The Bank of Lithuania has signed a contract for programming the world’s first digital collector coin which, together with its physical version, is expected to be issued at the beginning of 2020.
© DELFI / Kiril Čachovskij

“We are moving from an idea to its implementation: we have clear technological solutions, a vision of what its physical coin will look like and we already know who will be responsible for its creation. Aiming to create such a unique innovation in numismatics, we have to finish all the work in a timely manner, while pursuing the highest standards,” said Egidijus Paleckis, manager of the Digital Collector Coin Project at the Bank of Lithuania.

After public consultation with market participants, in February 2019, the Bank of Lithuania launched a public procurement procedure for programming the digital collector coin.

Five companies from Lithuania, Poland, India, and Singapore applied to take part in the procurement.

Having evaluated all the participants, the contract was signed with the Lithuanian company iTree which will have 6 months to create the digital tokens (the coin’s digital version) and the sales platform using the blockchain technology.

Among other platform requirements, special attention is paid to security – tokens must be counterfeit-proof, while the platform for token selling has to be ready to handle heavy user traffic and be protected against cyberattacks.

The first-ever digital collector coin will be dedicated to Lithuania’s history. Collectors will be able to purchase tokens, exchange them and, having collected the needed set, redeem the physical coin.

The foundations for this project were laid in the hackathon held by the Bank of Lithuania in June 2018. It brought together eight teams from Lithuania, Cyprus, and Ukraine which had the chance to propose their ideas and technologies as well as to create prototypes of the digital collector coin.

The issuance of the digital collector coin will be yet another step towards implementing one of the Bank of Lithuania’s strategic directions in the field of innovation and fintech. It is aimed at helping Lithuanian and international companies gain knowledge and carry out blockchain-oriented research, thus adapting and testing blockchain-based services in the financial sector.

It is forbidden to copy the text of this publication without a written permission from DELFI.

Baltic Prime ministers agree on need to speed up Rail Baltica project

The three Baltic prime ministers agreed in Riga on Wednesday on the need to accelerate the...

New flight from Vilnius to London Southend introduced

Ryanair announced a new Vilnius route to London Southend , with a three times weekly service...

Parliament overturn presidential veto on forest land purchase cap

The Lithuanian parliament on Thursday did not back Gitanas Nauseda's proposal to discard a bill...

Post-independence leader asks Amazon to stop sale of Soviet-themed goods

Lithuania's first post-independence leader Vytautas Landsbergis on Thursday called on the US...

Vilnius court to rule on Russian oil contamination suspect's appeal against arrest

The Vilnius Regional Court is expected to rule on Thursday on an appeal by Roman Ruzhechko , a...