Lithuania has only issued the world’s first state-backed digital collectible coin.
The history of payment and trade has developed throughout the ages, in bartering from the Stone Age into the creation of money. Coins were used in 7th century Greece, while banknotes appeared in 17th century Sweden.
However, the COVID-19 pandemic has accelerated the maturation of digital monies, as huge numbers of individuals turn into cashless payments.
And Lithuania has become ushering in an entirely new era with an electronic currency named LBCOIN — that the initial electronic coin issued by a central bank.
The LBCOIN, dependent on blockchain engineering, is made up of six electronic tokens and a single bodily collector coin.
Produced from the Lithuanian Mint, the silver collector coins resemble a credit card. It depicts Lithuania’s 1918 action of liberty and its own 20 signatories, also conveys an unconventional minimal value of $19.18 to commemorate the date.
For the time being, the Bank of Lithuania has issued just 4,000 collector coins, which makes them a pastime trophy. They could only be accessed after purchasing the digital components, offered in packs of six to 99 euros.
Sales of the currency are being restricted at first to promote uptake and trading.
By buying LBCOIN, collectors receive six randomly chosen digital tokens they will have the ability to swap to get a physical collector coin, shop in the LBCOIN e-shop, send as a present, swap along with other collectors or transfer into some peer-to-peer cryptocurrency wallet.