The central bank of Lithuania announced that it would sell the world’s first digital token for collectors in spring 2020. Lithuania looks to push itself as a new player in the financial-tech sector.
The coin is projected to commemorate Lithuania’s 1918 declaration of independence, and each of the 24,000 tokens set for release will feature one of the declaration’s signatories.
However, the coins will be sold exclusively on the central bank’s digital store and will not be used as legal tender nor enter into circulation.
Collectors will get 6 random tokens and will be able to redeem them for a physical silver coin once one from all six categories has been collected.
Marius Jurgilas, Board Member of the Central Bank of Lithuania, said:
“This innovative coin will feature the signatories due to their significant role in the country’s history and contribution to the restoration of our independence.”
He added that the token is expected to engage younger people in coin collecting, but it could also be a good way to introduce them to crypto and blockchain technology.
Lithuania joins the Digital Currency Race
The imminent collectible token represents a crucial step in implementing the Bank of Lithuania’s strategic direction in the field of innovation and fintech.
It aims to help local and international businesses increase their knowledge of blockchain and the comfort of crypto assets.
The move may be the first for Lithuania if it wishes to join the central bank digital currency race, which currently is being led by China and has already planned a pilot scheme.
Lithuania has been stepping up efforts to establish itself as an emerging crypto hub further. The country has notably upgraded its internet networks to support data-heavy operations and making sure that rules don’t get in the way of financial innovation.
Last year, the small Baltic nation revamped its regulatory framework for crypto assets for fear of Russian money laundering. However, it has a positive stance towards the crypto industry in general as it competes for supremacy in the digital assets space with equally enthusiastic nations such as Turkey and Germany.
The Country Pushes to become Europe’s Crypto Capital
Lithuania has, in the past few years, proving it doesn’t shy away from new tech and embracing the digital economy.
The small European nation is increasingly becoming one of the continent’s major crowdfunding hotspots and a real token economy hub.
The EU recently released a report indicating that the influx of real cash for digital units is helping to fuel Lithuania’s economy, set to expand by 3.1% this year. Well, that’s a 2.3 % average ahead of the rest of the EU zone.