The Lithuanian authorities are planning in such a way to celebrate the 100th anniversary of independence from Soviet Russia. The decision is also part of the strategic plan of the Bank of Lithuania to make the country the European centre for blockchain technology.

Blockchain for collectible currency is developed in the framework of the hackathon, which will take place in may this year. The event invited leading technology companies and IT professionals in the world.

The decision on standards and issue date, name, price and distribution mechanism will be made closer to the end of the hackathon. According to the chief speaker of the Bank of Lithuania, the coin will be presented in the form of a graphical object on the display of a smartphone or a computer monitor. More information about the forum will be available in early April.

In comments to News of the BTC Board member of the Bank of Lithuania Marius Jurgilas said:

“It’s the perfect way to celebrate the sovereign state of Lithuania […] and to show the world that this is a progressive country, contributing to the development of innovation and always open to new ideas. Thanks to the digital collector’s coins of Lithuania will make a breakthrough in numismatics”.

Virtual coins will not participate in the total turnover of digital assets are created for the sole purpose of collecting. However, they can be exchanged at the Bank of Lithuania at face value.

We will remind that in the beginning of the year, the Lithuanian government announced the creation of a national blockchain platform LBChain. It will be used to conduct research in the area of decentralized technologies and their further testing in the economic sphere.