News2019.09.02 15:00

Bank of Lithuania to issue world's first digital collectible coin

Jonas Kisielius, BNS 2019.09.02 15:00

The central Bank of Lithuania hopes to issue the world's first digital collectible coin, LBCoin, next year.

The bank had planned to issue the coin this year but decided to postpone the date due to longer public procurement and consultation processes, Egidijus Paleckis from the Bank of Lithuania, told BNS.

"We are now moving on from the idea to its implementation and we already have clear technological decision. We also have the producer, and the vision on how it will look like," Paleckis said.

The digital numismatic coin will be dedicated to Lithuania's history and will be sold in the form of virtual tokens. Collectors will be able to change it into a physical coin after collecting a certain number of the digital ones.

The preliminary value of the tender stood at 88,200 euros and five companies from Lithuania, Poland, India and Singapore took part. Lithuanian company iTree was selected the winner.

Five companies from Lithuania, Poland, India, and Singapore competed for the 88,200 euro tender. A Lithuanian company, iTree, was eventually awarded the contract.

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