Lithuania to Generate a Crypto Coin for the First Time in the World

Lithuania to Generate a Crypto Coin for the First Time in the World

In early 2020, the Bank of Lithuania will issue a collection of digital money for the first time in the world. These crypto coins, which will be produced only 24.000 units, will not be used as a means of payment and will not circulate.

Lithuania, which is trying to become a financial technology center for new ventures, will produce a collection of digital crypto currencies for the first time in the world in the first half of next year. This money, which will differ from the digital coins we know, will be produced solely for collection purposes and will not be traded in the markets.

With the project, the Central Bank of Lithuania will gain experience in digital money:
These funds, which will only be used for collection purposes, will not circulate in any way and cannot be used as a means of payment. With this project, the Bank of Lithuania aims to gain experience in the digital money sector and test blockchain-based services in the financial sector.

The central bank of Lithuania, one of the 3 Baltic countries with a population of approximately 2 million 794 thousand, carried out some work to improve crypto payments and increase its use in the financial field earlier this year. The country, which invests heavily in innovation, is trying to attract many crypto-money and blockchain initiatives to its country and offers great opportunities for such initiatives.

In fact, in February 2019, the Central Bank of Lithuania paved the way for payments with crypto currency and realized a first in this sense. With this project, initiatives that were not able to receive direct crypto payments previously had the chance to receive payments directly in crypto currency by cooperating with third party service providers.

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