithuania has launched a new regulatory "sandbox" for startups working with blockchain.
, the "LBChain" initiative will see the Bank of Lithuania set up a dedicated platform around the tech, through which companies can develop services (though these would be subject to some gatekeeping by central bank officials). It's a notable spin on the sandbox model, which sees institutions enabling firms to test financial products in a limited setting and under the auspices of regulators.
Marius Jurgilas, a member of the central bank's board, said in a statement:
Those hoping to join the sandbox soon will have to wait, as the Bank of Lithuania is eyeing a 2019 launch of the platform. Support for it will include funding from the European Union, according to the central bank's statement, though it's unclear how much funding from the economic bloc will go toward funding the blockchain effort.
"It should be noted that, when deciding on the application and scope of specific legislation of the Republic of Lithuania for specific ICO, the conditions of the relevant ICO should be analysed and assessed," officials stated at the time.
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