Lithuania Central Bank Officially Issues Digital Coin LBCOIN

The Bank of Lithuania has officially issued its digital collector coin LBCOIN, making it the first digital coin issued by a central bank not only in the euro area but also across the world, the bank announced this Thursday.

As Finance Magnates reported, the LBCOIN project was announced at the beginning of this month, with the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based asset consisting of six digital tokens and one physical collector coin.

As part of the release, the Bank of Lithuania has issued 4,000 LBCOINs, which equals 24,000 digital tokens and 4,000 silver collector coins. The launch is a dedication to the country’s 1918 Act of Independence and its 20 signatories.

Commenting on the launch, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, said in the statement: “The digital coin is a striking illustration of what we have achieved in just a few years following our strategic decision to take a firm path towards financial and payment innovation.

“It serves as a Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met Read this Term that brings together classical numismatics and rapidly evolving financial technologies. I have no doubt that LBCOIN will strengthen Lithuania’s role as the regional fintech hub.”

LBCOIN a test for central bank digital currencies

The Lithuanian central bank has launched LBCOIN as part of a project to trial central bank digital currencies and blockchain technology in everyday use. The launch follows on from Facebook releasing the whitepaper for its Libra stablecoin, which has forced central banks to start seriously considering launching their own digital coins.

“Digital money is inevitable in digital economy. 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,” added Marius Jurgilas, Member of the Board of the Bank of Lithuania in the statement.

“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.”