Lithuania Becomes First Bank to Issue Crypto Money

The Bank of Lithuania launched the digital currency LBCOIN, making it the first bank in the world to issue its own cryptocurrency.

The Central Bank of Lithuania announced today that it has launched digital currencies LBCOIN. This is not only the first cryptocurrency issued by a central bank in Europe, but also the first digital currency issued by any bank in the world. These coins are generally called CBDC, namely the Central Bank Digital Currency.

First Bank to Release Crypto Money

Money working with DLT consists of six digital currencies and one physical coin for collectors. The bank distributed 4 thousand LBCOINs for this project; this equals 24 thousand digital coins. The release of the cryptocurrency was dedicated to the date when the country’s Independence Law was issued in 1918.

According to Vital Vasiliauskas, the chairman of the bank, the launch of LBCOIN is a good result of the bank’s determined intention to bring innovation in finance and payments. Vasiliauskas also said he is hopeful that the country will strengthen as the fintech center of the region in the future.

Global Banks Monitor CBDCs

Recently, several media reports reported that several global central banks are trying to issue digital currency. These include Japan, Sweden, Canada and Switzerland, the UK and the EU central bank.

PBoC (China Central Bank) has become the oldest player in this field, as it has been working on digital yuan (DCEP) for several years. This process accelerated when Facebook’s Libra stablecoin, which had been shelved last year, came to the fore.

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