aA
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.
Lithuania leads: world's first digital collector coin is underway
© 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.

DELFI EN
It is forbidden to copy the text of this publication without a written permission from DELFI.
|Populiariausi straipsniai ir video

Palanga Airport is preparing for reconstruction: runway and parts of apron to be renewed

Palanga Airport is preparing for an important reconstruction in the autumn of 2021, as the runway of...

Skvernelis sees EU's proposed emission cut target as achievable (1)

The European Commission 's proposal to cut greenhouse emissions in Europe by 55 percent by 2030 is...

Lithuania mulls allowing third-country businesses open e-money accounts

Lithuania is considering facilitating conditions for Belarusian businesses to move to Lithuania...

Lašas: engineering students have many opportunities in space

Students that choose technological sciences are welcome in many companies, including space technology...

Lithuania and US agree to rigorously evaluate 5G equipment suppliers

Lithuania and the United States have signed a joint declaration and agreed to step up cooperation...

Top news

Mandatory testing for all new hospital patients ordered visits tightened

The Lithuanian government is planning to reintroduce mandatory coronavirus testing for patients on...

Survey: President's popularity up, Health minister's down

Lithuanian President Gitanas Nauseda has seen his popularity rating grow in recent months, whole...

PM: some mass gatherings to be banned as of October

In response to a recent spike in coronavirus infections, the Lithuanian government is planning to...

President: COVID-19 numbers are growing everywhere but Lithuania is better-prepared

The number of coronavirus cases is growing in all countries, and Lithuania is this time better...

70 new coronavirus cases

On Sunday 70 new COVID-19 cases were detected in Lithuania . It adds to 3814 confirmed coronavirus...

|Maža didelių žinių kaina