Bank of Lithuania
2020-11-16
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On 16–20 November, the Organisation for Economic Co-operation and Development (OECD) is holding a virtual Global Blockchain Policy Forum, where the Bank of Lithuania will showcase its world’s first blockchain-based digital collector coin LBCOIN issued in July 2020.

“We were among the first central banks to focus on testing the blockchain technology in practice. Therefore, we are happy to share our know-how at high-level international events, thereby spreading the message of the innovations implemented in Lithuania,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania.

Implementation and development of digital currencies and the use of the distributed ledger technology (DLT) in the financial sector, as well as other relevant issues will be discussed at the OECD Global Blockchain Policy Forum that will gather together decision-makers from both public and private sectors, experts, academics and other interested parties.

The Forum agenda and the registration form can be found here.

The workshop “Under the Hood of a Quasi-CBDC – Insights and Lessons from LBCOIN” by the Bank of Lithuania will take place on 18 November, from 16:35 to 17:25 (EET). The workshop will be led by Marius Jurgilas, Member of the Board of the Bank of Lithuania, Egidijus Paleckis, one of the LBCOIN project managers, and Vytautas Kašėta, representative of the digital innovation lab SUPER HOW? that has contributed to the development of LBCOIN. The panel discussion will be moderated by Martynas Pilkis, Advisor to the Member of the Board of the Bank of Lithuania. Workshop participants will be able to take part in the discussions, ask questions and even get the chance to win LBCOIN.

LBCOIN is the world’s first blockchain-based digital collector coin created by the Bank of Lithuania. By implementing this unique idea, the central bank seeks to gain first-hand experience and knowledge in the field of digital assets.

Together with its physical version, LBCOIN was issued on 23 July 2020. It is dedicated to the Act of Independence of Lithuania of 16 February 1918 and its signatories. Having purchased LBCOIN on the Bank of Lithuania’s e-shop lbcoin.lb.lt, the buyer gets 6 randomly selected digital tokens. Upon collecting a required set of tokens, the buyer is able to redeem a physical silver coin. Collectors can also store their tokens in the LBCOIN e-wallet, send them as a gift, swap with other collectors or transfer them to a NEM public blockchain network (NEM wallet).