Lithuania To Soon Introduce Its Own Digital Token LBCOINs

On July 02, a report published by Reuters stated that this launch would be a part of the project to Trial Central Bank Digital Currencies (CBDC) and blockchain technology in daily use.

24 Thousands LBCOINs Will Be Out

The report further has mentioned that in the coming week, a total of 24 thousand blockchain-based LBCOINS will be out for sale.

Before the launch of LBCOINS, the crypto industry would be introduced with the whitepaper for Libra stablecoin which will be released by Facebook.

It is to be noted that Libra stablecoin is the reason, the central banks of different countries started to work on their own digital currencies.

The Deputy Governor of Lithuania’s central bank, Marius Jurgilas, recently while sharing his views on LBCOIN, said that the central bank community never thought of to launch a digital currency, but later they realize that someone else in the market has been trying to take their place.

LBCOINs Can Be Exchanged Directly

Jurgilas further stated that LBCOIN is no different from CBDCs, as it is also issued and governed by the central bank of the country.

Lithuania would issue six-packs of LBCOIN for €99. The coins would have the image of those 20 peoples who in the year 1918, signed the independence declaration.

The central bank of the Baltic country believes that the users would trade the digital tokens with their orders to create a set, and later, in exchange of that set, they will get credit card-sized silver coin whose nominal value would be €19.18.

Reuters in its report has informed that LBCOINs could directly be exchanged with central banks and even on private blockchain networks.

Jurgilas has also stated, “At a time when central banks are beginning to change their thinking on digital currency, LBCOIN is probably the most advanced experimental playground to test different reincarnations of the CBDCs”.

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