This looks more like a communications stunt than the actual implementation of Central Bank Digital Currency. But the fact is that Lithuania is the first country in the world to officially issue a CBDC . It thus beats China to the punch in the field.
Everyone was looking at China and its digital yuan, whose imminence is starting to shake the US Senate a little late in the day. It is true that the Chinese Central Bank is in the test phases of a project that should see the light of day well before the end of the year. And in this digital currency war, its only real competitor was Facebook and the V2 of its Libra. But one should never claim victory before crossing the finish line. Because an outsider that no one distrusts can hide in the shadows and get ahead of all the other participants, no matter how big they are.
Lithuania issues the first CBDC
It is called the LBCOIN and its launch has been effective and official only a few days ago. Lithuania therefore the very first to launch a CBDC in the euro zone and in the world. A project initiated by what can be called today the Point Libra of the world of cryptomoney. For if the first version of Facebook’s digital currency was not a success in terms of its implementation, it marked a historic milestone. There is undeniably a before and after Libra.
“Digital currency is inevitable in the digital economy. Today, LBCOIN is what enables people in Lithuania and around the world to test new technologies in a secure environment. “Marius Jurgilas, Central Bank of Lithuania
It is in fact more of a collector’s currency with a digital version. For its issue is part of the celebration of the country’s act of independence in 1918. On this occasion, 24,000 LBCOIN tokens were put into circulation along with 4,000 physical silver coins.
“He (LBCOIN) serves as a bridge between classical numismatics and rapidly evolving financial technologies. I am confident that LBCOIN will strengthen Lithuania’s role as a regional financial technology centre. “Vitas Vasiliauskas, Central Bank of Lithuania
But beyond this numismatic aspect and according to the Lithuanian Central Bank, this CBDC will also make it possible to test this type of currency and the blockchain technology in its daily application.