Lithuania to Offer the First Collectable Cryptocurrency Token: What Does This Mean?

Lithuania to Offer the First Collectable Cryptocurrency Token: What Does This Mean?

By Benson Toti - min read
Updated 21 March 2023

Interest in cryptocurrencies is growing all over the planet. Now, a European country has decided to launch something different. Lithuania will launch the first-ever collectable cryptocurrency coin in 2020.

A collectable cryptocurrency to be issued in Lithuania

Image by Luigi Crosti from Pixabay

What Their Collectable Cryptocurrency Involves

This token will be released in spring 2020. It is to commemorate the country’s declaration of independence that was made in 1918.

Lithuania will produce 24,000 of these collectable cryptocurrency coins. They will feature the signatories of this historic document. There will be six sets of different coins, each with 4,000 units featuring various signatories .

This token won’t be classed as legal tender, though. It is to be created using blockchain technology and will be sold online by the Bank of Lithuania. A physical silver coin in the form of a credit card will also be made as part of the plans. Once someone collects six digital tokens, they can exchange it for a silver coin.

The Future of Cryptocurrencies in Lithuania

It is thought that this is a sign that Lithuania is planning to become a global leader in blockchain technology. The official statement regarding the launch called this a further advance in the Bank of Lithuania’s “strategic direction in the field of innovation and fintech”.

The bank’s statement also said that they expect the collectable cryptocurrency to “engage the youth”. To this end, they say that “some elements of play” will be included in the purchasing process.

Marius Jurgilas is a Member of the Board of the Bank of Lithuania. He spoke about how the creation of this coin could be useful to them in the future. It will give them “invaluable experience and knowledge in the creation of virtual currencies”.

Does this mean that Lithuania will soon be creating their own legal cryptocurrency? This is certainly a possibility. Other countries around the world are known to be looking into this subject right now too. There are even some suggestions that the time is right for a crypto US Dollar.

Lithuania enjoys a good reputation in terms of technology and innovation, this is one of the nations that it easy to imagine producing its own digital currency. They clarified their crypto regulations in 2017 and have generally been regarded as being one of the most crypto-friendly nations.

For the moment, this collectable cryptocurrency will help to further raise awareness of the blockchain. It will be interesting to see if this becomes a trend across the world from now on.