Lithuania is one of the many countries in Europe that sees fintech and crypto as a means to establish itself in terms of economic power. To further push this agenda, Lithuania will be issuing collectible crypto coins, dedicated to the 1918 Act of Independence, and will feature the 20 signatories of that historic day.
In Honor of Independence
The issuance is expected to happen around spring 2020, with the collectible coins issued through the Bank of Lithuania honoring the February 1918 Declaration of Independence. The Declaration itself had 20 signatories on it, all of which will be commemorated through the coins.
In total, there will be only 24,000 crypto coins due to release, a meager number relative to many other forms of crypto. These coins will be divided into six different categories, each category housing 4000 coins each. A Board Member of the Bank of Lithuania, Marius Jurgilas, explained that the coin would “feature the signatories due to their significant role in the country’s history.” He goes further by adding it symbolizes the “contribution to the restoration of our independence.”
A New Arms Race
Furthermore, Jurgilas explains that the project will provide a means to gain essential knowledge and experience for the Bank of Lithuania when it comes to crypto. It’s the first move of Lithuania when it comes to the crypto arms race currently taking over the economic battlefield. While one country, Venezuela, managed to fork out a form of crypto far before others, China is currently in the lead. China has recently announced a pilot program for its digital yuan, something that will doubtlessly fair better than the Venezuelan Petro.
The official statement speculated that the younger demographics would be engaged with this new coin collection aspect. Not only that, it could hopefully inspire younger people to take an interest in blockchain and crypto technology as a whole. Lithuania’s central bank will be the exclusive vendor when it comes to buying these collectible coins, and the coin itself will not be used as a legal tender.
Redeeming Physical Coins
When collectors create wallets for the first time, they will be given six randomly selected tokens. Once a collector manages to collect a coin from all six categories, they will be capable of redeeming it for a physical silver coin. The coin itself will be symbolically valued at 19.18 euros to commemorate the country’s year of independence. The token itself is square-shaped, about the size of a credit card, and will depict the Act of Independence and its various signatories.
Furthermore, the announcement stated that this move offers a step in the right direction for the Bank of Lithuania. The central bank’s strategy focuses on fintech and innovation, with aims to help international and local businesses alike by expanding their knowledge of crypto.