Authorities See Potential in Blockchain TechnologyLBCOIN has been under development for some time, with the bank conducting tests since the start of 2020. It announced the token launch more than two years ago as a way to celebrate the anniversary of Lithuania’s independence. Pavel Lipnevič, manager of the LBCOIN project, explains:
“LBCOIN is based on innovative and sophisticated solutions. Therefore, it has to be tested at various angles, for example, in terms of functionality, personal data protection and resilience to cyber risks…During this final phase, the Bank of Lithuania has certainly gained some extremely valuable experience and insights.”The Bank of Lithuania used the NEM blockchain to design the token, and LBCOIN can be stored, used, and exchanged via a NEM wallet.
Lithuania Warming Up to Digital AssetsThe small eastern European nation is also moving forward with other blockchain and cryptocurrency initiatives. The central bank published a document in early 2019, revealing that it had changed its stance on ICO’s. The turnaround “reflects changing market realities” even though it initially clamped down on cryptocurrency companies in 2019. Lithuania now allows professional investors to invest in digital asset funds, with some restrictions. In October 2019, it picked IBM and Tieto Lietuva for the sandbox development of LBChain.
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