In 2020 First collector’s digital coin in the world!
- June 20, 2020
The Board of Directors of the Bank of Lithuania has approved the Regulation on the sale of the Bank of Lithuania’s digital collector coins “LBCOIN”. It is first and foremost the first digital collector’s coin in the euro area and even in the world!
The LBCOIN e-shop, where buyers will be able to create their accounts, is expected to be operational from July 9th 2020.
“LBCOIN” (digital euro coin) is the world’s first digital collector coin based on blockchain technology. It will entitle the holder to a set of six randomly selected digital tokens that can be exchanged for a physical collector’s coin.
The Bank of Lithuania will issue 4,000 “LBCOINs”, i.e. 24,000 digital tokens and 4,000 physical collector coins. The coin is dedicated to Lithuania’s Act of Independence and its 20 signatories. Each token represents one of the signatories.
The token issue is divided into six categories (priests, presidents, diplomats, industrialists, academics, municipal officials). 4 000 tokens are allocated to each group.
Upon purchase of the digital coin, collectors will receive six digital tokens chosen at random. Once they have put together a series of six tokens, one token from each of the six categories, they will be able to exchange these tokens for a physical silver coin.
Lithuanian physical silver coin of 19.38€
This physical coin will not be available for sale. In other words, the exchange of digital tokens via the Lithuanian Central Bank’s platform between collectors is the only method to ultimately acquire the physical coin. An interesting challenge for the collectors we are…
The exchange of the coin for 6 tokens of 6 different categories can take place during the first 24 months after the date of issue of the collector’s coin. Then, the exchange of 6 tokens of any category against a silver coin can take place within the next 6 months. After 30 months, starting from the issuing date of the physical coin, digital tokens will no longer be exchanged and the online shop of the Bank of Lithuania will be closed.
In order to ensure availability, only one person at a time may purchase a single “LBCOIN” consisting of a set of six digital tokens selected at random during the period from the first to the sixth day following the release of the digital coin.
Thereafter, the number of purchases will not be limited. LBCOIN digital tokens can only be purchased by 1 natural person, including minors between 14 and 18 years of age (with the consent of their parents or guardians).
Digital tokens are not legal tender and can only be exchanged for a physical collector’s item, exchanged with other collectors, sent as a gift or transferred to a NEM public wallet.
Physical silver coins with an unconventional denomination of €19.18 will have legal tender status in Lithuania like all other euro collector coins, but their use as a means of payment will not be encouraged.
According to the head of the Bank of Lithuania, the digital coin should encourage more people, especially young people, to collect coins.
Egidijus PALECKIS, manager of the Bank of Lithuania’s Digital Currency Project
Sources: Banque de Lituanie et NUMISMAG.