Lithuania's central bank rolls out a collectible crypto

Digital currencies have had several practical use cases over the years, as well as plenty of theoretical ones. These remained only ideas, since there was often something standing in the way.

Whether it was technology, the lack of interest, a weak concept, or something else — some purposes were not achieved to this day. Crypto collectibles are a good example of this — or at least they were, until now.

The world’s first crypto collectible

The world’s first crypto collectible is just emerging in Lithuania, which is slowly but surely becoming a fintech hub for startups.

The country’s central bank said yesterday that it is opening an online shop, where people will be able to buy a cryptocurrency dedicated to the country’s declaration of independence from 1918.

Collectors interested in the token were asked to sign up over the next two weeks, before July 23rd. After that, around 24,000 coins will be issued and offered to interested buyers.

Details about the coin

Each token will cost 99 EUR, and they will be known as LBCOIN. The coin will not act like other cryptocurrencies, however. For example, it won’t be a legal tender, and it won’t be released into circulation.

Instead, those who own it will be able to exchange it for silver, or send them to a public NEM wallet. The bank released a statement about the move, noting that this is to be a test of how such coins and projects might work. This will provide the bank with valuable insights and experience needed to better understand the technology of digital currencies and blockchain. After all, the EU central bank itself discuses plans to release a CBDC, and if it does, Lithuania’s central bank wishes to be ready for it.