The Bank of Lithuania announced that information technology will release a digital, blockchain-based collector coin in the spring of 2020, co-ordinate to a press release on Dec. 9.

The money is dedicated to the Act of Independence of Lithuania on February. 16, 1918, and its 20 signatories. In homage to the year of the deed, the coin will bear a denomination of 19.xviii euros, while its size and grade will resemble a credit card. Bank of Lithuania board fellow member Marius Jurgilas said they chose the theme because of the meaning role the Act played in Republic of lithuania's history.

Blockchain applied science volition be the layer hosting the 24,000 tokens that the institution plans to release to the public, each featuring one of the Act'south xx signatories. The coins volition exist divided into half dozen categories based on the signatories surface area of activity, with four,000 coins in each category.

With each purchase, the collector is rewarded with 6 randomly selected tokens. Once the heir-apparent holds one coin per every category, he will be able to redeem a physical silvery coin. The tokens will exist available for purchase on the central banking concern's online store.

The bank hopes that the initiative will engage a younger generation in coin drove and says that, in order to appeal to a younger audience, the purchasing process volition also include unspecified "elements of play."

Part of a broader initiative

Jurgilas said that the project is a learning experience for the fundamental bank, as it volition proceeds more experience in creating virtual assets. He added that such expertise is particularly relevant now that key banks are discussing crypto assets and cryptocurrencies are emerging.

The banking concern noted that it considers the project to exist just one step in its innovation and fintech initiative. In October, the central depository financial institution also announced that it selected technology behemoth IBM and IT services firm Tieto as the finalists contending to develop its blockchain platform.