Lithuanian Central Bank's Commemorative Digital Token Goes Live Thursday

Lithuania’s central bank is set to issue 24,000 digital tokens commemorating the re-establishment of Lithuanian independence in 1918.

AccessTimeIconJul 22, 2020 at 3:29 p.m. UTC
Updated Sep 14, 2021 at 9:34 a.m. UTC
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Lithuania’s central bank, Lietuvos Bankas, announced on Wednesday that consumers would be able to buy and use the bank’s commemorative digital tokens, LBcoins, beginning Thursday. 

  • In an announcement on its website, the bank said it would release 24,000 digital tokens that commemorate the signing of the nation's Act of Reinstating Independence in 1918.
  • The launch of LBcoin comes after about two years of blockchain experiments by the Lithuanian central bank. LBcoins, while exchangeable for legal tender, currently seem too advanced for people to actually use. 
  • According to the bank, the tokens will be divided into six categories, with 4,000 digital tokens issued in each. 
  • In its announcement, the central bank said the tokens could be purchased and stored on the Bank of Lithuania’s e-shop. Consumers would also be able to transfer their tokens to a public NEM wallet, exchange them, gift them or even trade them for a silver coin if they can get their hands on one of each category.

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