Bank of Lithuania's making the world’s first digital collector coin using NEM

[VeryWellDone]

Bank of Lithuania wanted to celebrate the 1918 Act of Independence and the innovative role the 20 original signatories played in the creation and development of the Lithuanian state.  At the same time, the Bank wanted to progress the Central bank’s understanding and use of virtual currencies, providing greater depth of understanding in numismatics and engaging younger citizens in coin collecting using elements of gamification and play.

To celebrate the Act of Independence of 16 February 1918 and its 20 signatories, the Bank of Lithuania, through LBCoin, is issuing 24,000 blockchain-based digital tokens and 4,000 physical silver collector coins.

NEM Symbol APIs ensure seamless integration with existing enterprise systems and processes - it is focused on enterprise needs and developers that used to work with those. Furthermore, tiered architecture and plug-in based solutions improves flexibility and speeds up development time dramatically. Asides from this, Symbol's token will be used on Wine companies, IoDLT, insurance, real estate, etc.

[Source - https://blog.nem.io/lbcoin-the-worlds-first-digital-collector-coin-from-bank-of-lithuania-using-nem-blockchain/]

It's happening!! We can see more countries and banks actually seeing the benefit of cryptocurrency and blockchain as a whole, do you guys think that we'll be seeing more of these?

[Rollinginthedeep]

Great news for adoption overall. This move from the Bank of Lithuania is yet another step towards implementing one of the Bank of Lithuania’s strategic directions in the field of innovation and fintech. And even better, using cryptocurrency as a concept, and Symbol blockchain. Knowing that their coin will be used not just here, but even on other spaces will truly reflect on its value once it launches.

[VeryWellDone]

Great news for adoption overall. This move from the Bank of Lithuania is yet another step towards implementing one of the Bank of Lithuania’s strategic directions in the field of innovation and fintech. And even better, using cryptocurrency as a concept, and Symbol blockchain. Knowing that their coin will be used not just here, but even on other spaces will truly reflect on its value once it launches.

What will be the use of their LBcoin though?

I think once you own one, collectors will get six randomly selected digital tokens that will be available for storage in a dedicated wallet at the LBCOIN e-shop. They could also be used as a gift, exchanged with other collectors, transferred to a public NEM wallet, and later be used to redeem a physical silver coin.

Atleast we're seeing an effort from a bank itself doing an exchange from crypto to actual fiat.

[tinakoya]

Wow it is a great news actually. I do hope the fee will be attractive enough as we all know bank charges are ridiculous. Blockchain technology is gonna be part of our everyday life pretty much soon whether the world is ready for it or not.