The bank of Lithuania announced the launch of collectible digital coins related to the Law of Independence and its signatories. These assets would be available from 2020.

For many, digital collectibles are synonymous with Cryptokitties and other similar projects, all from private and for-profit companies. However, what is announced today is a very different project: it is a collectible, yes, but created by a central bank in order to make a commemorative collection of a historical fact. Something similar to what was done for centuries with postal stamps or coins.

The Lithuanian government reported that it will issue the world’s first digital collection coins made by an official body. The commemorative issuance coin is dedicated to the Independence Act of 1918 and will have its 20 signatories.

It will be the Bank of Lithuania that issues these coins from digital collectors. It will be in the second quarter of 2020, according to the information.

The collectible will include an image of each of the 20 men who signed the act of Independence of that country. Marius Jurgilas, a member of the Board of the Bank of Lithuania, highlighted:

This innovative currency will feature signatories due to its important role in the country’s history and its contribution to the restoration of our independence.

According to the information, 24,000 cryptocurrencies are scheduled to be launched in the blockchain, which will be divided into 6 categories, each corresponding to 4,000 tokens. By buying the digital currency, buyers will obtain 6 randomly selected digital tokens and only by collecting a token from each of the 6 categories can they exchange a physical silver coin. The physical currency will have a symbolic value of 19.18 euros to represent the iconic date in the country’s history: 1918.

Handshake background

Experience in digital currencies

Jurgilas also said that the project will provide the Bank of Lithuania with valuable experience and knowledge in the creation of digital currencies. In this regard he noted:

“It is especially relevant now, as central banks tend to discuss these issues more openly and an outline of such currencies is slowly beginning to emerge.”

One of the goals is also for younger people to get excited about the collection. The coins will be sold exclusively in the digital store of the central bank and will not be used as legal tender.

What's your reaction?
Leave a Comment