Lithuania Planning To Launch Central Bank Digital Currency

Lithuania is planning to launch its CBDC trial next week. With the Baltic nation set to launch its own digital token dubbed LBCOIN, the first digital currency created by a central bank will shortly be dispensed in the EuroZone, as per several media reports.

The country will issue the virtual token as part of a project to pilot blockchain technology-based CBDC in everyday use, as per a report from Reuters on Thursday.

The deputy governor of Lithuania’s central bank, Marius Jurgilas mentioned,

“No one in the central bank community was thinking about digital currency seriously before we realized that there is a legitimate threat that someone else will take our space… We need to provide society with what it wants.”

Notably, the Baltic country has been showing a positive approach to digital currencies for a considerable time. The central bank of Lithuania anticipates more and more users to trade the digital currency in the coming times. LBCOIN holders can exchange the virtual currency directly with the country’s central bank and on private blockchains, as per Reuters.